Hackers and Threats: Cybercrime Syndicates Go Global
Organizations are struggling to cope with the quantum speed and sophistication of global cyber-attacks being carried out by organized cyber-criminal syndicates. Moving forward, businesses need to prepare to be targeted at any time, and any place, by multiple assailants. Organizations that wish to keep pace with these developments, and remain financially viable, need to take action now, or face the consequences.
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Criminal organizations are becoming more sophisticated, more mature and are migrating their activities online at greater pace than ever before. They are beginning to develop complex hierarchies, partnerships and collaborations that mimic large private sector organizations and are taking their activities worldwide. They are also basing their operations where political and law enforcement structures are weak and malleable, and where they can conduct their activities relatively undisturbed. This is forcing domestic organizations to adapt their security strategies and fortify their internal business operations in order to protect themselves from the inevitable data breach. So how much does a data breach actually cost an organization? –> Total Cost of a Data Breach: According to the Ponemon Institute’s 2015 Cost of Data Breach Study, the average consolidated total cost of a data breach is $3.8 million. The study also found that the cost incurred for each lost or stolen record containing sensitive and confidential information increased six percent from a consolidated average of $145 to $154. Ponemon also found that 47% of all breaches in this year’s study were caused by malicious or criminal attacks and the average cost per record to resolve such an attack is $170. In contrast, system glitches cost $142 per record and human error or negligence is $134 per record.
Reducing the Risk of Attack: Today, risk management largely focuses on achieving security through the management and control of known risks. The rapid evolution of opportunities and risks in cyberspace is outpacing this approach and it no longer provides the required protection. Cyber resilience requires recognition that organizations must prepare now to deal with severe impacts from cyber threats that are impossible to predict. Organizations must extend risk management to include risk resilience, in order to manage, respond and mitigate any negative impacts of cyberspace activity.
Cyber resilience also requires that organizations have the agility to prevent, detect and respond quickly and effectively, not just to incidents, but also to the consequences of the incidents. This means assembling multidisciplinary teams from businesses and functions across the organization, and beyond, to develop and test plans for when breaches and attacks occur. This team should be able to respond quickly to an incident by communicating with all parts of the organization, individuals who might have been compromised, shareholders, regulators and other stakeholders who might be affected. – Cyber resilience is all about ensuring the sustainability and success of an organization, even when it has been subjected to the almost inescapable attack. By adopting a realistic, broad-based, collaborative approach to cyber security and resilience, government departments, regulators, senior business managers and information security professionals will be better able to understand the true nature of cyber threats and respond quickly and appropriately.