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Cybersecurity: Building Resilience from the Inside Out

By Kristina Drage-Arianson and Don Crouch, Lloyd's Register |

Cybersecurity is no longer a far-fetched concept relegated to science fiction or conspiracy theories. It is a major and growing global risk across all industry sectors Given the increasingly central role of digital technologies, data and connectivity, cybersecurity is widely accepted as a major risk to all industries and society as a whole. Furthermore, as technology becomes more accessible, the skill pool of associated “dark arts” expands — and the risks increase (Figure 1). According to the 2018 Global Risk Report from the World Economic Forum (www.weforum.org), cybersecurity is the third-largest risk faced by businesses. The report also estimates that cyber-crime activities will incur costs of around $8 trillion over the next five years across the entire economy. Furthermore, findings from telecommunications giant Verizon, in its 2017 Breach Investigations Report, found that 95% of “phishing” attacks (disguised emails aimed at stealing information) that led to a breach were followed by some sort of software installation. These points underline the fact that industries must be proactive in dealing with cybersecurity issues. FIGURE 1. Cyber-crime is on the rise as digital technologies continue to proliferate across the…
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