• Gina S. Ghent, MD at IHS Markit


• 16.08.2016 10:15 am
cyberinsecurity , KYC and KY3P

The phrase “you are only as strong as your weakest link” while true is just not enough in our technology-based society, where cyberinsecurity is pervasive.  It is not a question of “if” a cyberattack will occur, but rather “when” and most critically what is your response? 

In medieval days, castles had drawbridges, moats and walls as means of protection. In preparation for invaders breaking through these barriers, defenders would have watchmen in towers and weaponry ready to hand. Seeking information from other strongholds, performing mock invasions and storing ample supplies was integral to survival. The castles with the best preparation and response to invasion were the ones who triumphed and mitigated their damage. The ones ill prepared would suffer damage and grave results.

Today’s modern castle is a corporate castle in a virtual sky and information travels at the speed of the internet. Companies spend and invest millions on their own moats and walls. Global defense teams and watchmen are hired to keep them constantly vigilant. Spend on threat management alone has doubled in size in the last five years alone at a tune of $4.85bn.

This is no longer an “arms” race, but a “communication and collaboration” race. The victors will be those who not only build thick moats and walls, but those who are prepared and share information.  Knowing if and when an attack is going to occur is the key to defeating the minds behind the keyboard. There is a reason castles no longer exist. The means of defense could not keep up with the development of weapons. They lacked one critical advantage that today’s modern society has…the ability to share and respond to information and warnings instantaneously.

In part two of this cyber race series, we will continue with a response to siege and invasion.