Cyber Security a Business Risk

Cyber Security a Business Risk

Bhumesh Verma 21/12/2017 10

For the past couple of weeks, we have heard or read spectacular cyber-attacks where hackers used ransomware and malicious techniques to manipulate the data of various government agencies and big corporations from all over the world. As a result, no individual, government or company is feeling safe about data -  increasingly vulnerable to hackers' cyber-attacks.

Fraudulent hackers are hijacking companies' most valuable and sensitive information by hacking their servers with the intent to make easy money by blackmailing and using other tactics. Many big corporations have experienced ransomware attacks in the past year. However, enforcement is very low as only a minuscul fraction of such events is even reported. 

In light of various cyber-attacks by hackers all over the globe, cyber security has gained more prominence than ever and is rapidly emerging as one of the key business risks that need to be addressed with precision or else there is a great risk of losing a big chunk of valuable and irreplaceable data.

In fact, cyber security is identified as one of the top five business risks by 79% of organizations that has participated in a recent KPMG survey on the subject. Despite this alarming statistic, most organizations have minimal financial allocation to this aspect out of the total planned budget for cyber security. 

It is generally felt that the existing legal framework is not adequate to deal effectively with cybercrime prevention, detection, and investigation related matters. Even, cross-country jurisdictions acts as a hindrance in lodging a complaint with the cyber cells.

In order to take on this malice forcefully, corporates need to make right allocation of budget to deal with cyber incidents. Mere budget allocation is not enough, companies need to build robust cyber security system internally and update their security systems consistently. 

Enactment and enforcement of proper laws to deal exclusively and effectively with the cyber incidents is the need of the hour. To conclude and to be precise from a security and legal perspective, enactment and strict enforcement of proper cyber laws and building of robust cyber security systems by companies is the only way to protect the cyber data from the clutches of cyber hackers.

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  • Nathan McKenzie

    The world is changing, and with it so is the internet. Or perhaps it’s the other way around. Companies should put more efforts to protect our privacy by upgrading their slow systems. The data that is hijacked by filthy hackers is harmful. Our privacy is at stake!

  • Andris Paralax

    Predicting the exact nature of future cyber threats and how to combat them is difficult

  • Clark

    Instead of limiting the access of some browsers and websites and putting restrictions, world governments should help tech savvy companies make the internet become much more trusted, reliable, safe, and easy to use.

  • Pagan Pilgrim

    Technologies such as artificial intelligence (AI), internet of things (IoT) and blockchain—all of which play significantly in the cyber security space—will further stress policy frameworks.

  • Julia Weigel

    Neither government nor the private sector can deal with the scope and scale of cyber threats alone. It will require collaboration

  • Brian Rolli

    Well obviously governmental interest in national security will continue to manifest in regulatory actions, which inevitably compromise personal privacy and security

  • Freddie Grace

    Cyber sovereignty is a worrying trend because it is undermining one of the internet's most fundamental properties

  • Mathieu Latour

    Companies should consider state-sponsored attacks made by countries such as China and North Korea as a possibility in their risk assessments. Understanding what assets, whether in terms of data or infrastructure, that might be a target for politically motivated attackers needs to be considered

  • Yorkshire Lad

    As cyber security risk and complexity increase, so do the resources needed to respond to them. Help us protect our data by reporting your friends that are hackers to the police. You will thank me later !!

  • Kevin James

    Will securing the internet make it harder to use? That's my main concern

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Bhumesh Verma

Legal Expert

Bhumesh is the Managing Partner of Corp Comm Legal, an Indian law firm. He is ranked among the Top 100 Indian corporate lawyers. He is advising domestic and foreign companies on M&A, joint ventures, corporate - commercial issues. Besides, he has written a book on Drafting of Commercial Agreements, has a couple of books in pipeline and trains students and professionals on Drafting Skills and corporate laws. He writes regularly on legal, business & other issues and is a guest faculty lecturer with educational institutes. Bhumesh holds a Bachelor of Laws (LLB) from the University of Delhi and a further qualification in International Law and Legal Studies from College of Law, York.

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