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Cyber Threat Landscape
1) Reliance on Technology
We have never been so reliant on technology, or indeed so interconnected, and are therefore more vulnerable to cyber attack than ever before. This applies to all sectors. Every financial sector organisation, for example, is now totally digitised and is in effect a technology firm in all but name!
We are all at risk
2) Increasing Threat and Cost
We are seeing an exponential rise in cybercrime in general and ransomware in particular. Not only are threats becoming more numerous, but they are also increasing in sophistication and in cost – both the amount demanded in cyber extortion payments and the cost of everything from insurance and prevention, to remediation.
The threat is increasing exponentially
3) Problems Addressing Risk
No organisation is 100% safe from cybercrime. In recent months even Microsoft and the US government have been victims of cybercrime. Consequently cyber insurance is not only becoming more expensive, but ever more conditions and limits are being introduced on cover. For example, sub-limits now cap cover for cyber extortion payments at a fraction of the average demand.
Nobody is safe or fully insured
4) Geopolitical Risk From State Actors
A growing number of cyber or ransomware gangs are either sponsored by or acting at the behest of antagonistic governments. Indeed Lloyd’s of London has recently introduced measures that exclude cyber insurance cover for what it deems as “catastrophic” state-backed cyber attacks.
Attackers are often state actors with almost unlimited resources
5) Need to Test Preparedness
Any organization that holds the personal information of even one EU citizen is subject to GDPR, which mandates not only data protection and cybersecurity, but also the regular assessment and testing of systems and processes.
Testing your preparedness is not only prudent but is actually compulsory
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