Cyber security is the application of technologies, processes and controls to protect systems, networks, programs, devices and data from cyber attacks.
It aims to reduce the risk of cyber attacks and protect against the unauthorised exploitation of systems, networks and technologies.
Cybersecurity is often confused with information security.
The GDPR (General Data Protection Regulation) and DPA (Data Protection Act) 2018 require organisations to implement appropriate security measures to protect personal data. Otherwise, there’s a risk of substantial fines.
Cyber security is a critical business issue for every organisation.
Privacy laws such as the GDPR and DPA 2018 can mean significant fines for organisations that suffer cyber security breaches. There are also non-financial costs to be considered, like reputational damage.
Cyber attacks continue to grow in sophistication, with attackers using an ever-expanding variety of tactics. These include social engineering, malware and ransomware).
New regulations and reporting requirements make cyber security risk oversight a challenge. The board will need to continue to seek assurances from management that its cyber risk strategies will reduce the risk of attacks and limit financial and operational impacts.
In 2018, the cyber crime economy was estimated to be worth $1.5 trillion, according to a study commissioned by Bromium. Political, ethical and social incentives can also drive attackers.