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In June 2014, hackers stole data containing the personal information of 650,000 customers of Domino's Pizza France and (unsuccessfully) demanded a ransom of $30,000. This incident is just one small example of the rising volume and visibility of cybercrime, which has become a pressing concern for all companies, regardless of size or industry. Business Digest's latest issue reports on this phenomenon, which continues to be poorly understood by business leaders.

“97% of Fortune 500 companies have already been hacked,” report P.W. Singer and Allan Friedman. The rapid increase in cyberattacks (up 91% from 2013) is a major strategic issue for companies. Cyberattacks are expensive in terms of defense systems and compensation and also slow down the adoption of innovations. Cybercrime is estimated to result in overall losses to the economy of $3 trillion.

P.W. Singer and Allan Friedman encourage business leaders to consider cybersecurity a public health issue rather than a “war.” As is the case with vaccinations, where a sizeable proportion of the community has to be immunized to be effective, cybersecurity can only improve if there is a collective commitment. Such a shared vision can facilitate the fight against cybercrime.

Protecting yourself against the dangers of new technologies must be an integral part of your organizational DNA. This issue concerns the company as a whole and not just the IT department. In particular, leaders have a responsibility to educate and train employees on cybersecurity issues. Simply encouraging teams to adopt better passwords, for example, can significantly reduce the risk of attack.

Business leader testimony
AT&T is a global leader in telecommunication services with a turnover of $128 billion. The company has been providing cybersecurity solutions for several years to Fortune 500 multinationals and small companies across the world. Andy Daudelin, vice-president of security for the business services division of the American group (50% of AT&T’s total turnover), discusses the basics of cybersecurity that he shares with his customers.

Based on Cybersecurity and Cyberwar: What Everyone Needs to Know by P.W. Singer and Allan Friedman (Oxford University Press, January 2014), and the interviews with Ben Heyes, General Manager, Cybersecurity, Privacy, & Operational Risk, Commonwealth Bank of Australia, and Andy Daudelin, VP Security Services, AT&T Business Solutions.

Watch the video:
Hackers: The Internet’s Immune System

According to Keren Elazari, industrial cybersecurity expert, it is time to adopt a more nuanced view of hackers.