Justin Shattuck , CISO at Resilience , tells us what constitutes good cyber-resilience . He tells us : “ Cyber-resilience plans must be specifically tailored , with key decision makers from CEOs to CISOs striving to be on the forefront of cybersecurity .” ybercrime has emerged as one of the

While the threat of cyberattacks has increased across nearly all sectors , financial and government bodies have proven some of the most harshly affected . A recent survey revealed that data breaches against financial corporations cost an average of US $ 4.35 million per attack last year . As the major companies further digitize their operations and embrace new forms of technology , the opportunities for cybercrime will continue to rise . Consequently , robust cybersecurity profiles are no longer a luxury , but a necessity .

Crucially however , all major sectors have different priorities when it comes to cybersecurity , identifying a need to develop holistic , tailored packages based on expert advice . As cybercrime rises in complexity , all sectors must embrace cyber-resilience to maintain trust and operational efficiency .

Cybercrime and the financial sector

Cyberattacks represent major threats to the financial and commercial sectors – not only due to their visible economic damage but because of their impact on

Robust cybersecurity profiles are no longer a luxury , but a necessity . trust and reputation . By investing in a company , consumers are demonstrating trust in a business ; whether that ’ s in terms of their message or their competency . Successful cyberattacks not only inflict financial losses , but also signal a breach of this trust .

The repercussions of reputational damage can escalate far beyond initial predictions and undermine a company ’ s economic viability . Trust and reputation are crucial investments for businesses ; any organization perceived to be unreliable in safeguarding customers ’ personal data risks losing its standing in the eyes of its clientele .

Consider the cyberattack on Equifax in 2017 , which exposed personal data stolen of nearly 146 million US customers , and a further 15 million British residents . Following the attack , Equifax ’ s shares dropped by more than 13 %. The reputational damage had directly influenced the businesses financial standing and fundamentally weakened the former trust of its customers .

The health of financial businesses can be measured by the level of trust its customers have in it . Therefore , it is necessary for financial sector businesses to prioritise robust cyber-resilience strategies through reassessing their social risk profiles and developing clear incident response plans to crisis situations . With a reported 1,829 cyberattacks against the global financial industry in 2022 , cybersecurity should remain one of the foremost priorities for financial sector businesses moving into 2023 . Failure to display the proper sensitivity towards cybercrime , risks both the trust of their customers and the credibility of their operations .

Cybercrime and the government

As reliance on cyber technologies rises across major organizations , government bodies have emerged

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