Sophisticated cyber attacks are biggest technology concern in 2018

Cyber attacks and breaches are becoming a daily occurrence. In December 2017 we reported that 33.8 million records had been leaked, and in November 2017 there were 59 million records leaked.

Targeted attacks by skilled and persistent cyber criminals are now a business reality.

Cyber attacks have become more sophisticated and attackers use a variety of tactics:

  • Social engineering: manipulation through phishing, vishing, smishing, etc.
  • Malware: malicious software that damages your computer network or information.
  • Ransomware, including Petya, WannaCry and NotPetya.

Security in the Digital World outlines these tactics in more detail and looks at how you can protect your organisation.

New report reveals technology concerns for financial and public sectors in 2018

Traditional security measures such as firewalls and antivirus software are proving inadequate in the evolving threat landscape. In 2018, organisations are looking at ‘when’ they will be attacked, not ‘if’.

According to a recent study from Invotra, the financial services industry and the public sector both fear sophisticated, harmful cyber threats in 2018.

The study, which was conducted among more than 500 senior IT managers across public-sector and financial organisations, found that:

  • 85% of respondents in the financial sector and 79% in the public sector consider data and systems security their greatest priority for 2018;
  • The biggest impact of high-profile cyber attacks hitting the headlines was greater scrutiny of existing systems; and
  • 94% of respondents in the financial sector and 88% in the public sector say they have a strong line of defence to protect their organisation against cyber attacks.

“We commissioned this research to understand digital challenges facing the financial and public sectors,” said Fintan Galvin, chief executive officer at Invotra.

“Both sectors are under pressure to modernise systems, make them accessible, and to keep pace with emerging technologies; all the while tackling sophisticated security threats. These are real hurdles for IT professionals today so it’s no wonder they have concerns for the year ahead.”

Growing concern about cyber attacks

Galvin continued: “Organisations need to wake up and realise that enhancing digital capabilities is about enabling people and not the sole responsibility of IT departments.

“This research highlights a need for widespread buy in, and understanding of digital workplace technologies across organisations, and for proper user training. Without this, transforming the internal and external customer experience, is going to prove impossible.”

Protect your organisation with a cyber resilient posture

Cyber resilience is a broad approach that encompasses cyber security and business continuity management, whereby your organisation should:

  • Identify, protect and detect with an effective ISO 27001 information security management system (ISMS) and regular penetration testing; and
  • Respond and recover with a robust business continuity management system (BCMS).

Not only will this help your organisation to reduce financial losses and meet legal and regulatory requirements, including the EU General Data Protection Regulation (GDPR), but it will also improve your organisation’s culture and internal processes, and protect your brand and reputation.

Take the first step towards cyber resilience

IT Governance’s new Cyber Resilience Toolkit is an essential tool that will help you achieve steps 1 and 2 of the cyber resilient approach.

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