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Managing cybersecurity risks for digital resilience
The Indonesian Security Incident Response Team reported 205 million cyberattacks in 2017.
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The Indonesian Security Incident Response Team reported 205 million cyberattacks in 2017. (Shutterstock/File)
T
he Indonesian Security Incident Response Team (Id-SIRTII) reported 205 million cyberattacks in 2017. Cyberattacks can be costly, and their scope is widening. Until recently, financial companies and governments were the primary targets of cybercrime. No more. The WannaCry and NotPetya ransomware attacks of 2017 affected companies in a wide range of industries, including several institutions in Indonesia. Furthermore, the discovery of the Meltdown and Spectre on computer chips showed that cyber risks occur not just in software but in hardware too.
Many companies, in Indonesia and elsewhere, will need to do much more to protect themselves from cyber risks. In a recent global survey by McKinsey & Company, 75 percent of executives said they consider cybersecurity a top priority. Yet, only 16 percent said their companies were well prepared to withstand cyberrisks. Merely spending more is unlikely to help. McKinsey research on 45 Fortune 500 companies found a weak relationship between how much they spend on cybersecurity, as a proportion of their overall spending on IT, and how sophisticated their programs are.
What does a robust cybersecurity program look like? Our experience suggests that leading companies are working toward a state of digital resilience, in which they design their business processes and their information-technology systems to facilitate the protection of critical information and implement strong cyberdefenses and effective plans for responding to cyberattacks. The seven practices described below are essential to achieving digital resilience.
o Include cybersecurity in management and governance processes. Cyber risk is a complex nonfinancial issue with the power to erode a company’s bottom line and brand value.
