Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Business on the cyber war frontline

With society now almost entirely dependent on cyber space it’s little wonder that the overall cost to the UK economy from cyber crime is £27bn a year, with £21bn of that figure borne by British businesses.
Historically, an enemy looking to destabilise the economy would target government, infrastructure and manufacturing sites with bombs. Now, the enemy might look to create similar chaos and operational paralysis by taking down a vital trading system, compromising personal records, or disrupting a high profile B2C organisation as a show of strength.  In fact, Gartner predicts that by 2015 at least one G20 nation’s critical infrastructure will be disrupted and damaged by online sabotage.

If significant targets such as banks and other financial institutions are attacked or dissuaded from operating within, for instance, the City of London, the impact on the UKwill be significant – lost revenue for the banking industry, lost tax income for the Government, and lost confidence leading to lower future investment and the resulting impact on jobs and the population’s general outlook.

With companies increasingly targeted for disruption rather than information theft, business is already on the frontline of today’s cyber war.  Companies need to change their security culture to deal with this new threat, because it’s no longer just about safeguarding their own data assets – it’s also about protecting the national and economic interest.

With the stakes raised, companies must address online security in three specific areas: physical – the measures to prevent attackers from accessing the facility where data is stored; digital – the software safeguards in place to protect applications and data; and human – the people with access to the systems and hardware. Only with all three bases covered can a company claim to be truly secure and to be ‘doing its bit’ for the cyber war effort.

Of course, most companies can’t be expected to build military-style security defences around their IT systems, and neither should they have to go it alone in the face of the growing online threat – third party providers exist who can deliver the level of protection they need comprehensively and much more cost-effectively.

Technology has revolutionised the UK economy, opening up whole new industries that wouldn’t otherwise exist, irrevocably altering existing business processes, and creating a whole new set of security risks. Yet our reliance on round-the-clock access to information makes cyber attacks the perfect weapon for those who wish to do us harm.Companies need to ask themselves: what price is peace of mind during wartime?

Phil Bindley is CTO at The Bunker, provider of ultra secure managed hosting, collocation and IT outsourcing. www.thebunker.net