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Security: Emerging Cybersecurity Risks
Cyber attacks are now at the top of the list of emerging risks that threaten businesses, according to a survey by the Risk and Insurance Management Society.
A recent report from Georgia Tech sumamrizes the state of cybersecurity and highlights the following challenges:
- Individuals increasingly surrender their privacy, information, and trackability in return for convenience, free apps and content.
- Internet of Things (IoT) technology is being deployed rapidly but provides cyber holes that are easy to attack and exploit.
- IT and the digital economy have become increasingly widespread, yet there remains a lack of highly trained security workers
- The level of cyber espionage is relentless and only increasing
A recent presentation by John A Wheeler from Gartner made some predictions about cybersecurity risks which include:
- Over the next five years, 99 percent of all vulnerabilities that will hit businesses will be one that were publicly known about for more than one year.
- Shadow IT by employees will be the origin of one third of successful attacks
- By 2019 the use of password will begin to be widely replace by other recognition technologies
- By 2020 about one-quarter of enterprise attacks will have been initiated from IoT
David Sommer, Head of Risk Management at St. Mary’s University, said that “aside from the rapid change of pace. Another challenge of cyber risk is that it requires such a multifaceted approach to deal with it. Part of it, of course, is highly sophisticated technological responses, but it also involves the human element: educating employees about the risks of keeping sensitive data on laptops or carelessly opening email attachments. A thoughtful crisis management plan to minimize financial and reputational damage after a cyber event occurs is essential.”
