Cyber security needs a new approach from companies

For some time, PCM has championed the need for companies to completely rethink their approach to cyber security. New approaches to cyber security are vital to combat everything from money laundering to transaction fraud and insider scams.

More or less any form of corporate attack now involves some form of cyber security failure, from phishing scams to synthetic ID fraud.

The reasons behind the growth in cyber-risk aren’t hard to understand: companies want to digitise their operations because they recognise the efficiency gains and cost savings digital brings.

What’s more, today’s customer expects digital services from their payments provider, especially after COVID-19. That said, a growing digital footprint requires better cyber security. And the failure to understand that simple premise is what’s behind the eruption of data theft, systemic compromise and fraud in recent years.

With IT security firm LayerSevenSecurity estimating that the cost of cyber-crime will exceed $2 trillion this year, 77{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of which will come from lost productivity caused by system-level attacks on companies, it’s clear now is the time to act.

A new book from Mathieu Gorge, CEO of cyber-security risk firm VigiTrust, urges C-suite executives to change their strategic approach before they implement another byte of system upgrade.

Based on idea that there are five pillars of cyber-security firms have to manage, The Cyber Elephant in the Boardroom suggests a simple methodology that helps large enterprises and small businesses to map cybersecurity risks, implement a cybersecurity strategy, and demonstrate cyber accountability to regulators, governing bodies and law enforcement agencies.

PCM SAYS:

In recent months we’ve seen a welcome shift away from the industry’s obsession with quick fixes and towards the concept that digital economy requires a wholesale reconsideration of our approach to critical issues.

In the last two weeks, Marqueta have made the case for banks adopting completely new approaches to technology infrastructure, while Arkose Labs recently argued that a failure to understand fraudster’s motives and thinking was the real reason why anti-fraud strategies usually fail.

It’s refreshing, then, to see a writer arguing for a wholesale review of how companies approach cyber-security – rather than telling us that the answer to problems created by digitisation is more technology.