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News

Resistance to Cyber Crime Risk To Be Stepped Up By British Industry

Institute Of Risk Management : 24 March, 2011  (Company News)
Professional development forum of the Institute of Risk Management sees cyber crime expert speak on the need for industry and commerce to step up their risk management regime to prevent themselves from falling victim to cyber criminals
Resistance to Cyber Crime Risk To Be Stepped Up By British Industry
Delegates at the Institute of Risk Management (IRM)’s annual Professional Development Forum in Liverpool were told that organisations needed to work together and apply effective risk management principles to tackle the rising threat of cyber crime.

 

Paul Dwyer, cyber crime expert and Security GRC Principal at leading telecoms company eircom, told the conference that cyber crime, including fraud, theft of data, extortion and intrusion, now cost the UK alone an estimated £27bn per year. A virtual criminal economy was now in operation with its own recruitment, training, marketing, advertising and support services. Criminals buying and selling data and services and moving money online could now even rate each other, e-bay style.

 

Mr Dwyer argued that the cyber crime risks faced by organisations should be clearly owned by Chief Risk Officers, emphasising the speed at which an attack can happen and the need for being prepared in advance. Organisations needed to work out what threats were relevant to their organisations and conduct a cyber risk assessment, following established risk management principles. Generally organisations were not exposed to cyber crime risks because of failures in technology but because of problems with people, processes and behaviour. Solutions therefore needed to be at an enterprise risk level rather than delegated to the IT department. Mr Dwyer also urged organisations to talk to each other and openly share their experiences to keep ahead of current threats.
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