The digital expansion of organizations and consumers is creating a hyperconnected business environment full of boundless opportunities, but it also presents some risk — notably, cyber risk. The threat landscape has broadened in recent years, presenting more potential entry points for cybercriminals. As computing, mobile technology, and connectivity capabilities and infrastructure continue to grow and change traditional approaches to business and communication, cybercriminals are leveraging these advances to attack, exploit, and disrupt operations.
Cybercriminals are leveraging advances in technology and communication to attack, exploit, and disrupt operations.
In fact, in 2014, 47% of American adults had some piece of their personal information exposed by hackers.1 And five out of six large enterprises were targeted by cybercriminals, representing an increase of 40% in just one year.2 The financial toll is real: Cybercrime costs the global economy over $400 billion annually and could cause the loss of as many as 200,000 jobs in the US alone.3 In the digital world, the question is not if or even when a business will be targeted by cybercrime — if the company is not properly prepared, the question is when a breach will in fact occur.
In their elemental form, cybercrime, hacktivism, state-sponsored cyber terrorism, and other cyber exploits are all forms of risk. As staggering as the real-life ramifications of these risks are, there are concrete, proven steps businesses can and must take to address them. Unfortunately, these risks are often treated as IT’s problem. With the hyperconnected digital world in which modern business operates, however, this categorization is simply not true.
Cyber risk is a strategic business risk to brand value. It is also a risk that can be assessed, quantified, planned for, governed, and controlled. By securing business data, business identities, and business interactions, organizations can confront and overcome cyber risk, which is a vital component of the broader, overarching enterprise risk management practices that a digital enterprise must conduct.
In the articles that follow, some of SAP’s top thought leaders on security, enterprise risk, and SAP’s own governance, risk, and compliance (GRC) and security solutions help you seize the opportunity in front of you in the digital economy while remaining fully risk-aware.
1 CNNMoney, “Half of Americans Attacked This Year” (May 2014; cnnmon.ie/1NuNjr8). [back]
2 Symantec, “2015 Internet Security Threat Report” (2015; symc.ly/1XC2Zur). [back]
3 McAfee, “Net Losses: Estimating the Global Cost of Cybercrime” (May 2014; intel.ly/1oNjp21). [back]