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The Brave New World of Cyber Attacks

24 October 2019

The Brave New World of Cyber Attacks

Cyber-attacks arguably pose the single biggest modern threat to businesses. The level of sophistication, and the financial and reputational impact that cyber attacks have all continue to increase at an alarming rate. According to the research firm, Cybersecurity Ventures cybercrime will cost $6 trillion globally by 2021. Common tactics to deploy social engineered cyber attacks include; spear-phishing, business email compromises (BEC), ransomware, distributed denial-of-service (DDoS) and Trojan horse malware.

 

This impacts the public and private sectors significantly, creating unprecedented financial, operational and reputational risk factors for organizations worldwide. According to the SEC, the average cost of a cyber data breach is now $7.5 million.

 

With an increase in the use of the internet and software applications, there has been a dramatic increase in the vulnerability within information systems, network, software and their respective endpoints, exposing each to the potential for fraudulent actions such as identity theft, identity fraud, business email scams and data breaches. Hackers consider information such as; intellectual property (IP), personally identifiable information (PII), protected health information (PHI) and payment card information (PCI) as the most beneficial.

 

From a regulatory standpoint, the continually evolving cybersecurity and data privacy requirements abroad create significant liabilities for companies. As a result, C-suite executives are struggling to determine the right strategy and investment to secure their vital data assets, ensure business operations meet evolving regulatory compliance requirements, and reduce the impact of data breach litigation. The best practice to address each pf these concerns is to implement a threat-based cybersecurity program, which takes steps to safeguard against the most likely threats an organisation will face, juxtaposing internal vulnerabilities against the evolving external threat environment.

 

Learn more about BDO's Technology Advisory team. 

If you wish to get in touch with BDO's IT services, contact us on [email protected].