As discussed in part one of this blog post, cybersecurity isn’t just a problem for governments.
If reports are to be believed, the main targets for hackers aren’t cash-strapped governments, they are large companies with enough money to pay crypto-currency ransoms that further fund their operation. Crippling cyber-attacks on a global scale have increased over the last year, including the WannaCry and NotPetya incidents.
For businesses, prolonged cyber-attacks such as these present a large cost, reputationally and financially. According to a recent study by Accenture, the average annual cost of cybersecurity for organisations is now $11.7 million.
Given the perceived likelihood of cybercrime highlighted in the risks report, cybersecurity is an issue that businesses will inevitably need to deal with. The Accenture report supports this by citing that the average annual number of security breaches has increased by 27.4 percent. This makes it a crucial action point for the CEO, especially as levels of innovation and automation continue to accelerate, resulting in their critical assets being tied up in technology.
CEOs are responsible for setting the vision and expectations for their employees. This is especially important in our current cybersecurity climate. Data from Willis Towers Watson’s cyber insurance claims identifies employee negligence or malfeasance as an overwhelming source of breaches. If cybersecurity isn’t on the CEOs agenda, they can’t expect it to be on their employees’ agenda.
The good news is that organisations like WEF are building the infrastructure and tools we need to tackle this growing crisis. The new Global Centre for Cybersecurity announced at the event in Davos will serve as a global platform for creating a safe and secure global cyberspace. There is a growing feeling that we can no longer delay our response to the threat of cybersecurity. Alois Zwinggi, Managing Director at the World Economic Forum and Head of the Global Centre for Cybersecurity was strong in the proclamation that failure to act now could result in a ‘digital dark age.’
In 2018 increased pressure from regulation and consumers will mean that there are no more excuses or apologies. If security isn’t a priority this year, your organisation risks being faced with the hefty bill for a deliberate oversight.
Read more about cybersecurity in part 1 of this blog here.