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There’s little doubt that the threat of cybercrime still looms heavily over a number of industries. Aon has recently published a new report detailing some of the most pertinent risks posed to business this year.
The report explains that many business that invested heavily into their cybersecurity last year enjoyed a relatively uneventful year from a cyber crime perspective. However, it added: “in 2019, we anticipate the need for advanced planning will only further accelerate.”
As well as further development and investment in cybersecurity, the report also requested further collaboration between businesses as to their approach to cybersecurity. It is, afterall, a responsibility we all, perhaps, share and the more we can work together to fight cybercriminals, the better the chance we have of beating them. This isn’t about protecting yourself against threats and hoping your competitors fall foul of cybercrime, it’ about ridding your industry of these threats by simply making it too difficult for them to succeed.
The report explains: “While it may seem counterintuitive when thinking about cybersecurity, collaboration within and across enterprises and industries can keep private data of companies and individuals alike safer.”
What are the latest threats that we all need to be aware of?
Supply chain vulnerabilities
AON predicts that the growing reliance on third and fourth party service providers and vendors will make supply chains more vulnerable to cybercrime. It also said that more and more operational data is being exposed to cyber criminals as a result of how modern supply chain work
Internet of Thing (IoT)
Aon claims that a great number of businesses fail to have any record of the IoT devices that are used on their premises, leaving them exposed to possible cyber crime activity. Most businesses failed to record the devices used, let alone manage them in any way, adding to the problem.
You could say this has been an ongoing risk for many years now and is perhaps the most obvious source of new threats to cybersecurity. The changing face of technology drives cybersecurity risks because, as new technologies are introduced to the workplace, new types of cybercrime are also introduced. It’s up to businesses to ensure that they are aware of the new threats as much as is possible, at least, and take measures to try to protect themselves.
According to Aon’s report, employees remain one of the top sources of cyber security risk and few businesses have the right type of protection in place to protect themselves. Aon recommends ensuring your business has strong data governance in place and that you communicate your cybersecurity policy clearly with your staff to help mitigate the risk.
Businesses increasingly operate with enhanced levels of connectivity, which can make doing business much easier, but will also often lead to greater cybercrime vulnerabilities. Attackers can often find ways of moving horizontally across a network, leaving businesses exposed beyond their expectations.
Aon explains that a business’s board of directors has a major part to play in sending the message about the importance of cybercrime down the channels. They need to take the changing risks seriously and ensure everyone is aware and on board with attempts to improve cybersecurity.