RENELLE MURRAY
As organisations in TT embrace digital technologies, the truth is that implementing new technology introduces known and unknown risks.
The consequences of these vulnerabilities extend beyond financial losses, affecting an organisation's reputation, legal standing and customer trust.
All industry sectors have become fertile ground for malicious cyber attacks as attackers consistently test their systems and applications for weaknesses, some using sophisticated technologies such as bots to automate attacks.
Understanding the local threat landscape
Recent TT cyber-security incident-response team data paints a stark picture of the evolving local cyber-security landscape.
In 2023, cyber incidents surged by over 60 per cent compared to the previous year.
Let’s face it: the statistics underscore the urgency of addressing cyber-security challenges proactively and effectively to mitigate potential attack vectors.
Cultivating proactive cyber-risk management
To address growing threats, organisations must adopt proactive strategies to account for vulnerabilities and potential attack vectors.
It's essential that the executive management and boards of directors understand that cyber security goes beyond mere ICT tools like network security monitoring and firewalls: it also requires financial investment in risk-management strategies and personnel resources to protect critical information and infrastructure.
Understanding your cyber risk
Why are cyber attacks successful?
Cyber attacks are successful for various reasons, and their success often depends on the capabilities and motivations of the attackers, as well as vulnerabilities, weak security measures and ineffective controls.
How do organisations prevent cyber attacks?
There is no hard-and-fast answer to that question, because it depends on the organisation.
To minimise the likelihood of a successful attack and reduce the impact of any incidents, organisations can implement risk-mitigation strategies to identify, evaluate, assess and mitigate risks.
Cyber-security risk strategies are crucial.
[caption id="attachment_1046633" align="alignnone" width="577"] UTC information security and business continuity manager Renelle Murray -[/caption]
The advent of technologies such as cloud computing, big data analytics, Internet of Things (IoT) devices and artificial intelligence has revolutionised business processes, but not without introducing corresponding risks such as:
Data breaches: Unauthorised and exposed access to sensitive information can lead to identity theft, financial fraud and reputational damage.
Ransomware: Malicious software that encrypts data, with attackers demanding a ransom for decryption, can paralyse businesses and government agencies.
Phishing: Deceptive e-mails or websites trick users into revealing personal information or downloading malicious software.
Insider threats: Employees or insiders with access to systems may intentionally or accidentally compromise security.
Third-party/vendor vulnerabilit
