Updated: Feb 18
In a technology-driven industry where frequency, severity and sophistication of cyber-attacks against data rich and IT intensive businesses continue to increase, challenges remain specific to each organisation. The rate of technology adoption can easily outpace its ability to manage the associated risks.
Attacks are not limited to cyber criminals, but sometimes originate from within by disgruntled former or current employees and careless users pulling down computer networks and compromise data. These include risks to intellectual property, customer data and sensitive internal data.
The inevitability of a breach also demands a clear and practical network incident response plan. Network security thus is made up of the hardware, software, policies and procedures that are specifically designed to defend against both internal and external threats to a company’s computer systems. While demand for technology is imminent for their ability to reduce inefficiency and increase productivity, the rise for network security technology is imperative as a direct response to attack.
Organisations - especially ones which house sensitive data such as hospitals and healthcare systems, who face an impact of $6 billion a year due to cyber-attacks1 - therefore need to embark on a holistic risk management strategy if they are to combat effectively the renewed threat, ensuring that a tripartite approach that embraces rigorous internal procedures, the adoption of external professional support and the utilisation of appropriate insurance cover is in place.
In particular, working in tandem with the experts here can play a key role in preventing an attack in the first place and responding correctly to mitigate when network security does fail.