Expert stresses need for cyber risk management changes

Expert stresses need for cyber risk management changes | Insurance Business

Expert stresses need for cyber risk management changes
A leading cyber crime expert has warned businesses, particularly in the financial sector, that they need to evolve their risk management techniques if they want to stay ahead of cyber crime.

Sanjay Samuel, head of financial crime Asia Pacific at BAE Systems Applied Intelligence, warned businesses that without a mitigation plan in place, they run the risk of serious breaches.

“There is a lack of cyber security analytics capability and technology in organisations,” Samuel said.

With cyber crime and insurance a hot button issue globally, Samuel noted that key holes in the cyber capabilities of businesses are allowing breaches to happen.

“Most have a vast array of security technologies but these technologies don’t talk to one another and are often managed by different teams within the organisations,” Samuel said.

“This means attacks may go unnoticed or not be responded to from a holistic security perspective, even though the organisation’s security technologies may actually have detected the incidents.”

Samuel stressed that as companies become more aware of the unique cyber risks that they face, cyber mitigation becomes second nature.

“As companies become aware of these gaps, it has led to higher budgets, increased integration of risk and security teams, and the emergence of conscious convergence strategies across cyber and financial crime monitoring services.”

Samuel’s call to action comes after another leading expert in the cyber space warned that companies that rely too heavily on insurance could become complacent in their risk mitigation.