Cybercrime is the inevitable flip side of the ‘Third Industrial Revolution’, the Digital Revolution.
Cybercrime is causing massive disruption and financial damage to individuals, businesses and governments.
Cybercriminals operate in a borderless world and their activities often leave very little, if any, physical evidence.
A strategic approach to mitigating cybercrime risks is required. Finance professionals can play a leading part by:
- defining risk management strategies
- estimating the financial impact of different type of cybersecurity breaches. This enables businesses to plan how to respond
- establishing priorities for valuable digital resources to implement a layered approach to security
- remaining up-to-date with legislation and the work of regulators to ensure adequate disclosure and prompt investigation of breaches
- maintaining client confidence: A key risk for accountancy practices is the lateral movement approach where breaching one system is a stepping stone for subsequent attacks on the victim’s clients.