Large companies as the drivers of cyber-risk management good business practice. In today’s digital economy, businesses are increasingly connecting to customers, suppliers, and employees over the internet. While this has clear advantages for the businesses, it creates hundreds of potential entrances to the company's data: Google and McAfee estimate that there are 2,0005 cyber-attacks around the world every day, costing the global economy about €420 billion a year. Large companies, and organisations operating critical infrastructures or complex IT systems need a corporate-wide approach to cyber risks. Large companies include owners of critical infrastructures and complex IT systems, as well as industry influencers. It is also one of the audiences which holds a particular and considerable interest for all privacy and security concerns. Specific targets are C-Level executives, especially chief information security officer (twitter hashtag for these stakeholder targets: #CISO), chief information and technology officers (twitter hashtag for these stakeholder targets: #CIO/CTOs) that represent the main IT decision makers, but also chief executive and financial officers (twitter hashtag for these stakeholder targets: #CEO/CFOs) to encourage businesses to pursue a corporate approach (also called “joined-up” approach in the media) to cyber security risk management across different market sectors. Cyber security is of critical importance to Europe’s large companies running complex IT systems and critical infrastructures. Millions of Euros are lost to cyber-crime each year and online security is a growing concern for businesses, with attacks increasing against large corporate businesses and critical infrastructures.
Large companies as the drivers of cyber-risk management good business practice. In today’s digital economy, businesses are increasingly connecting to customers, suppliers, and employees over the internet. While this has clear advantages for the businesses, it creates hundreds of potential entrances to the company's data: Google and McAfee estimate that there are 2,00013 cyber-attacks around the world every day, costing the global economy about €420 billion a year. Xxxxx´s has also made an estimation of this cost, giving a figure of $400 billion per year14. Cyber security is of critical importance to Europe’s large companies and organisations running complex IT systems and critical infrastructures. These are in need a corporate-wide approach to cyber risks and hold particular and considerable interest for all privacy and security concerns. Regardless of the sector, large companies are targets for cyber-attacks: Telecommunications organisations – in 2015 the number of detected security incidents climbed 45% over the year before. Industrial products manufacturers – The cyber theft of «hard» intellectual property (IP) such as product designs doubled in 2015, while loss of «soft» IP like business processes climbed 27% over the year before. Retail & consumer organisations – employee & customer records remain top targets of cyber attacks, have boosted their information security budgets by 67% and are investing in risk- based frameworks, cloud based cyber security etc to improve security & reduce risks Financial services : organisations are increasing spending and plan to update cybersecurity and privacy safeguards to address risks associated with the Internet of Things Organisations are increasingly addressing the risks of breaches and improving their ability to deal with them, compared with previous years. A growing number have a formal incident response process in place, including a CERT, more contingency plans are being deployed and, importantly, more report their effectiveness following a breach. Millions of Euros are lost to cyber-crime each year and online security is a growing concern for businesses of all sizes and from all sectors. For the private sector, the PWC Global State of information security survey 201615 highlights key trends: - 69% organisations use cloud-based cybersecurity services: real-time monitoring & analytic, Advanced authentication, identity & access management, threat intelligence or end-point protection
