Cyber Security Overview

Data is at the core of modern commerce and organisations depend heavily on the IT systems to collect and process it. The shareholders, customers, and regulators need to trust in these systems. Trust is vital for the IT systems to work up to their full potential because customers need to have confidence in the services when purchasing products online, suppliers need to trust the reliability and security of the systems, and finally your organisation needs to have assurance that you can expand and develop your business by embracing new technologies and related new opportunities.

Almost every company is at cyber risk, ranging from data security breaches to deliberate cyber attacks (e.g. disturbed denial of service (DDoS) attacks). High-profile cyber attacks have become a regular occurrence (e.g. cyber attack on health insurer Anthem, T-Mobile, Ashley Madison, etc.) and they are not confined by industry or geographical boundaries. Data that can be affected by the cyber attacks include private data, intellectual property, cyber infrastructure, and even military and national security.

Even the national authorities warn of possible cyber risks. For example U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance has issued guidance on cybersecurity where it stated that the organisations should review, on an ongoing basis, the adequacy of their disclosure relating to cybersecurity risks and cyber incidents. It is therefore in the best interest of your business to install safeguards to prevent cyber risks from occurring and also ensure effective remedy mechanism for the situations when they do occur.

Managing Threats and Attacks

Internet security and prevention of cyber attacks and data breaches demand a unique skill set, which can be delivered by technical forensics investigators, experienced in Internet tracking, and a team of professionals, which promptly responds to any imminent security threats to your organisation’s systems. In case of cyber risks occurring it is imperative that the team of professional can cooperate with national authorities in a timely and efficient manner to ensure the minimisation of damages to your organisation.

Strengthening compliance

The collection, processing, and storage of (personal) information is subject to an increasingly complex legal and regulative framework around the world. Monetary penalties for violating these laws are harsh and damage to your organisation’s reputation can be irreparable. A team of professionals experienced in government regulation and legislation related to data breaches and cyber-securities crimes can help you advert these risks. The right team of experienced professionals can help you ensure that government cybersecurity standards and mandates are industry-led and technology neutral.

Cybercrime Insurance

Your business can also benefit greatly from a well designed cybercrime insurance, which is an important part of the organisation’s risk management program designed to protect the privacy of personal information and the confidentiality of the organisation’s information. Insurance scheme should be specifically tailored to your organisation’s needs and requirements, taking into account existing insurance programs while at the same time analysing new insurance products. This, coupled with special care given to drafting and negotiating cyber insurance policy placements, provides and important way of transferring some of the financial risk associated with a failure of your organisation’s administrative, technical, and physical control measures.