FRIDAY, 14 DEC 2018



Facebook Linked In Twitter

Anastasiades Discusses with May the British Bases Issue Ahead of Brexit

Savvas Angelides Meets his Irish Counterpart in Dublin



brought to you by PWC

Logicom Solutions - Cybersecurity: Everybody’s Imperative

Logicom Solutions - Cybersecurity: Everybody’s Imperative

Cybersecurity has recently become of strategic importance and a principle concern among organizations, influencing not only technical staff but also CEOs and Board members. This is a consequence of the unprecedented and rapid increase of high-profile attacks over the past few years, which have caused significant disruption to operations and in extend having major adverse impact on the bottom line of organizations. 

 As attacks increase in volume and number, their complexity and sophistication is increasing as well. A recent study estimates that a Ransomware Attack, which is just one of many types of cyberattack vectors, is executed every 40 seconds and predicts that this will drop to 14 seconds in 2019. From a financial point of view, the global cybersecurity market is expected to reach €100 billion in 2018, €170 billion by 2020 and that it will reach €800 billion cumulatively over the next five years. On the other hand, it is estimated that the impact of cybercrime on businesses will exceed €500 billion in 2018, without considering the impact of the EU’s GDPR regulation on personal data protection, which can also bring huge consequences and fines in the undesirable event of a data breach. Moreover, according to Cyber Security Ventures report, the total cost of cybercrime is expected to exceed $6 trillion dollars annually by 2021.

Accordingly, it is vital for organizations to keep their systems as secure as possible. Cybersecurity aims to reduce the risk of cyber-attacks and to protect organizations and individuals from the unauthorized exploitation of systems, networks and technologies.

 How can we actually achieve effective Cybersecurity? To effectively reduce, mitigate and manage information security risks, a holistic, coherent and structured cybersecurity strategy – applied to every side of the ‘People – Process – Technology’ triangle – is imperative.

Damian Saunders of Citrix Systems stated in an article: “I take a contentious view and say that IT outages are rarely to do with technology. There’s normally a role that technology plays in the outage, but when I look at the root cause, by far the greatest cause is people and processes.”

Cybersecurity is definitely not just technology. People are the primary targets of cybercriminals and they are frequently stricken via the execution of carefully targeted Social Engineering attacks. Thus everyone in an organization, from Board members to IT personnel, should be aware of their role in preventing and reducing cyber threats, whether it’s handling sensitive data, understanding how to spot phishing e-mails and, in general, knowing about the organization’s cybersecurity policy and procedures. As to the specialized technical staff that has the overall responsibility for cybersecurity in an organization, they need to be fully up to date with the latest skills and qualifications to ensure that appropriate controls, technologies and practices are implemented to fight the latest cyber threats.

Processes are also key to the implementation of an effective cybersecurity program. Processes are crucial in defining how the organization’s activities, roles and documentation are used to mitigate the risks to the organization’s information. Processes also need to be continually reviewed as cyber threats change quickly and processes need to adapt with them. But, again, processes are nothing if people don’t follow them correctly.

Finally, technology plays a vital role and is clearly an essential element of an effective Cybersecurity Framework. Nowadays, while the threat landscape is expanding, protecting only the perimeter of the organization is definitely not enough. Cloud services, tele-workers, outsourcing and remote access necessitate the design and implementation of solutions that can provide the same, high level and intelligent protection for both on premise and off-premise access to systems and information. 

The gradual and continual improvement of such controls is a crucial part of effective cybersecurity. Nowadays, safeguards that only focus on limiting the impact of potential cybersecurity incidents are not enough. Additional mechanisms should be designed and implemented to assist in the prompt detection of such attacks, immediate response and eradication of the incident, together with recovery controls to restore any capabilities or services that have been affected by an attack.

 How can Logicom Solutions help organizations build an effective and sound cyber security strategy?

Building a successful security program today requires extremely talented professionals who can develop a cybersecurity strategy and provide all the options to choose the right mix of services, technology and a governance framework for building an effective program.

At Logicom Solutions, we are committed to helping organizations plan, build and run successful cybersecurity programs. Starting with value adding consulting services, complemented by the right business and infrastructure solutions and relevant implementation services, our experts and partners provide a comprehensive suite of products, services and solutions that enable businesses, governments and organizations to operate more securely in a world where everything is increasingly linked together. From awareness sessions to full security assessments and governance frameworks, from technology installations to major architecture design and implementation, our unique approach, depth and breadth of offerings, and our exceptional team, help organizations operate securely in an increasingly digital world.

Logicom Solutions is a leading provider of total integrated IT solutions and business consulting services in Cyprus, Greece, Malta, the UAE and the neighbouring countries and a member of the Logicom Group of Companies with a presence in over 25 countries.

Prepared by the Information Security Team, Business Consulting Services,

Logicom Solutions Ltd



Address: 50, Kennedy Avenue, 1076 Nicosia, Cyprus

Postal Address: P.O. Box 22459, 1522 Nicosia, Cyprus 

Tel: (+357) 22551010

Fax: (+357) 22660969




EY: Need for Transparency and New Technologies Set to Transform Corporate Reporting

The organizational ability to create long-term value based on reporting transparency, ...

The Cyprus Tax System Explained in a Simple Way

In this article we will consider a brief overview of the taxes regarding businesses in ...

Odyssey Receives Two Distinctions for ClearSkies™ Big Data Advanced Security Analytics Platform

The conclusion of yet another very productive and creative year was met with two ...



Cloud Computing Services Used by More Than One Out of Four Enterprises in The EU

In 2018, 26% of EU enterprises with at least 10 persons employed purchased cloud computing services. Cloud computing usage grew rapidly over the last few ...

Annual Growth in Labour Costs at 2.5% in Euro Area

Hourly labour costs rose by 2.5% in the euro area (EA19) and by 2.7% in the EU28 in the third quarter of 2018, compared with the same quarter of the previous ...

Public Sector Employment Reaches 66,698 People

The employment in the Broad Public Sector for the 3rd quarter of 2018 was 66,698 persons. The employment in General Government was 60,777 and in the Publicly ...

Job Vacancies Increase by 63%

The number of job vacancies for the 3rd quarter of 2018 was 7,667. The number of job vacancies increased by 2,964 (63.0%) compared to the same quarter of the ...

Apple to Create $1bn Texas Base

Apple has announced plans to build a new campus in Austin, Texas, saying the project will involve a $1bn (£790m) investment, the BBC reports. The ...

Savvas Angelides Meets his Irish Counterpart in Dublin

Cypriot Minister of Defence Savvas Angelides, met in Dublin with his Irish counterpart Paul Kehoe during an official visit to Ireland, the Cyprus News Agency ...

Savvas Angelides Meets his Irish Counterpart in Dublin

Cypriot Minister of Defence Savvas Angelides, met in Dublin with his Irish counterpart Paul Kehoe during an official visit to Ireland, the Cyprus News Agency ...

Anastasiades Discusses with May the British Bases Issue Ahead of Brexit

The President of the Republic of Cyprus Nicos Anastasiades held a brief discussion with British Prime Minister Teresa May on the protocol concerning the ...