However, this does not mean that threats from other quarters such as terrorism should be overlooked. The costs of cybersecurity breaches from terrorism can be colossal and devastating. Although cyberwarfare is usually regarded as under the purview of the government enterprises need to take steps and have fallback plans in place in case of the worst possible scenarios.
What advice have you found yourselves giving the most frequently to your customers in Singapore in the past 12 months?
Against the backdrop of the ever-evolving threat landscape, we see encouraging signs of business IT leaders taking steps to prepare for and guard against attacks. However, more needs to be done to get all executives, especially boardroom executives and CEOs, on board. Cybersecurity should not be seen as an issue for the IT department alone. Cybercrime is growing exponentially, with 92 percent of Forbes Global 2000 companies reporting that they have incurred data breaches in 2012. This growth is due to adversaries forming a more sophisticated and collaborative marketplace with information sharing and advanced data-theft tools. Studies estimate that the size of the global cybercrime black market is US$104 billion per year. It is thus critical for CEOs and board level executives to recognise the need to invest in cybersecurity and develop enterprise frameworks and architectures for detecting cyberthreats and preparing a robust incident response.
Companies looking to boost their cyber defences can engage a reliable partner with the best of breed portfolio, intelligence services plus dedicated subject matter experts to help them put the right security measures in place to mitigate cyberthreats such as hacktivist activities and malicious inside threats. By outsourcing monitoring and management of established security systems to managed security service providers, most enterprises can increase security while reducing operational costs, and free up internal security resources to deal with changing business needs and new threats.
At BT we aim to help our customers identify and understand the risks and vulnerabilities as well as their critical assets. BT advocates a security approach that involves combining powerful proprietary technologies and human intelligence to single out threats and reduce liability. For example, BT Assure Threat Monitoring and BT Assure Cyber provide concise reports and analysis based on security information obtained from across devices in the network, securing against attacks and protecting commercially sensitive information. BT also believes in creating highly tailored security architecture and protection technology for each business. The BT Assure Managed Firewall underscores this philosophy-it defends against hackers, malware and cyberthieves and is provided with leading global security vendors Checkpoint, Cisco and Juniper. The Firewall is managed by a team of security experts, around the clock who will provide detailed reports on the system's health and attack history.