Cyber-preparedness Is No Longer About Tech, But Informed Business Leadership | #malware | #ransomware


Kiwi businesses should re-think how they respond to
ransomware attacks as they become more
common.

Ransomware incidents are increasing 107%
year-on-year globally, research
by Accenture recently found.

New Zealand is just
beginning to see the increase. Incidents reported to Cert NZ
went up from 53 in 2020 to 90 in 2021, which could just be
just the tip of the iceberg says Richard Harrison,
Accenture’s Chief of Cybersecurity NZ.

“Ransomware
incidents are severe in nature, staking significant
consequences on victims to extort as much from them as
possible. When they’re successful, we’re likely to see
those numbers rise.

“Organisations wanting to ensure
they are resilient to cyber-attacks need to treat them as
more than just one-off security issues, instead
acknowledging the threat to their business’
goals.

“This shift in thinking of cyber-attacks from
security problem to a business-led issue needs to change now
if companies are going to avoid facing impacts to their
reputation, or to the communities they exist
for.”

When target of an attack, New Zealand
businesses who focus solely on technological impact before
potential wider outcomes could face stalled productivity or
collapse in customer confidence. Their technology leaders
have a role to shifting attention towards business’ goals
when preparing for incidents.

Already, 72% of chief
information security officers around the world are reporting
to boards or executives to influence their organisation’s
cybersecurity resilience, Accenture’s research
revealed.

“IT leaders translating their concerns
into risks to their business’ aims will have the start of
a meaningful conversation for navigating ransomware attacks
as crises with their corporate leadership,” says Mr
Harrison.

“They’ll be in an even better position
if they have prepared a strategy with boards or executives
that recognises how an incident could thwart their
company’s intentions towards achieving those
goals.”

Part of the conversation for corporate
leadership will be what flow-on consequences for their
staff, revenue streams, and communities may play
out.

“Our global research shows 20% of the costs
associated with ransomware and extortion incidents are
attributed to damage to brand reputation,” says Mr
Harrison.

“Security strategies being either too
vague or too granular can be costly if they miss the
important broader detail of a business’ aspirations and
environment it operates, guiding its steps towards
mitigating adverse effects.

“Being able to factor in
how hindered services will affect customers means those in
charge can determine the best initial steps, like who to
talk to and what to get back up and running.

The
products and services businesses and customers rely on are
increasingly digital, which means the landscape of risks for
cyber-attacks will continue to grow.

“It’s amazing
how easy it is for cyber-criminals to get what they need for
a ransomware attack relative to how expensive it is for a
business to continuously invest in cybersecurity,” says Mr
Harrison.

“A carefully considered investment that an
organisation understands across all levels is incredibly
worthwhile as it allows for a roadmap to deal with imminent
threats from all corners of the digital
world.”

© Scoop Media

 



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