GEC NEWS WIREExperts agree that there is no easy solution to respond to cyber-attacks. Cyber-risk is a business risk that must be managed within an overall information and risk-management framework
Cyber-attacks are becoming increasingly sophisticated and are affecting nearly 90% of large organisations around the world. According to speakers at a panel discussion, organised by ICAEW’s Corporate Finance Faculty in the UAE, the most effective organisations at safeguarding their assets are those that continually gather intelligence on new cyber threats emerging in their industries. They also proactively investigate breaches and review their overall risk management plans regularly.
The Right Honourable the Lord Mayor of the City of London, Alderman The Lord Mountevans, delivered the keynote address. He said, “The digital age, which brought the world ever closer to trade, innovation and accountability, has also brought new and dangerous cyber threats – these are unseen, intangible and largely unmeasured.
Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “The fight against cybercrime has created a market for cyber-security practitioners, which is expected to grow from $75 billion in 2015 to $170 billion by 2020. Cyber-security criminals are more sophisticated, bold and resilient than ever. Understanding your risk profile is essential for protecting your business. Organisations must know the assets that need protection from cyber-attacks and the various threats that might hit their business.”
Regarding mergers and acquisitions, panellists encouraged advisors to keep their communications as simple as possible and minimise the number of people involved in each deal. They also suggested protecting communications, the devices used, and implement cyber-security assessment with each M&A deal.
David Petrie said “No organisation or transaction is immune to the challenges posed by cyber security. As with any risk, the key to effective management is identifying and understanding the threats, level of the risks involved and putting in place security measures that are appropriate and proportionate to address them”
