Cyber security governance - a constantly evolving regulatory subject

Although cybersecurity remains at the top priority of most organisations, regardless of size, it continues to be a challenge to deal with as the majority of cybersecurity breaches happen due to human error.

The state of cyber security in 2022

The economic cost of cybercrime has surged from €6M in 2016 to €9B in 2020, and continues to increase year on year. Although cybersecurity remains at the top priority of most organisations, regardless of size, it continues to be a challenge to deal with as the majority of cybersecurity breaches happen due to human error. In fact, below are some of the most poignant cyber-attacks that happened in the last two years linked to phishing or those exploitable due to human negligence or failure.

Key changes to regulations and industry benchmarks affecting cybersecurity

The following as some of the major changes affecting cybersecurity compliance of organisations in the EU, UK and across the world, in some cases.

What lies ahead within the next 24 months

Over the coming months, it is expected that:

  1. More attacks will occur on home computers and networks as we continue working remotely or in a hybrid environment.
  2. The use of multi-factor authentication (MFA) will continue to expand.
  3. Ransomware will get worse – targeting specific organisations and industries.
  4. There will be increased cryptocurrencies and crypto wallet security attacks.
  5. Heightened alerts on operational technology (OT) cybersecurity, threats, and vulnerabilities.

Whilst regulations impose the overall accountability over cybersecurity to the highest level in the organisation; cybersecurity will always be everyone’s responsibility. To ensure effective implementation of cyber security, all functions within the organisation should be aware of its responsibility in building and maintaining its security posture.

Rida Villanueva
Director – Forensics and Cyber

Rida is an industry leader for information security and data protection with over twelve years of experience in IT and Cybersecurity Governance, Risk and Compliance, IT Assurance and Risk Management, Data Protection, and 3rd Party Security Risk Management. Rida is a fellow of Information Systems Audit and Control Association (ISACA), International Information System Security Certification Consortium (ISC)² and a standing member of the Philippine Institute of Certified Public Accountants. 

Rida will be speaking at our Governance Ireland Summit. To find out more and book your ticket, follow the link below.

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