Although cyber-threat management is a fundamental part of doing business it remains vague and complex for many C-suite executives and board members.
A new report by Deloitte indicates that cyber-attacks can happen to any type of organization. Scripted, automated tools can identify and exploit whatever weaknesses they find.
Both tangible and intangible costs are attached to cyber-attacks that may lead to a decrease in an organization's share price or even drive a company out of business.
Although businesses are prepared they often fail to save themselves from hackers as they are getting smarter every day.
Organisations should understand that they will be attacked at some point and they should share information about breaches to better protect themselves and other players in the industry.
Impact on different industries
Report shows that vulnerabilities in the high-tech sector affect other industries that use digital technology and disruption in online payments has an impact on e-commerce.
The online media industry can serve as a vector for launching attacks, due to the large number of people who use its services. Hackers breach a popular website and then use it as a delivery platform for malware.
Impact of an attack on telecom companies is very high and far-reaching as sensitive data of customers can be misused. Security in manufacturing companies can be compromised by various types of cyber-attacks including advanced malware and phishing.
Deloitte adds that cyber-threats are a manageable problem and these can be managed by secure, vigilant, and resilient cyber defense system.
Protection should be focused around the risk sensitive assets at the heart of an organization's goal. Threat awareness should be established throughout the organization and enough capacity should be present to rapidly contain the damage done by hackers.
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