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The World We Live In
This hyper-connected world has become a risky place to do business. The vulnerabilities available to criminals, competitors, and disgruntled insiders are increasing, in parallel with complexity.
- Through 2016, the financial impact of cybercrime will grow 10% per year due to the continuing discovery of new vulnerabilities.
Gartner Top Predictions for 2012: Control Slips Away, Gartner, December 2011
Whatever the organization, there may exist a strong motive to target it, including theft of customer data and intellectual property, unauthorized access to financial holdings, and reputational damage.
- In a July 2012 PwC survey, 61% of respondents indicated that they would stop using a company’s services or products after a security breach.
PwC, Consumer Privacy: What Are Consumers Willing to Share, July 2012
- In 2007 and 2008, the cost of cybercrime worldwide was estimated at approximately USD 8 billion. In addition, cyber criminals have stolen intellectual property worth up to USD 1 trillion from businesses worldwide.
Certain industries, such as banking and financial services, public utilities, and the energy (oil and gas) industry, are marked as high-value targets. There is no longer any question that implementing a working Information Security Strategy is essential to help prevent an incident that could spell mission failure.
- According to the 2011 CyberSecurity Watch Survey, 28% of respondents saw in increase in attacks in 2010. Only 19% of respondents reported that they were not impacted by any attacks, down from 40% the year before.
CyberSecurity Survey 2011, CSO, Deloitte, the US Secret Service and CERT, January 2011
- In the summer of 2008, ExxonMobil, Marathon Oil, and ConocoPhillips were compromised and lost data detailing the value, quantity, and location of oil discoveries around the world. One company put the losses in the millions.
Christian Science Monitor, January 2010