Cybersecurity will remain a serious problem for decades to come, as attackers become more sophisticated and networks more complex. Financial services companies know all too well that if your system is breached, you may lose money, face legal claims and sanctions, and see your brand name suffer. According to Juniper Research, cybercrime is projected to cost the world $2 trillion by 2019.

To counter the surge in cybercrime, companies need to move away from prevention-only strategies to focus more on detection and response.

This means being able to defend in real time. It also requires a variety of options for responding, depending on the objectives and methods of the attacker. This is critical since the attack process -- from the first reconnaissance to a full breach attempt -- can last for days, weeks or even months. Sometimes attackers are not trying to assault but to get information, and this can persist for years.

To protect your organization, you need effective internal controls and awareness training for all employees. This starts with defining and documenting potential threats and making that a part of your existing risk-management framework. Internal controls, especially related to payment functions, should be in place to keep employees from going around the four-eyes principle and the separation of duties.

In the end, most companies are over-confident about their ability to withstand an attack, or they are ignorant of the potential causes of their own security failure. Many underestimate the long-term loss and damage that can incur.

BDO provides a range of cybersecurity services and solutions:

• Cyber Risk Assessment Tool – A secure, cost-effective, web-based solution designed to quickly assess the cyber risk profiles of organizations and measure the effectiveness of cyber risk management programs. Uses BDO’s proprietary risk scoring algorithm to examine areas of potential technology risk—including cybersecurity, business continuity, disaster recovery, information governance and third-party risk management—and provides a report, highlighting areas of strength and uncovering areas for improvement.
• Cyber Risk Assessment & Security Testing -Assess risks and identify vulnerabilities to digital assets; evaluate potential impact and exposure, prioritizing risks against the costs of protection. Includes assessments, security testing, remediation, and executive-level reporting to guide security investments.
• Cyber Risk Management Strategy & Program Design -Design and implement a comprehensive program aligned with an existing enterprise risk management framework. Includes strategy, organizational structure, governance, policies and procedures, training, and both internal and external communications.
• Data Privacy & Protection - Establish compliance with evolving global data privacy and protection regulations in alignment with an organization’s existing practices. Implement technology and protocols with applicable data privacy policies in accordance with country-specific data protection requirements, using BDO resources in over 150 countries.
• Security Architecture & Transformation - Design and implement a cybersecurity architecture and framework tailored to business needs and the enterprise ecosystem. Encompasses access controls, entitlement, data protection, security monitoring, data privacy, and the selection and implementation of security tools.
• Incident Response Planning - Develop and test comprehensive incident response plans to minimize the impact of a data breach. Considers company processes, as well as roles and responsibilities of individuals throughout the organization.
• Cyber Insurance Claim Preparation & Coverage Adequacy Evaluation -Identify and quantify incurred event response costs for inclusion and submission in an insured entity’s claim. Pre-loss services include measuring estimated response costs related to data breach scenarios to assist in evaluating cyber insurance coverage.
• Business Continuity Planning & Disaster Recovery -Develop and test company-wide business continuity and disaster recovery plans for critical systems, applications, infrastructure, facilities, people, and business processes.
• Digital Forensics & Cyber Investigations - Rapid response to breach incidents, including identification of cause and implementation of remediation measures for affected areas, as well as expert testimony when needed.

At BDO, our specialized teams of compliance and cyber security experts combine their expertise to help you implement cybersecurity principles and controls and to stay vigilant about “living” the culture that helps ward off attacks.