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SNAPSHOT: KEY COSTS BY SELECTED NATIONS


Percentage increase in cyber crime costs 2016-2017 in US$ for 254 companies. In this poll, Germany experienced the highest increase, UK the lowest.


60% 40% 20% 0% GERMANY AUSTRALIA JAPAN AVERAGE USA UK


SNAPSHOT: CYBER CRIME COSTS BY SECTOR


Comparisons between industry segments provide an largely illustrative analysis, but indicate the range of interest from criminals. Figures in US$m.


FINANCIAL SERVICES UTILITIES & ENERGY


AEROSPACE & DEFENSE TECHNOLOGY & SOFTWARE HEALTHCARE SERVICES


INDUSTRIAL/MANUFACTURING RETAIL


PUBLIC SECTOR Until lately, many senior executives have restricted their knowledge


of cyber crime costs to reported news of losses that have got into the media domain – from global totals to losses sustained by specifi c sectors or professions. But headline fi gures explain relatively little. The need to agree a value on digital assets for cyber insurance purposes is an additional requirement executive leaders must be aware of. More organisations are investigating and acquiring cyber insurance cover. This sounds like a step in the right direction; but a Lloyd’s/Cyence report highlights the fact that a holistic approach to cost impacts remains somewhat of a best-guess risk estimation. Lloyd’s/Cyence also suggested that as more organisations see


value in cyber insurance the expanding scale of cyber attacks has the potential to trigger billions of dollars of insured losses in the event of a major incident (such as 2017’s WannaCry ransomware attacks). Clearly, for insurers to develop this lucrative business without exposing themselves to high-value pay-outs when cyber crime strikes, they require some common, reliable risk model on which to calculate premiums. For boards and c-suites, meanwhile, a starting point is to identify and agree the assets that are at risk, prior to associating a loss value to them.


GENERIC SHORTLIST OF TARGETED ASSETS COULD INCLUDE: Loss of monetary funds, cash currency or cryptocurrencies removed from unlawfully-accessed depositories (accounts). Service usage points – fraudulent addition of credits to service accounts (mobile phone credits or frequent fl yer points). Loss of resalable data assets (i.e., customer records). Loss of intellectual property (software code, product designs). Loss of internal planning information i.e., sales forecasts. Interruption to standard business operations due to denial-of- service attack or a post-breach investigation. Reputational damage – cancels business partnerships. Recovery costs – clean-up of malware-infected systems.


$18.28 $17.20 $14.46 $13.17 $12.47 $11.05 $10.22 $9.30 $8.28


As senior executives are drawn more closely into cyber security decision- making, they will apply a diff erent perspective to how this challenge is apprehended and responded to. It is to be hoped that the diff erent perspective which business minds will view the issue from will bring forth insightful responses that are very diff erent from the technology-driven strategies that have characterised strategy for the last 20 years. Moreover, the challenge of cyber crime to business effi ciency and organisational ‘health’ must be re- thought


and are re-evaluated, across and


appraised through the business ‘lens’. Once these fi gures in their totality projected


individual


organisations, and then aggregated across vertical sectors, the likely potential costs start to look daunting – so daunting that business minds are amazed to refl ect on the fact these trends are not ringing alarm bells much more loudly.


OVER: CYBER STRIKES MAPPED LIVE


ACCREDITATION Words | James Hayes Photography | Shutterstock


42.4% 25.8% 24.6% 22.7% 22.2% 21.2%


SOURCES: ACCENTURE ‘COST OF CYBER CRIME STUDY’


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