Learning from Targets experience
In the run up to Christmas the US retailer Target (TGT) found itself victim of a data theft with some 70 million customers credit details involved and once the news was out the effect on the business was immediate.
High profile negative media coverage on Target filled news pages just as it needed customers to open wallets and spend.
The Commerce Department's National Institute of Standards and Technology (NIST) have released their Framework for Improving Critical Infrastructure Cybersecurity to help organizations charged with providing the nation's financial, energy, health care and other critical systems better protect their information and physical assets from cyber attack.
According to a government report released last year, 87 per cent of small firms surveyed suffered an online security breach in the previous 12 months, including data corruption and loss as well as hacking and fraud.
David Willetts, Minister for Universities & Science, has launched a new guide from the ICAEW giving practical advice to the corporate finance sector, with Government and industry backing.
The guide urges companies to make cyber-security a higher priority during transactions.
Nobody likes to lose a fight. It’s a fundamental facet of human nature that, when it comes to trading blows, we like to be top dog. Not surprising, really, if you consider that evolution has armed us with the tools to survive and winning fights would have been pretty much a prerequisite for staying alive 20,000 years ago. So when an influential group of MPs announced recently that the UK is losing the fight against cyber crime, it’s natural for hackles to rise.
In March 2013, the UK Department for Business, Innovation and Skills issued a “Call for Views and Evidence” that built on the commitments made in the 2011 Cyber Security Strategy published by government.
The Call for Evidence focused on the intention of government to encourage the adoption of industry led standards that can be used by organisations to improve the management of cyber risk.