The Rising Strategic Risk of Cyberattacks
As the world continues to embrace technology and its many advantages, business also has begun to rely more and more on technology, storing large amounts of sensitive data electronically. The ease at which computers can store and access information is a major reason for the shift toward massive electronic storage and with the efficiencies that computers bring to the market, a new area of risk has been inadvertently created.
Evidently, cyber criminals today are increasingly leveraging malware, bots and other forms of sophisticated threats to attack organizations for various reasons – financial gain, business disruption or political agendas. In many cases, they often target multiple sites and organizations to increase the likelihood of an attack’s initial success and viral spread. With new variants of malware being generated on a daily basis, many companies struggle to fight these threats separately and the majority of attacks are often left undetected or unreported.
Cybercriminals are also no longer isolated amateurs. They belong to well-structured organizations with money, motivation and goals, often employing highly skilled hackers that execute targeted attacks. Such organizations can deploy considerable threat intelligence, time and resources in order to execute attacks that can cost cybercrime victims significant amounts of money. Unfortunately, this trend is only growing more complex as businesses experience a surge in internet use, mobile computing and the cloud, creating more channels of communication and vulnerable entry points into the network.
Cybersecurity – A Global Business Concern
More and more business value and personal information worldwide are rapidly migrating into digital form on open and globally interconnected technology platforms. As that happens, the risks from cyberattacks become more and more distressing.
Based on 2014 McKinsey and World Economic Forum Research, companies are continuously struggling with their capabilities in cyber risk management and believe that they are losing ground to attackers as visible breaches incessantly occurs in growing scale and severity.
Their findings show that 70% of executives from financial institutions believe that cybersecurity is a strategic risk to companies and considered internal threats (their employees) as big risk as external attacks. Similarly, product companies such as high-tech firms see the leaking of proprietary knowledge about production process as more damaging than leaks of product specifications given the pervasiveness of “teardown” techniques and the legal protections afforded to product designs. Service companies on the other hand, are more concerned about the loss and release of identifiable information on customers and about service disruptions.