Making the most of cyber security in business

All businesses need to be efficient, The Trinidad Express posted an article on March 28, 2021, titled ” Optimising a company’s cybersecurity investment”, below are some highlights.

  • ADVANCEMENTS in technology have created unprecedented business opportunities for generating revenue, providing innovative products and services to customers, promoting distance learning, as well as fostering collaboration among friends, families, co-workers and other business associates.
  • In the Caribbean, there has been a recent increase in cybercrime with the Trinidad and Tobago Cyber Security Incident Response Team (TTCSIRT) confirming 38 ransomware incidents in the region over the last six months, 16 of which occurred in Trinidad and Tobago alone.
  • Why are cyber criminals targeting the Caribbean region with such increased frequency? Given the economic challenges brought on by the current pandemic, regional organisations are under pressure to redirect scarce financial resources towards revenue-generating activities
  • The process begins by accepting that not all information is of equivalent value.
  • The investment in controls to mitigate the risks should be commensurate with the criticality and confidentiality of the information to be protected.
  • In determining information asset criticality, organisations can adopt a classification process where information is categorised by security level based on the following key considerations:
    • a) The sensitivity or value of the information;
    • b) The financial or reputational risks associated with its unauthorised disclosure or modification;
    • c) Any legal, regulatory or contractual considerations; and d) The relevance of the information according to the overall needs and goals of the organisation

 

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