For businesses, the internet, and digital business models present compelling opportunities to improve customer and employee experiences open up global supply chains, generate new revenue streams and operate more efficiently.
However, these rewards are tempered by increasingly sophisticated cyber-threats that can disrupt operations, compromise sensitive customer and business information, increase costs and cause lasting reputational harm.
So what are the most important security facts your technology and business leaders need to know?
● Security breaches are widespread and damaging. Nearly two thirds (65%) of businesses – of all sizes – have experienced interruptions due to security breaches, according to a recent Telstra report.
● Attacks from external parties remain the primary threat to businesses – but a significant number of breaches occur due to employee mistakes. Malicious or criminal attacks (60%) dominated the breaches notified to the Office of the Australian Information Commissioner in the first year of operation of the government’s Notifiable Data Breaches Scheme, while 35% of breaches occurred due to human error such as losing data storage devices.
● Attacks that use social engineering techniques to trick people into disclosing confidential information remain the most common threat to businesses and individuals. The Notifiable Data Breaches report revealed phishing – sending fake messages over email or other channels to induce people to provide sensitive data – and ‘spear phishing’ – a phishing attack targeting a specific organisation or individual – continued to be the most effective way of compromising businesses. The Telstra report listed phishing and web application attacks as the two most common types of attacks in the Asia-Pacific.
● Businesses are introducing new technologies to drive innovation and growth faster than they can be secured, while the total value at risk to cybercrime globally could be as high as USD$5.2 trillion over five years, according to Accenture.
So how can your business address these issues? The key is to adopt a multi-layered approach to security that encompasses people, processes and technologies. This approach can minimise the risk to systems and information and position you to take advantage of the compelling opportunities new technologies present. For more information contact firstname.lastname@example.org