Cyber security

A blog by Michael Shatter, Director of Risk Assurance Services, RSM Australia. Throughout the evolution of cyber insurance one thing has become clear; defence barriers can never be fully impenetrable and therefore, you are never fully protected. This is what makes insurance the back bone of cyber protection. Organisations of all sizes need to invest in security procedures and tools to make the business as resilient as possible. 'Underinsured' means 'underprepared'. 

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.

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.

No technology topic is hotter in the private club industry than cyber security. Articles, conference and chapter meeting education sessions, vendor presentations–all are addressing the topic from a variety of angles. The purpose of this article is to lay out the four elements of cyber security that should concern your club. 

The current atmosphere is challenging for financial institutions, as increasing regulatory demands and the rising costs of doing business are making profitability more difficult. As your institution begins the budgeting process, your IT framework will likely come under scrutiny, as properly leveraging technology can help you become more efficient while providing necessary security measures.

Cyber crimes are growing on a global scale and the leisure and hospitality sector is not immune to this. There are particular, and very real threats to consider. Large customer databases and high transaction volumes present across the sector make data particularly attractive to criminals.