Making Money | CyberSecuritySpeak

Racepoint Global

Written by Mark Fowler, Client Director, Racepoint UK

Cybersecurity is all about money.

As a business, cybersecurity can affect your bottom line in more ways than one. This could be in direct ways such as ransomware and phishing attacks. Fines and the loss of reputation that come with a data breach are well understood to. Then there loss of IP. We saw an example of this with HBO which was hacked last week and saw details and episodes of major properties such as ‘Game of Thrones’ and ‘Ballers’ leaked online by hackers. While it might not seem as damaging as other hacks, those are the shows that drive subscriptions and affect HBO’s revenues.

Then we have the cybercriminals: unscrupulous sorts looking to profit from the vulnerabilities of organisations. Just last week, the WannaCry incident appeared to finally reach its close (for now at least) as the final bitcoins made in the attack were emptied from wallets. On the other side of that coin are security vendors, the Jekyll to the cybercriminals’ Hyde, looking to protect organisations and individuals from risk. This is big business; Symantec is in the process of selling off its DigiCert business for a hefty $1 billion.

And finally, we have you, the individual. Your data has value. Presently, the UK government is putting the GDPR train in motion with new legislation on data protection. GDPR comes into force next May and the new provisions outlined will, amongst other things, give people more control over their own data and where it’s held. It will also put in place much more significant fines for companies that flout new rules: up to £17 million or 4% of global revenues.

Like I said: cybersecurity is all about money.

 

News Round-up

Fortune

Symantec Plans to Sell This Business for Nearly $1 Billion

Symantec is set to sell its web certification business, DigiCert, to buyout firm Thoma Bravo.

BBC

WannaCry ransomware bitcoins move from online wallets

The final £100,000 worth of bitcoins from victims of the attack earlier this year have been removed.

CNN

HBO says full email system likely not compromised in data breach

Stolen data relating to some of the broadcaster’s biggest and most popular properties was leaked online by hackers this week.

The Register

Coming soon to a Parliament near you – UK’s Data Protection Bill

The bill will bring the UK into line with GDPR which comes into force in May 2018.

 Financial Times

UK intelligence agencies turn to start-ups on cyber security

Private sector companies are being tapped for their expertise to help fight cybercrime.

 

If you would like to hear more from the Cyber Security team at Racepoint Global please contact us on cybersecurityspeak@racepointglobal.com