Keeping the cyber criminals out

Germany's response to increase in cyber threats

Juliane Lange, HLB Germany

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The German Parliament (Deutsche Bundestag) on 6th January 2017 reported the fear of the Federal Government that Russian secret services might try to influence the 2017 German parliamentary elections through cyber-attacks.

Cybercrime is an increasingly real threat to business leaders. How can you stay aware of your cyber security and data privacy risks while embracing opportunities for growth? Consistent networking of processes beyond corporate borders, sees risks emerge in cyberspace, namely in the form of a chain of effects which may have considerable potential liability and damages for targeted companies. Attacks by criminals include mere destruction or espionage; also ransomware such as ‘WannaCry‘ or ‘Jaff‘ and scam tactics such as the ‘Fake-President‘.

Often a corporation is unprepared for a cyber-attack. However, the risk may be reduced by the effective protection measures of a corporation itself and its cyber-insurance arrangements. That is, in particular, the case if there is no emergency plan existing that contains a concept to keep or restore the company’s business continuity and to install safety mechanisms including their documentation in order to prevent liability claims of third parties against the corporation and its staff. Many CEO’s feel vulnerable about their ability to gather information quickly and accurately when a crisis such as a cyber attack accurse. When it comes to it, proactive risk management is more important hat state of the art IT systems. Often the damages reach far beyond the remit of the CTO. At the end of the day is the balance between the IT and the human element. Business best equipped against cyber threats have both in place: A comprehensive IT security system along with a sound business continuity and risk management strategy.

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