Rising cyber attacks: Are businesses ready?

In early 2022, governments and security associations around the world, including the UK’s National Cyber Security Centre (NCSC) and the Cybersecurity & Infrastructure Security Agency (CISA) in the US, issued warnings to businesses of a global rise in malicious cyber incidents.

There have been widespread reports that the conflict in Ukraine has raised fears of a cyber war with global consequences. The reports suggest that cyber criminals are taking advantage of the conflict to launch ransomware, phishing and malware attacks on an unprecedented scale on unsuspecting businesses.

In response, businesses have been told to bolster their cyber security resilience in response to this increased threat.

However, effective cyber defence requires sustained strategic consideration and investment, which may have left many businesses exposed if they were caught by surprise of the increased risk. This has put the spotlight on how organisations will respond and bolster their defences in an age of sophisticated attacks.

Many experts claim that the situation has compelled governments to push the cyber security agenda further. As a consequence, businesses are likely to invest more than ever in their cyber defence to protect their organisation, clients, reputation and employees from cyber criminals, known in cybersecurity as ‘the bad actors’.

Global spending on IT security and risk management was estimated to have increased 12.4 per cent to $150.4 billion in 2021, and it is expected to grow in the high single digits through 2024, according to Gartner.

In this video, Jean Stephens, RSM International’s CEO, facilitates a thought-provoking discussion between cyber experts Conrad Prince (former GCHQ leader) and Sheila Pancholi (Partner at RSM UK and leader of RSM’s Cybersecurity Task Force).

This focuses on;

  • The growing cyber risk including how it is impacting global businesses;
  • Real-life examples of the threats and mitigation needed in 2022 and beyond;
  • Valuable insights on today’s cyber risks and practical information for business leaders, particularly those operating in the middle market.

Author

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Jean M Stephens
Chief Executive Officer
RSM International 
 

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Conrad Prince 
Former deputy head of GCHQ
Distinguished Fellow and Senior Cyber Adviser
Royal United Services Institute (RUSI)

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Sheila Pancholi
Partner 
RSM UK