Cybercrime is not a burgeoning criminal industry; it is an established threat with severe consequences that cannot be ignored by businesses – and it is up to the board to lead the fight back. This eBook from Camms – a leading global business software solution provider – explores why and how the board should be taking a proactive approach to managing cyber risk.
As Benjamin Franklin once said: “Out of adversity comes opportunity”. Unfortunately, for businesses the world over the rapid spread of COVID-19 has created a perfect storm for cybercriminals – fear, uncertainty, vulnerability, widespread remote working, and increased online activity – who have seized this opportunity to escalate their nefarious activities. This poses the question: has it taken a crippling global pandemic for cyber risk to evolve from an IT issue to a top board priority and for organizations to realize the importance of establishing a proactive cyber risk strategy?
Cyberattacks were clearly on the risk radar before the pandemic. Awareness of the cyberthreat has grown rapidly in recent years, driven by businesses increasing reliance on data and IT systems – and an escalation of high-profile incidents. So much so that cybercrime has evolved into the world’s biggest criminal growth industry – it is estimated that global cybercrime costs will reach $10.5 trillion annually by 2025, up from $3 trillion in 2015.
With businesses forced to shutter their doors and shift to remote working at scale following the introduction of lockdown restrictions, the pandemic has accentuated what was already a serious problem. Operating models have been altered and digital footprints expanded, widening the attack surface for cybercriminals almost overnight. These unscrupulous actors are subsequently cashing in on increased workloads, unfamiliar ways of working, and heightened stress levels by developing themed social engineering attacks that use COVID-19 as bait.
This cyber onslaught against businesses throughout the world and across all industries poses the question: what is at stake for them? The financial, operational, and reputational implications of cybercrime can be crippling – and are a serious wake-up call for boards to prioritize cybersecurity:
- Intellectual property losses
- Legal expenses
- Reputational damage
- Business disruption
- Administrative cost
Having outlined the ever-growing threat posed to businesses by cyberattacks, their consequences, and the impact at the board level, this eBook from Camms answers two pertinent questions:
- What is the role of the board?
- How can an integrated risk management system help a business mitigate cyber risk?