If history teaches us one thing it is that there is no going back. It started with the First Industrial Revolution which used water and steam power to mechanise production. This was followed by the Second which used electricity and the Third which used electronics and information technology. With the Fourth Industrial Revolution we have seen a fusion of digital technologies, the use of the Cloud and extensive data management. But arguably we are now entering an additional phase which includes the integration of physical devices, vehicles, home appliances embedded with electronics, software, sensors, actuators and connectivity, sometimes known as The Internet of Things. This is the Industrial Revolution v4.1.
This new era of technological revolution presents unprecedented opportunities for innovation, diversification, agility and cost optimisation. Yet with these increased opportunities also comes an increased level of vulnerability.
The latest report by Kapersky (2018) provides some statistics around the global cost of data breaches, revealing that the average business now spends 27 per cent of its IT budget on cyber defence. This investment is essential given the potential financial losses likely to be incurred in the event of a breach.
In addition to the cost of the breaches themselves in terms of fines and lost revenue, the report shows that for larger organisations the damage goes even deeper with an average loss of $144,000 due to damage to their credit rating and higher insurance premiums and an additional spend of $113,000 on Public Relations exposure to repair and rebuild brand damage following a breach.
We must therefore also ask ourselves how organisations can defend themselves and be resilient to the inevitable attacks. There are four key areas:
1. Testing: Penetration Testing using a synergy of automated and manual testing to investigate and explore vulnerabilities, identifying potential areas of weakness; Red Teaming: using the skills of highly qualified individuals to simulate a real-world attack, designed to assess the suitability of the current security programme and offer remediation advice where appropriate;
2. Disaster Recovery: taking a strategic approach to managing staff in the event of a successful attack, minimising damage to brand reputation and safeguarding the interests of key stakeholders;
3. Retained Forensic Remote Support: having access to a specialist team 24/7, 365 days of the year to provide professional, pragmatic and strategic support in the event of any type of incident, enabling organisations to focus on maintaining business as usual;
4. Business Continuity: developing a Business Continuity Management (BCM) plan which is applied consistently across the entire enterprise with senior management’s support to make a significant difference in the ability of the organisation to achieve high level cyber resilience, protecting financial and reputational assets.
SRM provides the full range of these services using the integrated specialisms of highly-qualified and experienced consultants. Working with organisations to enhance their data security and to demystify the threat landscape, our team brings market-leading knowledge with a first class service.
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