What is cybercrime and what can it impact?

 

So what is cybercrime? And why is it such a key issue today? 

In terms of definition, you could define cybercrime as a malicious act against an IT system, some data or from an ever-increasing perspective against people. There's much more connectivity now in terms of IT systems, in terms of data, in terms of people, people are connected through IT systems. So there's a greater level of accessibility and with accessibility comes risk, so many cyberattackers now target accessibility to gain access to systems, to data, to prevent businesses operating through bringing down IT systems.

So what could be a loss that can result from cybercrime? Clearly we have financial loss and the legislation framework is changing, the new data legislation coming to play in 2018 where the consequential loss from a successful cyberattack will move from thousands to potentially millions of pounds. There's also a reputation loss, we often read in the press today about organisations, and individuals, being the victim of a cyberattack that has adverse publicity that could actually then impact the reputation of your organisation. 

The third really important aspect is operation loss, we hear a lot today regarding ransomware attacks, denial of service attacks, deliberate attempts to bring down organisational systems and therefore impact adversity business continuity of organisations. So to maintain the continuity of business operations is a key component in terms of cyber control defence. 

Download our report: the Icarus effect: tackling cybercrime complacency.