Cybercrime. A menace. Ever since the internet was but a baby bird the criminally minded have sought to wring every penny of ill gotten gain possible from the web. Often on a massive scale.
The goal? Data theft, to cause havoc, fame and notoriety. Most often fortune. Mega fortune.
The result? Chaos. Stress. Reputational damage. Financial loss. A scramble to regain control.
Just ask TalkTalk. A data breach that affected 155,000 customers with personal and financial details leaked. Sensitive information including bank account number and sort codes hacked in seconds. Massive disruption. Massive expense. A massive PR fail.
The brains behind this breach?
A bunch of kids working from their bedrooms Hardly Ernst Stavro Blofeld or the Evil Hood territory.
And the cost? A cool £35 million. That and the years it will take to regain customer trust. Plus company value has plummeted 20% since the attack in October. And failing to take necessary precautions was a major criticism as TalkTalk suffered two major attacks prior to this with hackers third time lucky.
Deck the halls with internet crime
Prevention is the best cure. Certainly when it comes to cybercrime. A crime that costs UK business an average £4.1 million a year. A figure that increases every year with small businesses taking heavier and heavier hits.
The unpredictable nature cyberspace and the adoption of technologies such as the cloud and the ‘internet of things’ is the main reason that cybercrime is rising. That along with the fact that organisations are consistently failing to implement even the most basic steps to prevent shield themselves.
Should CEO’s and board directors be worried? Well, yes. Certainly worried enough to take preventative action.
For example cyber drills designed to limit damage and prevent data breach. Drills currently absent from most organisations but an essential way of handling unexpected cyber attacks.
Getting your retaliation in first; always the best remedy.
But wait, there’s more
It’s Donald Rumsfeld time: “There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don’t know. But there are also unknown unknowns. There are things we don’t know we don’t know.”
He’s got a point. Cyber security on its own is not enough. It cannot be deployed in isolation. Organisations need to think about factors that will come into play. The known unknowns. But managing and controlling known risks isn’t a sufficient cyber security strategy. Risk management must extend to deal with the unforeseen. The unknown unknowns.
In fact what’s required is less a case of simple cyber security, but cyber resilience.
A flexibility and adaptability that in a world where cyber threat is commonplace, more than just helping you achieve a comparative advantage over your competitors could well be the difference between corporate life and death. Stay speedy, be nimble and think strategically.
But before you do any of that… call us on 0161 820 7533
We’ll tell you all you need to know about how to stay that all important step ahead of threat.
Image courtesy of Stuart Miles/FreeDigitalPhotos.net