No organisation is immune to potential cyber breaches. State sponsored cyber-attacks are orchestrated by organisations funded by Governments or regimes usually in order to disrupt corporate advantage, gain a competitive edge and/or impact the global economic environment.
State sponsored attacks often seek to impact a nation’s economy through the disruption of businesses. Today’s state sponsored cyber risk matrix is multi-dimensional, with the impacts from attacks taking many different forms, including loss of data and software, theft of intellectual property (IP), property damage, business interruption and reputational damage to name a few.
“We are witnessing the emergence of an era of hybrid warfare whereby nation-states are actively seeking to disrupt, and even destroy, our economic capacity through the targeting of our business sector.” - Reid Sawyer, Senior Vice President - Cyber Security, JLT
MAKING CYBER SECURITY A HIGH PRIORITY
State sponsored cyber-attacks on businesses are on the rise, and this concerning trend has political and economic ramifications . Experts have stressed the importance of increasing cyber security measures and warned against the potential costs of not doing so; however Australia businesses aren’t doing enough to mitigate and manage cyber risk, according to the MinterEllison Perspectives on Cyber Risk Report 2017.
The MinterEllison survey of Australian Businesses found:
According to Stay Smart Online, an Australian Government Initiative, the average cost of a cyber-attack to an Australian business is as much as $276,3231.
CYBER PROTECTION BEYOND INSURANCE: HOW WE APPROACH YOUR CYBER RISK?
Our team of global cyber specialists can help your organisation understand the likelihood and potential severity of the risks you face, the options available to mitigate these risks and the investment associated with this.
ARE YOU CYBER PREPARED?
Talk to us now. We’re ready to help you.
Samuel Rogers - JLT Insurance | T: +61 (02) 9290 8036 | E: Samuel.Rogers@jlta.com.au
Paul Johnson - JLT Consulting | T: +61 (02) 9290 8020 | E: Paul.Johnson@jlta.com.au
CASE STUDY: IRANIAN CYBER-ATTACKS ON SAUDI ARABIAN OIL COMPANY2
Nakashima, Elle 2015, Hacks of OPM databases compromised 22.1 million people, federal authorities say, Washington Post, accessed 8 September 2017, [http://wapo.st/2xpqfZN].
Symantic 2017, OPM breach costs could exceed $1 Billion, Symantic, accessed 8 September 2017, [http://symc.ly/2jhDy8i].
- Australian Government 2015, The cost of cyber-crime to Australia, Australian Government, accessed 8 September 2017, [http://bit.ly/2rL5Sn4].