Tag Archives: Cyber Crime

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The Reputational Risk and IT Relationship

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With more visibility and vulnerability in today’s business landscape due to social media, online commerce and doing business through mobile devices, it only makes sense that there would be more potential risks to a company’s reputation and brand. In fact, now more than ever, executives are attempting to protect their brands from these security threats by being more proactive and looking for blindspots in their risk management program. That’s according to findings from the “2012 IBM Global Reputational Risk and IT Study,” conducted by the Economist Intelligence Unit, which analyzed responses from 427 senior executives from around the world, representing nearly all industries.

Respondents indicated that cybercrime is more of a reputational threat than systems failure — a finding that clearly illustrates how cybersecurity is a growing concern among executives, as shown in the following graph from the report.

What’s more, 64% say their company will put additional effort into managing its reputation in the future while 75% of respondents say their IT budget will grow over the next 12 months due to reputational concerns. “Underestimating the cost of reputational risk greatly exceeds the cost of protection,” said one U.S.-based study participant. “Being proactive is preferable to being reactive.”

As the report states:

Going forward, assessing potential blind spots and new technologies will likely be accelerated through the use of case studies and scenario analysis rather than waiting for direct experience. “To use new technologies like cloud you need trust,” says Andrea MacIntosh, director of quality with Alpha Technologies in British Columbia, Canada. “How do you build trust? Either by demonstrating performance or through looking at comparable organizations that are using it with good success. I think there’s a lot of referential data for companies like ours, but as with any new technology, you’ve got to be cautious.”

So how does a company avoid data breaches and strengthen the public’s trust in its brand? The respondents feel that integrating IT into reputational risk management, along with having a strong IT risk management capacity, is the best bet.

Gone are the days when a customer inherently trusts that a company’s IT capabilities are sufficient. In fact, customers are taking a more proactive approach when it comes to understanding a current or potential business partner’s IT infrastructure. “We’re seeing more requests from our customers for details of our IT infrastructure and security, along with on-site audits, as part of the supplier qualification process,” said MacIntosh.

Organizations of all sizes across all industries are devoting more time and attention to potential cyber threats that could harm their reputation. “This concern is reflected in more integrated, enterprise-wide approaches to risk management led from the C-suite and increased attention being paid to the direct reputational impacts of IT risks,” the report states. This study, along with many others, point to the conclusion that cyber and data security has earned top billing in the list of biggest risks posed to businesses. How is your company responding?

Managing the Risk of Cyberattacks: When Will Boards Learn?

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Even after the many cyberattacks initiated by Anonymous and Lulzsec, it seems boards are still not exercising appropriate governance over the privacy and security of their digital assets, that’s according to a new study by Carnegie Mellon CyLab entitled “Governance of Enterprise Security.”

The study says that “even though there are some improvements in key ‘regular’ board governance practices, less than one-third of the respondents are undertaking basic responsibilities for cyber governance. The 2012 gains against the 2010 and 2008 findings are not significant and appear to be attributable to slight shifts between ‘occasionally,’ ‘rarely,’ and ‘never.'”

A look at the numbers:

And even with the advancement of enterprise risk management throughout organizations, it seems there is still a disconnect between boards and senior executives understanding that privacy and security and IT risks are a part of ERM. A whopping 58% of those surveyed said their board did not review the organization’s insurance coverage for cyber-related risks.

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The survey proved that they do not have full-time senior level personnel in place to manage privacy and security risks.

Less than two-thirds of the Forbes Global 2000 companies surveyed have full-time personnel in key roles responsible for privacy and security in a manner that is consistent with internationally accepted best practices and standards.

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Moreover, the common practice of assigning security personnel both privacy and security responsibilities creates segregation of duties issues at line responsibility levels.

Though there are signs of progress compared to previous years, the 2012 CyLab survey shows a serious lack of attention at the top in regards to cybersecurity.

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October Issue of Risk Management Now Online

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The October issue of Risk Management magazine is now online. The cover story, “Immovable Objects,” focuses on how complacent boards of directors fear change, often retaining CEOs past the expiration date of their effectiveness. We also cover food safety in a feature by John Turner, North America product recall manager at XL Insurance. And, as is tradition with our October issue, we highlight cyberrisk, this time in a four-part feature covering cyberattacks and critical infrastructure, the military and its vulnerability to hacking, the cost of protection and a guide to selecting cyber insurance.

Our columns explore topics such as:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter, “like” us on Facebook and join our LinkedIn group.

Guest Post: 5 Shocking Cyber Crime Facts

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Crime has changed in a big way over the years thanks to our insatiable appetite for technology. Bigger, faster, more efficient and more all encompassing online access means one thing to cyber criminals: easy pickings.

Not only has technology changed the crimes committed, it has also radically changed the face of the actual criminal. No longer just the shady character in the background, cyber crimes, everything from embezzlement to identity theft and money laundering, are happening at the hands of everyone from the professional in the desk beside you to the quiet neighbor across the street. Because cyber crime lacks the face to face aspect of say a robbery or an assault, the most unlikely people are turning to a life of crime. Anonymity seems to allow behaviors that would have once been abhorrent.

With these factors, cyber crime is definitely on the rise. Think I’m exaggerating? Take a look:

  1. Between 2008 and 2009 cyber crime complaints went up more than 22%
  2. In 2010 the IC3 (internet crime complaint center) logged its two millionth complaint. Given that a large portion of society will not even lodge a complaint due to embarrassment over being “scammed,” this is really only a fraction of the cyber crimes committed.
  3. Referred financial cases received by the IC3 (to local, state or federal law enforcement agencies) totaled more than $550 million in 2009
  4. Enrollment in programs such as a cyber security degree have skyrocketed in line with increased cyber crime.
  5. Cyber criminals are becoming so tech savvy that institutions such as the IC3 have had to implement new methods of categorizing cyber crimes due to their ever widening scope.
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As a whole, we have certainly benefited from the internet and the technologies that go along with it, but don’t kid yourselves, so have criminals. We’ve had to change how we view crime and also how we go about securing ourselves from it.

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Banks, government agencies, private business and the general public are all potential targets for cyber criminals, and the increase in those holding a cyber security degree are desperately trying to stay one step ahead and safeguard those most vulnerable. The frightening part is that as technology expands, so do the schemes and scams of cyber criminals.