Cyber risk management tips advice and support
Cyber crime is rising. The increasing cost of cyber data breaches has raised the risk profile for cyber security. From Yahoo losing a billion plus email records to NHS having to cancel operations due to cyber attacks business leaders will need to increase time and money on developing cyber resilience. Cyber resilience includes planning for responses to incidents such as cyber breaches employee attacks and technological failure.
Find out more about the cyber insurance market to protect your business better. If you are interested in the latest developments of cyber risk management read on to find tips advice and support to manage cyber risks better and seize new business opportunities.
Cyber risk solutions cannot be left to IT geeks
Cyber business risk management includes business continuity testing and business continuity management exercises to demonstrate the robustness of cyber risk management resilience plans.
The UK has a growing skills gap. Exponential demand for people with cyber related skills and experience with not enough UK talent to fill the gaps.
Brexit it is claimed, will make the cyber skills gap grow wider. Not enough home grown talent and people who don’t want to come to the UK or can not come to the UK. This is not a post about Brexit so please refrain from political comments.
What is clear is that the UK needs more people with relevant cyber skills. How do you start and develop a cyber career? How do businesses fill their cyber skills gaps faster cheaper and more sustainably?
UK employers have not invested in their key assets sufficiently since the financial crisis in 2008. There may be good reasons for this like fighting to survive for one but there is a different fight for survival now in the UK.
UK employers must invest more in training to survive and prosper. Investing in training is no longer number 11 on the top ten to do list for business leaders.
Key training area is cyber risks. Cyber is a short word but it can have many meanings in terms of the needs of a particular business. Yes we need the geeks with their computer programming, technical skills and software specialisms but we need soft skills development for holistic cyber risk management.
- How do we develop all the people to have all of the skills?
- Or how do we put together the right team with all of the skills needed to manage cyber risks?
Thats for employers to figure out. How do you start and develop your cyber career?
- What skills and experience should you start putting in your CV to make sure that you can seize the new cyber career opportunities developing in the UK?
- What training courses should you sign-up for?
- What skills development workshops should you attend?
- How do you network with people who might have “hidden” job vacancies waiting for you?
All these employer and employee problems have been brought together under one forum Cyber Business Risks Forum. If you are an employer with a skills gap click on the forum to fill it faster. If you want to start or develop your cyber career click on the forum to network.
Other useful information resources for cyber risk management:
- Find and Post Cyber Risk Jobs For Free
- Cyber Business Risks Forum for latest cyber risk management news opinions and reviews
- Understanding cyber risk management better
- Read a watch online Guide To Cyber Risk Management
Please feel free to suggest ways to start and develop a cyber career in UK in our Cyber Business Risks Forum.
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Assess how well you manage cyber threats to your digital assets. Manage cyber risks more cost effectively. Ensure your cyber security complies with the demands of industry regulators and your own shareholders. How will your customers be affected by cyber breaches?
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Recent DDoS-attacks and hacking risk events have created at least severe reputation damage and financial losses, demonstrating how important it is to invest in cyber security.
The digital revolution has created new business opportunities and threats to business sustainability. What are the most cost effective cyber risk control measures you need to adopt?
Protecting business data additionally protects your business reputation or brand value which is harder to quantify but easy to lose. Promote your cyber business risk management as part of your brand marketing.
Cyber Security In Financial Services
With a move towards artificial intelligence in investing insurance mortgages etc it is more and more important to protect financial services organisations from cyber attacks.
10 Things You Need To Know Today About Cyber Security and Financial Services Industry To Stay Cyber Secure
Improve your cyber security precautions today. Cyber security precautions must be continuously upgrade to ensure suitable measures are in place to protect corporate assets and reputation of any financial institution in the world. To it because you need to not because regulators want you to.
Performing cyber risk assessments is vital to understand the vulnerability of your enterprise. Cyber risk assessments provide a clear portrayal of an enterprise’s information systems and their susceptibility to attack.
Cyber risk assessment will identify risk control measures in place and the risk control actions required to be implemented.
Cyber risk assessments are essential. Have you undertaken cyber risk assessment? Have you implemented the cyber risk controls? How do you monitor the effectiveness of your cyber risk management control.
Cyber Risks News Opinions Risk Analysis Product and Service Reviews LIVE ONLINE
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Uber has been fined £385000 by the data watchdog over failings related to a hack in 2016 in which the details of 2.7 million UK customers were stolen. The Information Comissioner’s Office ICO said it had shown complete disregard for the customers as well as 82000 drivers whose records were taken.
27th November 2018 UK Financial Services Firms Are Not Adequately Protected From Cyber and Technology Risks
An executive director at the Financial Conduct Authority FCA thinks financial services companies are not fully protected against cyber and technology risks. Cyber risk is thought by many to be the biggest threat to businesses in UK.
FCA executive director of supervision Megan Butler at a Bloomberg event said that the cyber risks are set to rise and financial firms are overly confident about their ability to manage large IT projects and many have yet to get the basics right on cyber defences.
Around a third of financial firms in UK do not perform regular cyber risk assessments a basic cyber risk management tool
Regarding cyber attacks the FCA is seeing serious vulnerabilities in areas such as identification of key assets information and detection according to Megan Butler. She wants financial firms bosses to upgrade their understanding of cyber and technology risks.
19th November 2018 Two People Jailed For TalkTalk Hacking
TalkTalks website was hacked. Matthew Hanley and Connor Allsopp admitted their roles in the 2015 data breach which affected 1.6 million accounts. Hanley was jailed for 12 months and Allsopp for eight months.
The total loss to TalkTalk as a result of this overall attack is estimated to be 77 million pounds.
— Risk Manager (@ERMuk) October 14, 2018
— Risk Management (@HolisticRiskMgt) October 11, 2018
4th October 2018 Apple and Amazon are among US companies and agencies who have had data stolen by Chinese spies claims Bloomberg.
The data had been siphoned off via tiny chips inserted on server circuit boards made by a company called Super Micro Computer reported the news agency.
The servers had been compromised during manufacturing and the chips activated once they were up and running it said.
Apple Amazon and Super Micro have rejected Bloombergs claims calling them untrue.
— Risk Management (@HolisticRiskMgt) October 4, 2018
3rd October 2018 National Governments Using Offensive Cyber Capabilities
USA pentagon officials are reported as saying that the United States of America will use offensive and defensive cyber capabilities on behalf of NATO if asked.
29 nation NATO alliance has recognised cyber as a domain of warfare along with land air and sea
America will soon formally announce that the United States is prepared to offer NATO its cyber capabilities in support of NATO.
In a recent summit NATO said it would create a cyberspace operations centre to coordinate NATOs cyber activities and integrate NATO members cyber capabilities.
United States of America Britain Germany Norway Spain Denmark and the Netherlands are drawing up cyber warfare principles to guide their militaries on what justifies deploying cyber offensive and defensive cyber attacks.
1st October 2018 Financial Conduct Authority FCA Fines Tesco For Cyber Breaches
The UKs financial watchdog has fined Tesco 16.4 million pounds for failing to protect Tesco bank account customers from a forseeable cyber attack two years ago.
Cyber attackers used weaknesses in Tesco Banks design of its debit card and in its financial crime controls.
Deficiencies in Tesco bank systems exposed Tesco Banks personal current account holders to an avoidable incident.
The cyber attackers stole more than 2 million pounds. Tesco has been fined more than 16 million for cyber risk management control failings. The FCA has reported that the size of the fine reflects its no tolerance policy for banks that failed to protect customers from foreseeable cyber risks.
— Risk Manager (@ERMuk) September 20, 2018
— Risk Manager (@ERMuk) September 11, 2018
10th September 2018 International Cyber Risk Management Conference ICRMC Bermuda December 2018
Luke Dembosky, former Senior DOJ Cyber Official to Keynote Bermuda International Cyber Risk Management Conference. Dembosky will share top cyber incident preparation and response strategies drawing on 16 years on the front lines of high profile cyber incidents including while at the US Department of Justice.
Mr. Dembosky joins a set of world-class cyber leaders that will be speaking at the event including Silicon Valley and Wall Street CISOs global cyber leaders from insurance and industry along with regulators and technology trailblazers with an eye on cyber security.
Register now early bird deadline is September 30 2018. Book now to get a massive discount if you are interested in cyber risk management.
Risk Management Online members get an extra 10% OFF if you quote code RISKTV when booking.
7th September 2018 UK could use GCHQ to open cyber attacks on Russia
Cyber attack experts suggest that following the physical chemical attack on UK soil by Russia the UK could go on the offensive with cyber attacks on Russian interests.
If these reports are correct then it merely serves to highlight how national governments are heavily embroiled in cyber attacks as one weapon to service national interests. Whether such a state backed offensive cyber attack is acceptable is for others to decide but cyber attacks are not just from spotty teenagers playing on their computer.
The name cyber virus should raise alarm. Cyber viruses can not be controlled by the attacker let alone the victim. When cyber viruses are released into the global environment who will be affected can include untended victims. It is thought that recent virus attacks on the NHS in UK were the result of an uncontrolled virus. The NHS could have been an unintended victim. Operations were cancelled and thousands of people were adversely affected.
Is your business protected from both intended and unintended cyber attacks?
7th September 2018 British Airways Hacked
380000 British Airways customers details hacked including payment card details compromised. Bank details and personal data have been stolen from British Airways website.
If you have been affected
- Check your financial accounts for any payments that have been made without you knowing about them.
- Check and perhaps change your online passwords.
- Be very wary of people contacting you by phone email or text claiming to be from British Airways in case they are scammers trying to take advantage of your loss of data.
British Airways say the problem with their website has been resolved and apologised to people affected. However
- Information regulators all over British Airways investigating the loss of data. How proactive has British Airways been of their customers data via its security systems? What technical and organisational systems do they have in place to protect customer data? How often have they check for vulnerabilities in their systems? British Airways could face data breach fines of up to 2 to 4 percent of turnover or a fine of around 500 million pounds.
- Reputation damage to British Airways. Its not the first time their IT systems have failed.
- Perhaps loss of confidence in website means loss of new business
- Compensation costs? If fraudsters use your credit card details to extract financial loss on British Airways customers due to data breach then British Airways will need to compensate its customers accordingly.
- Share price in British Airways parent company dropped 4 percent on the news of the cyber attack. Could it fall further if British Airways do not manage the incident properly?
- British Airways criticised in Press on the way it has handled the breach not just the breach. Sometimes the handling of the incident impacts more adversely than the incident itself.
- Customers of British Airways are being told to cancel their credit or debit cards as the hackers have their security code as well as other credit card and personal information. How do you measure the damage to British Airways customers having the inconvenience of cancelling credit cards and violating customers?
The list is not exhaustive but will be expensive for British Airways one way or another. It is the third recent IT issue to befall British Airways in recent times.
13th June 2018 Join The Discussion About Cyber Risks For Free
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18th April 2018 – NHS Still Not Learnt Its Lesson
UK government and NHS ransomware attack response has been criticised. UK MPs are critical of failure to implement cyber risk control measures. NHS needs to improve cyber security after ransomware attack.
Twenty two risk improvement recommendations were made after WannaCry attack. UK Public Accounts Committee said it was alarming preventative measures not implemented yet.
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