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14.10.2015

Business interruption an increasing concern

While data breaches are a major concern for organizations holding large volumes of personal data, security breaches highlight other threats to business, such as business interruption, intellectual property theft and even cyber-extortion.

With more companies increasingly reliant on technology, business interruption exposures are becoming ever more significant; particularly in sectors such as telecoms, manufacturing, transport, media and logistics.

For example, hackers took French broadcaster TV5 off air in April 2015, affecting 11 TV stations, social media, websites and email. In June 2015, hackers grounded 10 planes belonging to a Polish airline (LOT) after a denialof-access attack blocked the sending of flight plans. Meanwhile, in 2012, "malware" disabled tens of thousands of computers at oil company Saudi Aramco, disrupting operations for a week.

Of course business interruption can also be caused by technical failure or human error as well, as demonstrated by two high-profile recent examples. Stocks worth $28trn in total were suspended for three and a half hours during July 2015 on the New York Stock Exchange, with authorities reporting that the glitch was not due to cyber terrorism or criminal activity.

During the same month 4,900 United Airlines flights were impacted due to a “network connectivity” issue. "The impact of cyber business interruption, triggered by technical failure, is something which is frequently being underestimated by businesses relative to cyber-attacks," says Pachov.



Source: Cyber Risk Guide


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