Safeguarding against cybercrime no longer realistic
PwC has called on bank and business chief executives to consider Cybersecurity more seriously and better implement safeguarding practices.
It is not possible to fully mitigate cyber-risks, and chief executives are placing their banks and financial businesses in danger by not throwing enough wait behind security strategies and failing to adequately estimate the threats presented.
In a recent report of the realities of Cybersecurity and its associated risks, PwC has called for greater consideration of the magnitude of cyber-risks and better strategies to bring the issues to the forefront of business agenda.
According to the report, Cybersecurity threats now were on par with similar fiscal management issues which plagued the globe 15 years ago before the start of the Global Financial Crisis (GFC).
“Analysts have drawn parallels to the sentiment before the financial crisis when risks were not properly identified, assessed, and managed,” the report stated.
“Today, cyber-risks are a clear and present threat to the global business ecosystem…however many CEOs (chief executive officers) and boards have not yet to truly appreciate the seriousness and magnitude of this critical businesses issue.”
While business’ remained fully dependent on technology, the report said safeguarding of valuable data was no longer possible, and businesses would do better to spread awareness throughout the organisation and not rely on an IT or technology team to combat risks.
PwC called for Cybersecurity measures to be business-aligned and owned, and for CEOs and boards to be held accountable for issues.
“While Cybersecurity risks have dramatically evolved, the approach businesses use to manage them has not kept pace,” the report stated.
“Company leaders and boards can no longer afford to view cyber-risk as a technology problem.
“Traditional boundaries have shifted; with company and personal digital footprint and audit trails leaving a mass of data open to theft and exploitation.
“Companies are beginning to understand that the real goal is to minimise rather than eliminate.”
While cyber-risks had previously been solely attributed to hackers and terrorists, the report said other nation states, organised crime units and even employees were threats to all banks and businesses within the finance space.
“Numerous attack groups are backed by limitless resources…attack groups are able to devote highly talented individuals who are experts in technology, businesses process, and espionage tactics,” the report said.
“Attackers are constantly evolving their capability to exploit vulnerabilities inherent in the global business ecosystem.”