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How Companies Like Siemens Manage Cyber Risk

Sean Salvas
by Sean Salvas on Wed, Feb 28, 2018

Cybersecurity risk management is an area all businesses need to address.

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Half of all UK businesses have suffered a cyber breach or attack according to the Cyber Security Breaches Survey 2017. The good news is that businesses are taking the threat seriously. Three-quarters say cybersecurity is a high priority and two-thirds are investing in cybersecurity measures.

The latest high-profile cyber attacks against Equifax and Deloitte, both businesses used to managing confidential information, show that organizations can’t let their guard down for a moment. Particularly since the cost of cybercrime is rising ‒ Europol estimates it will cost the EU €265 billion a year by 2019.

So how are European businesses tackling cybersecurity risk management to stay one step ahead of the criminals?

Cyber threats are constantly evolving. The tools and strategies in place today will not be enough to defend businesses against future attacks. Cybercriminals will always find new ways around security measures and exploit their weaknesses.

Ian Levy, technical director at the UK’s National Cybersecurity Centre, advises businesses to change the way they think and focus on cybersecurity risk management across the organization rather than finding the ideal security product. After warning that a ‘category 1’, (the most serious type) cyber attack will happen in the next few years, he predicted, “Then what will really come out is that it was entirely preventable… It will turn out that the organization that has been breached didn’t really understand what data they had, what value it had or the impact it could have outside that organization.”

Develop a cybersecurity risk management framework for your organization. Download The Risk Management Handbook: Supporting a Quality Culture Across Your Business

Download: The Risk Management Handbook

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Sean Salvas
Written by Sean Salvas
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