Cybersecurity has transcended the realm of password protection and moved into a complex landscape of threats and security measures to prevent, protect and manage cyber incidents. In the first episode of BSI’s – Future Learning Podcast, Damien Cantelo, CEO of Apollo, and Kala Philip, CEO of BSI’s Learning Institute, take the stage to unravel the complexities of modern cybersecurity. Our first question explores the complex landscape organisations face in defending against sophisticated cyber threats, driven by the accelerating pace of technological progress.
The Growing Problem of Cyber Risk:
According to the World Economic Forum’s global risks report,¹ “widespread cyber crime and cyber insecurity” rank as the 8th greatest risk globally, just behind climate change adaptation. The conversation in this episode delves into the increasing complexity of cybersecurity challenges, where organisations must maintain a dynamic and vigilant program of defence against evolving threats and the sophistication of threat actors.
The financial toll of cybercrime is staggering, with the global cost reaching nearly $8 trillion in 2023. Recovering from a cyber incident can take a business up to 277 days, underlining the long-term consequences of such attacks. A forecast predicts the theft of 497 million records globally in 2023, highlighting the scale of data breaches. In addition, the ASIC Cyber Pulse Report for 2023 exposes alarming gaps in corporate cybersecurity preparedness, including the absence of incident response plans, cybersecurity standards, and qualified personnel.
Supply Chain Risks:
Hackers have identified a vulnerable entry point into larger organisations through smaller entities within the supply chain. A strategic attack on a smaller organisation can serve as a backdoor into a larger one, emphasising the need for a comprehensive approach to supply chain cybersecurity.
Automation and Artificial Intelligence:
Automated attacks are becoming more frequent. Cybercriminals leverage digital tools and artificial intelligence, necessitating adaptive defence strategies to counter these sophisticated techniques.
In our next section of this episode:
BSI’s Future Learning Podcast will continue to dive deeper into the intricacies of cybersecurity. Our goal is to guide organisations on how best to prepare for the challenges that lie ahead. As the digital world advances, so do the challenges posed by cyber threats. The next question in this episode of BSI’s Future Learning Podcast sheds light on the urgent need for organisations to adapt and fortify their cybersecurity defences. From staggering statistics to the vulnerability of supply chains, the insights shared by our experts serve as a wake-up call.
Join us on this journey as we navigate the challenge of modern cyber readiness and empower organisations to stay ahead. Thank you for tuning in to The Future Learning Podcast!