After several cyber incidents in the island nation, the Government of Sri Lanka proposed the CyberSecurity Act under the National Cyber Security Strategy of Sri Lanka, finalised by Sri Lanka Computer Emergency Readiness Team (SLCERT). It is a comprehensive framework to prevent and mitigate cybersecurity threats effectively and safeguard critical information across various industries.
We live now in a knowledge-driven world where advanced technologies like ‘big data’ analytics spur innovation and boost efficiency. Thanks to it, companies are now able to collect and analyze a large set of data, allowing them to study the industry’s trends and patterns, in a real-time.
Increasing digitization of businesses, however, has also given rise to cybercrimes. Every year, businesses witness cybercrime related losses that run into billions of dollars. Our information systems today are constantly under risks. Ransomware, hacking from rogue elements, and denial-of-service assaults are very rampant.
Protecting Critical IT Assets Becomes More Important as Investors Look beyond Traditional Metrics
For any publicly traded company or a private organization, creating long-term shareholder value remains a top priority. When a company consistently creates value, it’s easier to attract investments both for the organic or inorganic growth.
Accordingly, the management always strive to improve key business metrics, which offer an exact picture of the fundamental strength of a company.
A $101 million bank heist, earlier this year, brought the issue of cybersecurity to the forefront once again. In a sophisticated operation, cybercriminals robbed the Central Bank of Bangladesh by getting hold of SWIFT (society for Worldwide Interbank Financial Telecommunication code), the access code for global cross-border payment messaging system.
More important, it wasn’t an isolated case. Even as the dust over Bangladesh bank incident had not settled, the global banking system was again taken aback. This time it was an Ecuador bank, which was hit by a $12 million cyber-heist. The modus operandi was same.
All the top businesses today – Manufacturing& Distribution, Banking & Financial Services, Consumer Products & Services, Technology, Media & Communications, Healthcare & Life Sciences and Energy & Utilities – are expected to grow at a fast pace in the coming decade.
However the evolution of these businesses comes at the cost of rising risks. Analyzing and mitigating the risk factors should take precedence when devising strategies.
Several global studies report the following 10 risks businesses face as of 2016 and beyond: