High-profile hacks have global companies scrambling to boost their cyberdefence budgets. Which security providers will make the most of the opportunity?
A hacktivist group that opposes the Dakota Access Pipeline has commandeered the computer network of a major U.S. airline. The group has given executives just two hours to pay it $1 million (Rs 6.3 crore); in the meantime, a slideshow that vividly depicts the impact of an oil spill on surrounding wildlife is playing on the airline’s televisions throughout its three airport hubs. The media jumps on the story, live streaming the debacle to millions of viewers.
It’s a chaotic circus. Fortunately, it’s fake.The airline-hack scenario is an example of the scripts that Emily Mossburg, principal in secure services at consultancy Deloitte, uses to war-game clients’ responses to a cyberattack. During the six-hour exercise, a client’s cyber security team, up to and including members of the C-suite, respond as if the hack were real, tweaking their strategies for dealing with a breach. Mossburg studies how much information the hacked company shares with customers, how quickly it reaches out to authorities, and how proactively it musters its defences.
The whole exercise is, above all, an effort to stem the financial fallout. Cyber attacks have become a sad fact of real life, and they can make an enduring dollars-and-cents impact, not least to a company’s stock price. Cyber crime costs the global economy between $450 billion and $600 billion a year. And recent events fit a familiar pattern: Hackers strike, and the victimised company’s stock falls. In May and June, WannaCry and a similar ransomware program attacked corporate servers worldwide and infected hundreds of thousands of computers. The biggest victims included food company Mondelez International and pharmaceutical giant Merck, and as of mid August neither corporation had seen its stock price recover.
This story is from the October 2017 edition of Fortune India.
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This story is from the October 2017 edition of Fortune India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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