8th Annual e-Crime & Cybersecurity Benelux
December 6th, 2018, Amsterdam
As security finally makes it to the top table of business risks, what now for CISOs?
As business moves increasingly to digital channels across Europe, fraud attempts and other cyber-enabled economic crime are rising sharply. And recent research has shown that as well as increasing volumes, there has been an evolution from short, isolated peaks of fraud attacks to more sustained, high-volume attacks across a number of days or even weeks.
Of particular concern is the rise in identity spoofing, the result of the easy availability of stolen personal data now available on the Dark Web.
In addition, digital transformation is moving increasingly to mobile, rather than desktop online, channels. In Europe, 58% of all transactions now come from mobile devices and growth is accelerating.
These trends pose a huge challenge for business and for cybersecurity professionals. Businesses need to go digital and to make digital channels as seamless as possible for their customers. But they also need to keep those transactions, and their customers’ personal data, secure. Cybersecurity is therefore a strategic business imperative.
As well as the need to dramatically strengthen cybersecurity to support digital transformation, businesses also need to respond to the post-GDPR environment of mandatory breach notification.
One of the unspoken truths of cybersecurity has been that businesses have been able to avoid most of the negative consequences of data breaches and loss, and therefore most of the need to invest in better security, because they have been able to simply hide their problems.
The huge volumes of personal data available on the Dark Web are a testament to those failures as are the increasing number of announcements relating to historical data losses.
This secrecy, and the resulting lack of consequences, is now gone. Business leaders will be confronted with the full reputational and business effects of any cybersecurity lapses and as we have seen with the recent Ticketmaster breach, security is also becoming a matter of competitive advantage: in an ecosystem of business relationships, the first to notify may actually gain reputation, while those who delay increase the damage they do to themselves.
It has been a long time coming, but these two core business drivers mean that cybersecurity will finally begin to be treated as a serious business risk management problem. As the costs of consumer and stakeholder reaction become clearer, and as smart businesses begin to compete directly or indirectly on security, budgets will rise.
e-Crime & Cybersecurity Benelux 2018 will look at these key developments. Do they mean CSOs and not CISOs are the new risk masters? Does digital transformation make IDAM the critical competence? And what about AI and blockchain?