Cyber security & privacy

The ransomware cyber-attack that took place in May 2017 was unprecedented in scale and affected more that 230,000 computers in 150 countries. The indiscriminate attack on hospitals and government agencies exploited known vulnerabilities in old systems of Microsoft Windows operating systems. Cyber security now supersedes all technology risks for businesses, and this attack shows many have not yet responded to the threat. Some markets boast sophisticated technology and regulations, while others have restricted access to digital infrastructure. No matter where you look, however, there is one constant. In the arms race between cyber criminals and experts, neither party ever draws far ahead.

You will have noticed significant media coverage of an outbreak of ransomware globally which impacted 10,000 organisations in over 150 countries including Britain’s National Health Service and automaker Renault.

The Icarus effect: tackling cybercrime complacency Do you know what a cyberattack looks like? Is your organisation prepared to defend itself?

Most key business processes are now automated and built on technology. Consequently, disruptions from a cyberattack can lead to significant lost sales and productivity, recovery costs and reputational harm. Accounting for business interruption costs is almost as important as mitigating the breach itself, especially as exposure is only expected to increase in the future.

Cyber risk is an ever evolving threat for 21st century business and as such, is a top of mind issue for today’s business leaders. A cyber security breach can have huge legal and financial ramifications for any business. High profile cyber-attacks are on the rise and governments are increasingly cracking down on cyber criminals. 

Middle market businesses are often at risk of the same scams and cyber attacks that affect individuals, and should take steps to protect themselves. The cost of a security breach can be huge, not to mention the reputational damage a high-profile breach can cause.

When it comes to information technology security, no company or industry is immune to unauthorised access to its data. Yet when it comes to their own companies, many manufacturers feel it unlikely that their data will be a target of any breach attempts. 

Instances of Internet fraud and other data related crimes have been increasing dramatically and becoming progressively sophisticated. Cyber-attacks on organisations via security loopholes and un-patched servers have increased over 80 percent in the last two years as intruders look for industry or identity data theft.

Every organisation and every business is now reliant on technology. Therefore cyber security cannot be considered a risk in isolation or something IT ‘will deal with’, it must be considered a business risk and the board must be aware of, and actively pursuing, cyber risks. It also must be understood that cyber threats aren’t a discrete problem to be solved, rather, they’re a complex risk that need to be managed.