As businesses undergo Digital Transformation at a rapid rate, their leaders must learn how to build IT and Cyber Security Strategies that cost effectively allow for appropriate protection, governance, performance and compliance. Boards and board members of every organisation must ensure that it is imperative for their management teams to regularly assess and effectively report on their cyber security requirements. Boards must in addition, ensure that teams within the organisations are prepared for potential cyber incidents by developing appropriate resilience required to survive the cyber-challenges that are fast approaching.
There is no question that we are all under attack in a dangerous and on-going cyber war. The frequency and severity of global cyber-attacks is growing as is the sophistication of the attack methodologies. Cyber attacks, network breaches and a multiple of information security breaches are negatively impacting on all businesses, no matter size or type throughout the world.
According to the U.S. Security Exchange Commission (SEC) guidance in February 2018, the average cost of a data breach was $7,5 Million, not including the financial impact on the reputation of the business or organisation, lost revenue and the reduction in market valuation.
In the past year, according to CISCO, the number of cyber ransomware attacks has increased by over 350%. Cybersecurity Ventures estimates that costs associated with global ransomware attacks will rise to $11.5 Billion in 2019.
Research by Symantec shows that the rapid global expansion of big data and the connection of devices to the internet has resulted in a 600% increase in the number of cyber attacks on the internet of things (IoT).As businesses and organisations transform towards fully digital environments, the need for security of digital assets, including personal identifiable information, protected health information, payment card information and intellectual property increases at an exponential rate.
It has become imperative that all boards and leadership teams of businesses and organisations have a thorough up to date understanding of their threat landscape and associated controls to ensure the implementation of cyber resilience within their operations.