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The Principles of Good Cyber Risk Management
In the world of cyber risk, we are dealing with unprecedented events. Apart from headline grabbing attacks such as the global malware incident that impacted Mondelēz's business and the Russian military-run global cyber-attack, NotPetya, we are now seeing an epidemic of cyber attacks. Concern has shifted from dealing with data being stolen and sold on the dark Web to handling serious ransomware and destructive attacks, where attackers are looking for immediate monetary output. This is the new threat. Malware such as TrickBot can infect an entire corporate network allowing hackers to surreptitiously gain access to systems, embed nefarious files and clean themselves, leaving no trace. The source of the attack is not, however, dealt with — allowing hackers time to monitor what is valuable to an organisation and prepare a more sinister attack. At a later date, entire networks are encrypted, and companies are brought to their knees, unable to access email, payment systems, and operational systems. Everything goes down, including email, calendars, Skype and VOIP, leaving a company unable to operate or communicate.
What remains is a ransom note demanding payment, usually in cryptocurrency, to regain keys to unlock the systems. These attacks can cost companies from $100,000 to over $1 million and specialist services are required to negotiate with the hackers.
We have seen companies with their entire information technology infrastructure brought down over multiple countries leaving them completely crippled. Added to that, companies face fines for data breaches, breached contracts with their customers due to an inability to perform services, the consequences of being unable to pay invoices, and of course their overall reputation is damaged.
Why Are Companies Getting It Wrong?
It has become much harder to protect a company's digital assets because the digital landscape is shifting rapidly under our feet, catching many mature businesses off guard. Businesses need to determine which components of their business rely on technology and digital assets, exactly where those assets are (being less tangible than hard assets like real estate or cash), and how to protect them and the data flowing through them. Often new systems are deployed, and the data being processed is not fully understood, classified or safeguarded appropriately.
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