BSI urges businesses to achieve information resilience as cyber risk heightens

In today’s quickly evolving cyber landscape, organisations must achieve a state of information resilience* in order to safeguard not only their data but also their people, their finances and their reputation.

That was the overriding message at the inaugural BSI International Cyber Resilience Exchange, which took place yesterday (26 March) at The Convention Centre, Dublin.

The Exchange, which featured some of the world’s foremost cyber-intelligence experts, gave an audience of Irish and international business leaders an opportunity to understand how to protect their organisations’ information against the threat of cyber-attack.

Achieving Information Resilience

Delegates heard that corporate best practice has moved beyond the ability to respond to security incidents to properly securing and protecting data assets in the first place. According to BSI, it is the responsibility of organisations – and their senior executives – to ensure information systems are available and secure at all times.

“We live and work in a world that relies almost completely on digital information,” said Michael Bailey, Director at BSI. “As we generate and store information to help us run our lives and businesses, cyber criminals are using ever more sophisticated techniques to exploit that data for their own gain.

“Achieving a state of information resilience does not need to be complicated but it does need to involve the entire business, from senior management right down to entry level employees,” said BSI’s Michael Bailey. “Through testing, training, awareness and other information security-minded practices, organisations can ensure they are ready for the unexpected, at all times.”

As the risk of data theft escalates – globally, cybercrime was the second most reported crime in 2016 – so the cost of securing information has also risen. In 2018, organisations worldwide spent €82 billion on information security products and services; by 2021, cybercrime damage costs are expected to reach €5.1 trillion.

The cost of cybercrime was addressed by New York Times bestselling author and renowned cybercrime investigative journalist Brian Krebs, whose presentation focussed on raising the cost of cybercrime.

Raising the Cost of Cybercrime

“The reality is that data breaches are a daily occurrence,” Mr Krebs told the audience at yesterday’s event. “Everywhere you look, there are companies building their business models around collecting data and almost everyone has a problem keeping that data confidential.

“Virtually all aspects of cybersecurity come down to economic decisions and that applies to both attackers and defenders,” said Mr Krebs. “We need to explore how we can make cybercrime more expensive and less profitable for attackers, and less costly for organisations when they get breached.”

“It’s definitely a case of when not if,” said Mr Krebs. “Robust cybersecurity should start with an assumption that you are going to get targeted. That mindset can give you a head start.”

 


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