cyber risk – what can you do…?
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Cyber Risk – What can you do…?. Chris Clark Managing Director, Prosperity 24.7. What is Cyber Risk…?. The internet provides a largely anonymous and cost-effective method for those involved in organized crime , economic espionage, and other adversaries, to damage or embarrass companies. - PowerPoint PPT PresentationTRANSCRIPT
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Cyber Risk – What can you do…?Chris Clark Managing Director, Prosperity 24.7
Prosperity 24.7 – Commercial in confidence 2
What is Cyber Risk…?The internet provides a largely anonymous and cost-effective method for those involved in organized crime, economic espionage, and other adversaries, to damage or embarrass companies.
Those engaged in cyber attacks aim to secure economic advantage by stealing financial assets, intellectual property or critical information. This can be from a single serious event or a sustained attack over a period of time, sometimes years.
The impact on a company as a result of being targeted in a cyber attack, including the impact on its reputation, can be catastrophic.
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What is Cyber Risk…?Managing cyber risk is a business-critical activity, and cannot be regarded as simply an IT issue.
Cyber risk is different from other types of risk because of the rapid evolution of technology and the resulting fundamental changes in the way business is conducted.
Boards will need to think differently and consider taking wider advice, to ensure they fully understand the issues faced by their company in order to manage the risks appropriately.
Source: ICSA - https://www.icsa.org.uk/assets/files/Guidance%20notes/gn06-2013cyberrisk.pdf
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Key cyber adversaries include:• organised crime by cyber criminals engaged in fraud or
obtaining money or valuable information;• employees who can cause damage by accident, or by
deliberate and malicious misuse;• competitors or foreign intelligence services that are
interested in gaining economic advantage for their own companies or countries;
• computer hackers who enjoy the challenge of this activity; and
• hacker activists (‘hacktivists’) who wish to attack companies for political or ideological motives. E.g. ‘Anonymous’ and their recent letter to the JFSC
The world of work is
changing.5
Businesses want to leverage technology to innovate / gain advantage
Technology Megatrends
CloudSocial Big dataMobilityAlways on --Consumers usean average of 4 devices every day
44% of complaints are through social media
90% companies using social technologies that report business benefit from them
World’s information is doubling every two
years; 48 hours of youtube
every minute
70% of Global organisations are
either using or investigating cloud computing
solutions
Great! In light of Cyber Security threats how do we balance the opportunity for innovation (reward) versus the reality (risk)
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Local Economic environmentLet’s be realistic for a moment, the last few years have not been easy…
If only we had a crystal ball
Europe saddled with debt
UK recession predicted Ripples from the downturn in Global economy could impact us
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Local Economic environment2013 was only better in Q4…
Europe saddled with debt
Ripples from the downturn in Global economy did impact us
UK Triple Dip recession concerns
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A year of opportunity and continued growth…?
Why am I talking about the economy at a Cyber presentation?
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Exhibit 1… ACTION – When you leave here, go and check who is
responsible for your network perimeter and ask them if everything is patched up to date. If not, contact Mark and
ask about JT managing your devices.
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Exhibit 2… ACTION – When you leave here, ask your IT suppliers how they have ‘hardened’ your network perimeter. Do they use
remote access to provide support? What controls are in place to ensure rigour and YOUR security over THEIR ease
of access to YOUR DATA.
What can you do?
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And finally…
Paul DutotCall : +44 (0)7797 741 1392Email : [email protected]
Thank you
Chris [email protected]
www.prosperity247.com
@nomanualreqd
+44 (0) 7797 736076 / +44 (0) 1534 877247