Directors Face Serious Risks As Cyber Attacks Increase [extract]

 Directors Face Serious Risks as Cyber Attacks Increase

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There are new growing trends in cyber crime that are frequently emerging, and the estimated costs to the global economy are running into billions of dollars.

In the past, cyber crime was committed mainly by individuals or small groups, but currently we are now seeing highly complex cyber criminal networks that bring together individuals from across the globe in real time to commit crimes on an unprecedented scale.

Criminal organisations are increasingly using the Internet to facilitate their activities and maximise their profit in the shortest time. The crimes themselves are not necessarily new, such as theft, fraud, illegal gambling, sale of fake medicines, but they are evolving in line with the opportunities presented online and therefore becoming more widespread and damaging.

The legal and reputational fallout for boards of directors following a major cyber attack is significantly increasing. As part of company directors’ duty to act in the best interests of their business, they are responsible for embedding cyber resilience into all areas of their organisation, and they face growing liabilities if they do not.

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(Full article length: 1,800 words)

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