TUESDAY, 21 AUG 2018

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Prodromou: Prudent Fiscal Management Will Lead To Better Days For Greeks

Aspris: Passenger Traffic Hits Record Numbers At Larnaca Airport On Sunday

IMH LTD
INB_1000_Eng_03/08-15/11_468x60px

PROFESSIONAL SERVICES

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

 

CONTACT INFORMATION


Address: 50, Kennedy Avenue, 1076 Nicosia, Cyprus

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

Tel: (+357) 22551010

Fax: (+357) 22660969

e-mail: solutions@logicom.net​

Website: www.lgcomsolutions.com 

MORE ON PROFESSIONAL SERVICES

Gold Magazine Special Promotional Feature – The Legal Issue

The cover story of the August 19 issue of GOLD will take a look at the main problems ...

Logicom Solutions - Cybersecurity: Everybody’s Imperative

Cybersecurity has recently become of strategic importance and a principle concern among ...

EY Presents the 14th CFO Management Forum

On Tuesday, 26th June, 2018, the 14th CFO Management Forum took place at the Hilton Park ...

FROM AROUND GOLDNEWS

   

Sky Expects to Pay Advisers On Fox Deal Up to $123.7 Million in Fees

Sky said on Monday 20 August that it expected to pay its advisers between 90 million pounds and 97 million pounds ($123.7 million) if Twenty-First Century Fox ...
   

Price Index of Construction Materials Records Increase in July 2018

The Price Index of Construction Materials for July 2018 reached 100.95 units (base year 2015=100,00), recording an increase of 0.46% compared to June 2018. ...
   

4th International Compliance Forum: Managing Key Risks faced by US Correspondent Banks

Bank of Cyprus, in collaboration with IMH and GOLD magazine are presenting The 4th International Compliance Forum on Friday, 5 October 2018 at the Hilton Park ...
   

Trump Accuses China for 'Manipulating' Its Currency

US President Donald Trump has again accused China of manipulating its currency to combat US tariffs. The accusation, made in an interview with Reuters, ...
   

Industrial Turnover Index Records Increase In May 2018

The Industrial Turnover Index for May 2018 reached 104.8 units (base 2010=100), recording an increase of 11.7% compared to May 2017.   According to the ...
   

Turnover Value Index in Transport and Storage records increase in 2nd Quarter 2018

The Turnover Value Index of Transport and Storage for the second quarter of 2018 recorded an increase of 7.7% compared to the corresponding quarter of 2017. ...
   

Dr. Symeon Christodoulou Elected EC³ Chairman For Next Three Years

Dr. Symeon Christodoulou, Professor at the Department of Civil and Environmental Engineering of the University of Cyprus, has been elected Chairman of the ...
   

Aspris: Passenger Traffic Hits Record Numbers At Larnaca Airport On Sunday

A total of 253 flights, which carried 47,000 passengers, were handled by the authorities at Larnaca International Airport on Sunday 19 August, Hermes Airports ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Infocredit_01/08-30/11_300x250px
Gold_Issue_300x250px

IMH LTD