The Cayman Financial Review published an article on January 18, 2018, written by Mike Saunders titled “Cybersecurity: Threat or Opportunity”
A Cyber Security threat is the possibility of a malicious attempt to damage or disrupt a computer network or system. The five main Cyber Threats are:
- Social Engineered Trojans
- Unpatched Software (such as Java, Adobe Reader, Flash)
- Network travelling worms
- Advanced Persistent Threats
There has been a broad and widespread adoption of several different types of game-changing technology, cloud computing, big data, and adoption of mobile device usage, to name a few.
In the Cayman Islands, the Information & Communication Technology Authority has warned businesses about the danger of cyberattacks, including phishing emails that purport to be from the regulatory itself. Phishing is a fraudulent attempt to obtain sensitive information such as usernames, passwords, and credit card details by disguising oneself as a trustworthy entity in an electronic communication. Typically carried out by email spoofing or instant messaging. The threats that are being made towards the Caribbean is what’s being done on a Global cyberthreat scale. A few businesses in the Cayman Islands were impacted by the WannaCry malware and about 150 jurisdictions worldwide.
The WannaCry ransomware attack was a May 2017 worldwide cyberattack by the WannaCry ransomware crypto-worm which targeted computers running the Microsoft Windows operating system by encrypting data and demanding ransom payments in Bitcoin cryptocurrency.
Amidst the setbacks that Cyberthreats may leave on an organization or a country on a large scale, there will be high demand in cybersecurity experts which then creates an opportunity. Increasingly, this is an area that is not only an investment opportunity in itself but also an important part of the investment due diligence, ensuring that companies are taking this cyber protection seriously.
With the background information that has been highlighted, it should be expected that the potential impact of cyber security breaches will progressively come under the spotlight and that the perceived cyber risk will increasingly be priced into both public and private corporate transactions.
Contributed by: Daval Gregory from Jamaica. Daval is a member of the CCST Discord group from the G5 Cyber Security Foundation Ltd. Learn more about CCST (Caribbean Cyber Support Team) by visiting caribbeancst.org. CCST is a collaborative group on the Discord platform for Caribbean people in IT, from beginners to experts.