In an age where digital technology can grant instant access to almost anything, organisations need to be more aware and awake of their company security. According to Deloitte Insights on Cybersecurity, as technology advances, so does the level of cyber risk that organisations must navigate. In fact, analysts estimate that cyber risk globally could slow the pace of technological innovation by as much as US$ 3 trillion in lost economic value in 2020.
Going against cybercrime means an organisation should hire and embrace more cyber talents. But how? Is cyber talent alone enough? And what kind of cyber talent should company bring to the organisation? If you have the same questions pop-up in your head, these insights will be helpful.
Based on your observations, how likely will a company become a victim of cybercrime?
It is very possible for any company to fall prey to cyber crimes. There are various ways which cyber-attacks can be deployed. Attacks ranging from a simple hack to a well-engineered phishing email can be the cause for a company to suffer an attack. A phishing attack could easily trick an unknowing employee to divulge personal data or click a malicious link, leaving the organisation’s personal data at risk. In fact, phishing attacks in Singapore make up 2% of phishing cases in the world.
Aside from that, human errors are known to be one of the highest causes of data breaches. This happens mostly due to the lack of education on the latest developments of the cyber threat landscape.
Then, what are the worst consequences a company can suffer from a cybersecurity attack?
Cyber attacks can result in various consequences for a company – loss of personal data to the loss of financial information are just some of the possibilities. One of the bigger consequences a company can suffer from is the loss of trust and credibility in the eyes of consumers. When a cyber attack happens, more often than not, personal data of customers and staff stored by the company is targeted. Depending on the cybercriminals intention, the data is then at risk of being misused. Customers affected would immediately doubt the security of the company and lose trust, leading to potential loss of business for the company.
However, is cybersecurity alone enough to tackle cybercrime? Why and why not?
Cybersecurity solutions alone are not enough to tackle the issue of cyber crime due to the constantly evolving nature of the landscape. In order to keep cybercrime at bay, more needs to be done in order to educate people on the cybersecurity front. When people are aware of the dangers of the prevailing cyber threats and the best practices to keep themselves safe, cyber hygiene will improve as a whole. Continued education together with updates to our security systems will mitigate the likeliness of falling prey to cybercrimes.
Some studies cited that cybersecurity is on the rise due to today’s increasingly tech-driven industry. Do you think an organisation will face cyber talent shortage? Can you share any advice on this matter?
It is likely that organisations will continue to face a cyber talent shortage despite the increasingly tech-driven industry. The conversation around cybersecurity has picked up in recent years. For instance, the Ministry of Defence (MINDEF) in Singapore hopes to recruit 300 personnel to specialise in cyberdefence. MINDEF has also set up a cyber-training school which aims to conduct courses for the recruited personnel. It will definitely take time to develop and build a robust pool of cybersecurity talent.
The responsibility of cybersecurity, however, should not solely lie on the cybersecurity experts. As consumers, we too have a responsibility to keep ourselves constantly updated and practice good cyber hygiene. Cybersecurity is becoming everybody’s job in today’s digital economy and we should all play our part in ensuring our own digital defence.
For the SME, what is the best solution for them that cannot compete financially in order to hire good and talented cyber candidates?
The truth is, there is no best solution. Small enterprises need to understand their business model and cybersecurity needs well to find a solution that best suits them.
Aside from that, education for SME employees on best practices such as good password management, identifying potentially malicious emails and links, is essential.
And what should employers look for in their cyber talents when hiring ones? Is skillset enough, or attitude and aptitude should also be considered?
Cybersecurity today has evolved to become so much more than cyber skills. While having the technical know-how is still important, being flexible and adaptable would be beneficial in addressing the evolving landscape. In today’s digital age, the people tasked with defending our digital spaces should be able to rise up and adapt to any challenge that they may face.
Lastly, as cybercrime is predicted to continue to be an issue in the digital age business, what can be the best move for a company to deal with them other than hiring cybersecurity talents?
Companies need to invest in a robust cybersecurity solution. A cybersecurity solution that is tailored to their needs will be important in keeping themselves secure from any potential threats.
Companies can also look into creating a cybersecurity awareness program. This will serve to educate their staff on basic cyber hygiene and help to keep them abreast of current cyber threats. More often than not, a cyber-breach can be the result of just a single person clicking on a malicious link. When companies have a good cybersecurity solution in place alongside well-educated staff, they will be protected from most cyber threats today.