Cybercrime – The Very Real And Tangible Threat To Businesses!
Here is bit of a different post about Cybercrime and business. These are from Steve at www.sayceib.com. Thank you Steve for raising these important issues.
Cyber threats pose a tangible and significant risk to UK business by targeting organisations valuable assets such as data and intellectual property. Here are my 5 reasons for getting your house in order.
Businesses face serious threats from cyber criminals from within as well as outside. And it’s clear that senior management need to take these risks more seriously. Every day, across the globe countless IT systems are under attack or compromised. It may be a hacker who compromises your systems, simply because they can, or a hacker who is out to steal your money or business secrets.
Maybe you should ask your business these questions:
- What would a serious cyber security incident cost my organisation? The average total cost for a small business to respond to a single cyber incident is between £27.5k and £55k and for large organisations this is £280k to 690k! (source, PWC report, 2011).
- What if my business is hit by a cyber-criminal and I cannot trade? Business interruption as a result of a cyber-attack is a very real threat….if you haven’t been hacked already then at some point you have to prepare yourself for the very real possibility that you will be. Businesses bear the brunt of the cost of cybercrime in the UK. As a result of these attacks businesses are losing £21bn! (source Deltica, 2011).
- What would the shareholders say or do if we have a cyber-security incident and we had no insurance to protect against cyber threats?Businesses face serious threats from cyber criminals from within as well as outside. And it’s clear that senior management need to take these risks more seriously. Directors can face legal action if the shareholders feel that you are not acting or have not acted in the best interest of the business. So are you confident that your cyber security regime minimises the risks of this happening to your business?
- My business is only small surely I’m not a target? Cybercriminals unleash 3.5 new threats targeting small businesses EVERY SECOND! (source Trend Micro “Small Business Is Big Business in Cybercrime” A Trend Labs Primer)
- Is my business ready to handle a cyber-security incident? Every day, across the globe countless IT systems are under attack or compromised. Whether it’s a hacker who compromises your systems, simply because they can, or a hacker who is out to steal your money or business secrets. Remember hackers are devious individuals!
Cybercrime sits at the heart of world we live and work in. Cybercrime, whether that’s theft, hacking, denial of service to your systems, has become a fact of life. The risk of cyber espionage in today’s modern world is also very real threat.
So make sure you protect your customers and your business. Get a detailed IT disaster recovery plan, speak to a lawyer regarding measures to protect your business from a data breach (you don’t want your business getting fined from the ICO!!) and look into cyber insurance which adds a very real dimension to your cyber risk management.
As always if you would like to contribute your five suggestions then please e-mail me at [email protected]
Thank you for reading
David
