Helping your Business Leaders to understand Cyber Security issues in the modern world.
To simplify the understanding, we are going to use the analogy of a House as being your business and the Cyber Security threats as being the Intruder.
Most Small Companies rely solely on your Anti Virus Providers such as McAfee, AVG etc to protect their businesses. Thinking that because they have it their House is safe.
The reality is somewhat different.
Having, lets say Mcafee protect your house, is like having a lock on your front door, nothing more and nothing less. Your front door is relatively safe from attack.
But lets look at the bigger picture around our House.
Front Door is Protected by a Mcafee lock, but what if someone got a key, they can unlock the door. What if someone just kicked your door down, the lock would be useless. What if someone simply unscrewed or removed the frame of the door, straight into the house. They could also simply ring the door bell and con or force their way in.
Alarm in principle is a good option but limited. There may be blind spots in your house where the alarm doesn’t sense an intruder. What if your alarm goes off and no-one is around to hear it. What if your alarm fails, do you have a back up battery. What if the intruder simply cuts the alarm cabling.
Windows are a good deterrent but what if you leave one open on the top floor, a simple ladder would suffice for entry. Glass is easily broken. Glass locks are typically of poor standard so are simply forced open.
Cellar’s – Some houses have these and they are typically overlooked from a security perspective, no alarm, simple door lock and unprotected windows. Older houses (companies) will have these are they are a very easy point of entry.
Water – If you wanted to poison the residents in the house then the outlying water pipes are a very easy point of entry – A simple poison will kill off those inside as they will be using the Water (External Service) on a daily basis. This analogy will also transpire to Gas, Electricity, Internet Cabling and Phone Lines.
Roof – All houses have roof’s and 99% of they will be completely unprotected.
The reality of modern Cyber Security Issues for banks can again be simplified. If an intruder wants to get into your house then there is very little you can do to stop them unless you make drastic and draconian steps to protect your house. Whilst not a perceived “business critical” function it is apparent that if this function fails then your house could simply fall down and the damage to your building (reputation) may never recover.
Investment in Cyber Security should be the number one priority for companies in the modern world and it all starts with the humble password. We see 1000’s of companies all over the world brought to their knees every single day by having weak passwords. Nothing more and nothing less.
Even the big companies suffer from this. Linkedin is hacked on a daily basis 1000’s of times into their user accounts. Whilst it doesn’t directly affect Linkedin it damages their standing and reactively forces them to launch counter measures in order to combat this.
Travelex is obviously the latest one.
So at the next budget agenda you have the tools to argue for the budget you need.
We would also strongly recommend an inter-industry collaboration between leading banks and financial institutions as what one bank or financial institution has already experienced, might be around the corner for you. Pre-Armed is Pre Warned and it is also a lot more cost effective.
Pick up the phone and speak to your counter parts in other leading banks and see if they want to participate.