Dear Editor,
Cyber security, as an industry, is experiencing enormous global growth as people and businesses are becoming more and more dependent on technology. As various technologies evolve, threats evolve too, with cyber criminals finding new and creative ways to exploit users and technologies.
Caribbean organisations, just like any other region in the world, are challenged on many fronts in their efforts to protect themselves and their customers, partners and suppliers from cyber threats. This threat has intensified in recent years.
Today, through constant innovation, cyber criminals are developing increasingly sophisticated malware and rogue mobile apps and more resilient botnets. And with the rapidly expanding cybercrime-as-a-service marketplace, all these products are becoming much more widely available — and more exploitable by criminals with little or no technical knowledge.
Careful estimates suggest that cybercrime will cost businesses over $2 trillion by 2019. The world has to come together to fight this challenge and company directors can play an important role in improving cyber security. I have five quick suggestions which can help our corporate directors, whose organisations are using technologies to serve their customers.
1. Cyber security is not just an IT issue; we might do better if we understand and approach cyber security as an enterprise-wide risk management issue.
2. Take time out to understand the legal implications of cyber risks as they relate to your company’s specific circumstances.
3. Get experts in cyber security on board and be sure to give cyber risks sufficient time on the board meeting agenda.
4. Allocate an adequate and specific budget to ensure cyber security.
5. Do not delay in insuring against the cyber security risks you cannot avoid in the immediate future. These suggestions might help in militating against the risks many of our organisations are facing in regards to the cyber threats.
Tashfeen Ahmad
mrtashfeen@hotmail.com
Cyber security, as an industry, is experiencing enormous global growth as people and businesses are becoming more and more dependent on technology. As various technologies evolve, threats evolve too, with cyber criminals finding new and creative ways to exploit users and technologies.
Caribbean organisations, just like any other region in the world, are challenged on many fronts in their efforts to protect themselves and their customers, partners and suppliers from cyber threats. This threat has intensified in recent years.
Today, through constant innovation, cyber criminals are developing increasingly sophisticated malware and rogue mobile apps and more resilient botnets. And with the rapidly expanding cybercrime-as-a-service marketplace, all these products are becoming much more widely available — and more exploitable by criminals with little or no technical knowledge.
Careful estimates suggest that cybercrime will cost businesses over $2 trillion by 2019. The world has to come together to fight this challenge and company directors can play an important role in improving cyber security. I have five quick suggestions which can help our corporate directors, whose organisations are using technologies to serve their customers.
1. Cyber security is not just an IT issue; we might do better if we understand and approach cyber security as an enterprise-wide risk management issue.
2. Take time out to understand the legal implications of cyber risks as they relate to your company’s specific circumstances.
3. Get experts in cyber security on board and be sure to give cyber risks sufficient time on the board meeting agenda.
4. Allocate an adequate and specific budget to ensure cyber security.
5. Do not delay in insuring against the cyber security risks you cannot avoid in the immediate future. These suggestions might help in militating against the risks many of our organisations are facing in regards to the cyber threats.
Tashfeen Ahmad
mrtashfeen@hotmail.com