Cyber Risks

Organisations are increasingly dependent on information and communication technology (ICT) for their day-to-day activities. Whilst this delivers significant benefits, it may also introduce new risks, which if not managed correctly can significantly impact upon operations, financial performance, legal compliance and reputation. Research suggests that the cost of cyber crime in the UK is £34.1 billion per year.

Example risks include:

• Data loss, corruption and theft.
• Cyber fraud, extortion and terrorism.
• Denial of service attacks.
• Hardware and software failure.
• Interruption to networks and communication systems.
• Key supplier failure.

As the scale, complexity, interconnectivity and portability of technology continues to develop, so do the potential risks. Recent trends, such as the use of cloud computing, internet of things, smart phones and tablet devices present new risks that need to be managed.