A larger problem: financial and reputational risks
Nigel Pearson · Computer Fraud & Security · 2014
The risks posed by cyber-attacks are growing. What many businesses are unaware of however is that due to the rising tide of international legislation, the financial and reputational risks are starting to pose as large a problem as an actual attack itself. As threat vectors migrate across platforms, regulators globally are developing legal and regulatory frameworks in an effort to protect consumers that will result in an increased liability for companies, businesses and ultimately, individuals. In this evolving landscape, legislation is chasing technology and not always producing the most effective outcomes. Boardrooms and IT departments need to work more closely than ever before as liabilities, and the damaging costs related to a breach, continue to multiply. Many businesses are unaware that a rising tide of international legislation means the financial and reputational risks from cyberattacks are starting to pose as large a problem as the attacks themselves. Regulators are developing legal and regulatory frameworks in an effort to protect consumers that will result in an increased liability for companies. Boardrooms and IT departments need to work more closely than ever before as liabilities, and the damaging costs related to a breach, continue to multiply, argues Nigel Pearson of Allianz Global Corporate & Specialty.