A measure of how well a business can manage cyberattacks or data breach while continuing to operate
By HARIZAH KAMEL / Pic By BLOOMBERG
COMPANIES are urged to adopt tamper proof resilience methods to respond to data breaches as threat to cybersecurity grows in numbers.
Ernst & Young Global Ltd (EY) Asia-Pacific cybersecurity risk advisory leader Richard Watson said companies should stay vigilant to cyber vulnerabilities that stems not only from outside the organisation but within as well.
“In response, companies should focus on raising cyber awareness and developing a tailor-made incident response system,” he said in a statement.
Watson shared his latest views on key trends that drive cybersecurity evolution in 2020, and how the digitised business landscape is responding to rising cybersecurity challenges.
In the connected and convergent world delivered by the Internet of Things (IoT), companies are vulnerable to cyberattacks. As a result, there has been a shift of focus to develop technologies to combat cyber threats.
The reputational damage of a data loss event and breach of confidentiality dominated cybersecurity space in 2019. Following large global cyber incidents, there is a shift in attitude and call for attention to the integrity of systems and data.
Watson expects to see an increased focus on cyber resilience, a measure of how well a business can manage cyberattacks or data breach while continuing to operate. Organisations will keep a close eye on how the regulator will respond to colossal cyber incidents following the introduction of General Data Protection Regulation (GDPR) in 2016, said Watson.
The GDPR is a regulation operated in the European Union (EU) on data protection and privacy for all individual citizens of the EU and the European Economic Area (EEA). It also addresses the transfer of personal data outside both EU and EEAs. The legislation came into force on May 25, 2018.
Under the terms of GDPR, organisations have to ensure that personal data is gathered under strict conditions and guarded against exploitation.
The harsh punishments and penalties under GDPR will prompt Asia-Pacific companies to get an understanding of its stance.
Watson also foresees that advancements in 5G network is set to play a complementary role to IoT as it is an attractive asset for telecom operators to offer.
He said 5G will lead to a rapid increase in the number of connected devices and will lower latency, therefore augmenting the capabilities that IoT offers.
Malaysia is set to be among the first in Asia to deploy 5G technologies with the nationwide roll-out of 5G project demonstrations.
The Malaysian Communications and Multimedia Commission chairman Al-Ishsal Ishak announced that the 5G demonstration projects will be conducted at 32 sites in Kedah, Perak, Penang, Selangor, Terengganu and Kuala Lumpur.
However, cyber risks will become a major concern as these technologies reach maturity.
Ironically, Watson pointed out that the solution lies in new technology like artificial intelligence as it can be used to carry out cybersecurity tasks.
An aligned digital and cyber strategy is recommended to enable digital transformation through three measures.
The first is by increasing understanding of the overall business landscape via monitoring and regular management of newly introduced technology, as well as the cyber-physical risks they could bring.
Second is by developing a governed cyber environment where the introduction of new technology is still possible, and lastly is by creating more resilient technology platforms that can predict attacks before they occur.
EY is a global professional services firm that was recently recognised by Forrester Research as a leader in its report, “The Forrester Wave: Cybersecurity Consulting Services in Asia Pacific, Q4 2019”. The report assessed global cybersecurity consultancies in a 23-criterion evaluation to help security and risk professionals choose from the 10 most significant providers.