Presentation on theme: "1 Cyber Risk – What can you do…? Chris Clark Managing Director, Prosperity 24.7."— Presentation transcript:
1 Cyber Risk – What can you do…? Chris Clark Managing Director, Prosperity 24.7
Prosperity 24.7 – Commercial in confidence2 What is Cyber Risk…? The internet provides a largely anonymous and cost-effective method for those involved in organized crime, economic espionage, and other adversaries, to damage or embarrass companies. Those engaged in cyber attacks aim to secure economic advantage by stealing financial assets, intellectual property or critical information. This can be from a single serious event or a sustained attack over a period of time, sometimes years. The impact on a company as a result of being targeted in a cyber attack, including the impact on its reputation, can be catastrophic.
Prosperity 24.7 – Commercial in confidence3 What is Cyber Risk…? Managing cyber risk is a business-critical activity, and cannot be regarded as simply an IT issue. Cyber risk is different from other types of risk because of the rapid evolution of technology and the resulting fundamental changes in the way business is conducted. Boards will need to think differently and consider taking wider advice, to ensure they fully understand the issues faced by their company in order to manage the risks appropriately. Source: ICSA - https://www.icsa.org.uk/assets/files/Guidance%20notes/gn06-2013cyberrisk.pdf
Prosperity 24.7 – Commercial in confidence4 Key cyber adversaries include: organised crime by cyber criminals engaged in fraud or obtaining money or valuable information; employees who can cause damage by accident, or by deliberate and malicious misuse; competitors or foreign intelligence services that are interested in gaining economic advantage for their own companies or countries; computer hackers who enjoy the challenge of this activity; and hacker activists (‘hacktivists’) who wish to attack companies for political or ideological motives. E.g. ‘Anonymous’ and their recent letter to the JFSC
Businesses want to leverage technology to innovate / gain advantage Technology Megatrends Cloud Social Big data Mobility Always on -- Consumers use an average of 4 devices every day 44% of complaints are through social media 90 % companies using social technologies that report business benefit from them World’s information is doubling every two years; 48 hours of youtube every minute 70% of Global organisations are either using or investigating cloud computing solutions
Great! In light of Cyber Security threats how do we balance the opportunity for innovation (reward) versus the reality (risk)
Prosperity 24.7 – Commercial in confidence8 Local Economic environment Let’s be realistic for a moment, the last few years have not been easy… If only we had a crystal ball Europe saddled with debt UK recession predicted Ripples from the downturn in Global economy could impact us
Prosperity 24.7 – Commercial in confidence9 Local Economic environment 2013 was only better in Q4… Europe saddled with debt Ripples from the downturn in Global economy did impact us UK Triple Dip recession concerns
Prosperity 24.7 – Commercial in confidence10 A year of opportunity and continued growth…?
Why am I talking about the economy at a Cyber presentation?
Prosperity 24.7 – Commercial in confidence12 Exhibit 1… ACTION – When you leave here, go and check who is responsible for your network perimeter and ask them if everything is patched up to date. If not, contact Mark and ask about JT managing your devices.
Prosperity 24.7 – Commercial in confidence13 Exhibit 2… ACTION – When you leave here, ask your IT suppliers how they have ‘hardened’ your network perimeter. Do they use remote access to provide support? What controls are in place to ensure rigour and YOUR security over THEIR ease of access to YOUR DATA.