A cyberattack can shut down an entire business and cause large economic losses. The threat is now on the rise. In 2017 there were 5.000 attacks against Norwegian organizations. Does your business know how to best prevent and handle an attach? At Geelmuyden Kiese, we have geared up to help.
Illustration: Fredrik Edén
Cyberattacks have already put billion-dollar companies out of play. The attacks on the American companies Equifax and FedEx as well as the Danish A.P. Moeller-Maersk are among the largest and best known. The shipping giant Maersk lost their entire data system and were forced to handle their operations manually. The company got their system back on track after ten days, which is impressive. Still, the costs of the attack amounted to a staggering 300 million dollars. Norway isn’t excepted from the risk either. The Norwegian National Security Authority (NSM) is warning that the risk of attacks against Norwegian targets is increasing, and that the attacks are getting ever more sophisticated.
The tip of the iceberg
The majority of cyberattacks are never discovered. According to Accenture, there were more than 130 large attacks on American businesses in 2017, an increase of 27 percent from 2016. During the debate between the major political parties in Arendal last week, prime minister Erna Solberg had to answer for the Auditor General of Norways harsh criticism of to the government regarding the security around key installations. The PM claimed that cyberattacks would be an even greater security threat in the years to come. “Ransomware”, where companies pay ransom to the cyber invaders, is a form of attack that’s increasing in frequency. Struck by panic, businesses pay their way out of the problem. This is happening in Norway as well, and it’s a bad solution. Paying ransom will only increase the extent of cybercrime.
Top management is in charge
It’s the top management and executive boards responsibility to make sure that businesses are following legally set requirements for protection of IT-infrastructure and personal data. The digital world will never be 100 percent safe, and the vulnerability is rising along with increased digitalization. Good cyber leadership is about handling this vulnerability. One must understand the threats, ask the right questions and make sure that contingency plans are in place and tested regularly.
Cooperation with Nord & Bremtun
At Geelmuyden Kiese, we’re strengthening our work on crisis management and readiness as a response to the rising cyberthreat. We’re launching a strategic cooperation with the newly established Nord & Bremtun AS – Cybersecurity Communication. Nord & Bremtun aims to enable boards and top leaders in both public and private sector to prevent and handle cyberattacks and data breaches. Along with Nord & Bremtun, we’ll assist businesses in putting cybersecurity on the managements agenda, develop and revise contingency plans, carry out drills and exercises, offer around-the-clock readiness and handle cyber incidents. Our goal is to help clients in an everyday reality where digitalization gives great business opportunities, but also considerable business risks.
Daniel Barhom, advisor and responsible for crisis management and readiness at Geelmuyden Kiese
Jørn Bremtun, partner and CEO at Nord & Bremtun AS – Cybersecurity Communication
Erik Nord, partner and chairman at Nord & Bremtun AS – Cybersecurity Communication