CPABC in Focus March/April 2018 | Page 31

THIS THIS AND AND THAT THAT Cybersecurity: How to Build Resilience Top 3 Remember Equifax? cyberattack concerns identified by executives in a global survey 1 : 40% Disruption of operations 39% Compromise of data 29% Damage to physical property One missing security patch compromised the data of: 15.2M UK customers 145M US customers 8,000 CDN customers Costs to Equifax: US$87.5M and the jobs of the CEO, CISO, and CSO 2 CYBER RISK = BUSINESS RISK Yet most companies don’t have a resilient strategy 3 44% have no overall information security strategy Start at the top (involve mgmt/board) Designate an in-house cyber expert Build resilience into your cybersecurity strategy 4 Educate your staff on best practices 1 & 3 have no cyberincident response plan Take stock of your assets and prioritize them 30% of cyberincidents are caused by employees Assets most essential to operations 5 Create a critical response plan Perform regular tests and updates – – – – Proprietary information – – Networks and servers – – – Smartphones and tablets Intellectual property Client data Confidential financial data Any publicly available data Computers Hardware PwC, The Global State of Information Security Survey 2018, October 18, 2017. (pwc.com/gsiss) 2 Richard 4 Restrict access to critical assets 54% Priday, “Equifax Q3 results: Not as bad as you might have hoped—hack only cost biz about $87m,” November 10, 2017. (theregister.co.uk) McKinsey & Company, “Protecting your critical digital assets: Not all systems and data are created equal,” January 2017. (mckinsey.com) 5 McKinsey & Company, “Hit or myth? Understanding the true costs and impact of cybersecurity programs,” July 2017. (mckinsey.com) CPABC in Focus • March/April 2018 31