A Cyber Compliance Economy

A recent article from the The Economist on how the Internet of Things (IoT) will change the world is astonishing. According to the report, as microchips become progressively cheaper they are being built in to almost everything.

The decline in prices of a megabyte of data storage is impressive.  In 1956 it would cost around U$ 85,000 (in today’s prices) now it is only U$ 0.00002 and it is decisive for an IoT World. Another example of connected decreasing prices is the cost of a sensor normally used in an IoT device which fell from U$ 1.30 to U$ 0.60 between 2004 and 2014.

The “cheap as chips” generates the popularization of IoT devices and many advantages which can be applied in the health care, market intelligence and industry productivity-increasing.  On the other hand, a connected world is a playground for hackers and we have dangers related to the hyperconnectivity.

Companies are growing more concerned with the question of corporate liability in case of cyber attacks, digital frauds and data breaches. Governance, risk and compliance are, therefore, top concerns in the corporate environment.

According to the U.S. Department of Homeland Security, manufacturing is the second most targeted industry based on the number of reported cyberattacks. Further, cybercriminals view small and medium-sized manufacturers (SMMs) as prime targets because many of these companies do not have adequate preventative measures in place.

The fear of breaches and cyber-attacks is founded in the financial cost of attacks, which is no longer a hypothetical number. Breaches cause real economic damage to organizations, damage that can take months or years to resolve. According to CISCO’s research respondents, more than half (53 per cent) of all attacks resulted in financial damages of more than US$500,000, including, but not limited to, lost revenue, customers, opportunities, and out-of-pocket cost.

New regulations and norms are expected to solve new problems. As Professor of European Law at Groningen University Sofia Ranchordás, says: “Legislators — like scientists — can be nevertheless conceived as ‘problem-solvers’ that instead of pretending to know what the world is like based on theoretical knowledge, should also gather information and evidence to support their legislative choices”.

So, Compliance rules have a special place in this new world and companies have to be prepared for that.

The global dialogue on cybersecurity regulation is evolving from a conceptual discussion about nation-states’ rights and responsibilities toward an articulation of norms of state, industry behaviour and corporate liability legal framework. According to a recent Microsoft report, stakeholders from governments, the private sector, academia, and civil society are putting forward myriad norms proposals, addressing a range of challenges caused by the exploitation of information and communications technology (ICT) systems. 

Thus, for a really healthy cyber economy and sustainable development of technology we have to avoid cyber-surveillance, misuses of computer science and punish hardily cybercrimes. It will happen with cybersecurity measures, risk assessment, compliance and governance.

Private and Public sectors have to work together on new regulations, which will come from both nation-states and public authorities and a compliance culture wil have to be adopted by companies and entrepreneurs.

Joao Paro is a regulatory consultant at Compliance and Risks       Image: Nick Youngson 

You Might Also Read:

Easy Cyber Knowldege Ch.4 The Internet of Things ( £)

The EU's New Cybersecurity Certification Framework:

 

« Hackers Invade Routers To Steal Payment Card Details
Over 2 Million Magecart Detections »

ManageEngine
CyberSecurity Jobsite
Check Point

Directory of Suppliers

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

SK-CERT

SK-CERT

SK-CERT National Computer Computer Emergency Response Team of Slovakia.

vArmour

vArmour

vArmour is the industry’s first distributed security system that provides insight and control for multi-cloud environments.

Tubitak

Tubitak

Tubitak is the scientific and technological research council of Turkey. Areas of research include information technology and security.

National Cyber Security Centre (NCSC) - Ireland

National Cyber Security Centre (NCSC) - Ireland

The National Cyber Security Centre (NCSC) is the operational side of the Department of Communications in regard to network and information security in the Republic of Ireland.

Fischer Identity

Fischer Identity

Fischer Identity provide identity & access management and identity governance administration solutions.

Cybersecurity Coalition

Cybersecurity Coalition

The mission of the Cybersecurity Coalition is to bring together leading companies to help policymakers develop consensus-driven policy solutions to achieve improvements in cybersecurity.

Labs/02

Labs/02

Labs/02 is a seed-stage incubator with a mission to advance cutting-edge technology in innovative areas including AI, deep learning, autonomous transportation, and smart cities.

Infosequre

Infosequre

Infosequre builds up your security awareness culture and turns your employees into the first line of defense against cyber risks.

Silicon Labs

Silicon Labs

Silicon Labs are a leader in secure, intelligent wireless technology for a more connected world. We provide award-winning hardware and software security to help safeguard connected devices.

BT Security

BT Security

BT provides telecommunications and network infrastructure services to keep businesses around the world connected and secure.

Detego Global

Detego Global

Detego Global are the creators of the Detego® Unified Digital Forensics Platform, a suite of modular tools used globally by military, law enforcement and intelligence agencies, and enterprises.

Tidelift

Tidelift

Tidelift provides the tools, data, and strategies that help organizations assess risk and improve the health, security, and resilience of the open source used in their applications.

National Cyber Security Agency (NCSA) - Thailand

National Cyber Security Agency (NCSA) - Thailand

National Cyber Security Agency of Thailand is responsible for coordinating and implementing national cybersecurity policies, strategies, and initiatives.

Diverto

Diverto

Diverto is a company that provides a high level of information security to companies, institutions and other organisations in an information-centric world.

Continent 8 Technologies

Continent 8 Technologies

Continent 8 Technologies is the leading provider of managed hosting, connectivity, cloud and cybersecurity solutions to the global online gambling industry.

IT.ie

IT.ie

IT.ie are a comprehensive provider of Managed IT Services, Cloud Solutions, Cyber Security, and proactive IT support services.