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Managing Cybercrime Risk

SERIES ARTICLE

Risk Doctor Briefing

Ben Rendle

The Risk Doctor Partnership

UK
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Cybercrime is a rapidly growing threat to the global economy. But it is not well-defined, and it is often confused with cyber-warfare or cyber-terrorism. Risk professionals need to understand cybercrime and its links to risk management, as we can provide valuable assistance in countering this significant threat to business and society.

Some risk professionals think cybercrime is only relevant to technical people and that it should be tackled by the IT departments. But cybercrime poses a significant risk to organisations because it affects their ability to achieve strategic and operational objectives. Unfortunately many businesses don’t know what cybercrime looks like, how likely they are to be affected, what the extent of the impact might be, or how best to manage it.

Cybercrime can affect an organisation in many different ways, including:

  • online theft or fraud
  • identity theft
  • extortion
  • theft of customer data
  • theft of intellectual property
  • industrial espionage

Exposure to cybercrime is related to the level of online activities undertaken by an organisation, including the scope of their online presence, the extent to which valuable assets and information are stored online, the strength of online security, and the degree of risk awareness in the organisational culture.

To manage the risk of cybercrime, we must first identify the level of our online activities, and determine which assets and activities might be affected by cybercrime. Then we can begin to identify, assess and manage our cybercrime risks.

The following steps will be helpful:

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About the Author

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The Risk Doctor Partnership

United Kingdom 

Ben Rendle, MIRM, MAPM, MBA is an expert risk management consultant and an Associate with Risk Doctor & Partners (www.risk-doctor.com), offering specialist risk management consultancy and training. He is also Director of Riosca Limited, a risk management business based in the UK, providing a wide range of risk consultancy services. Ben has particular expertise in project and corporate risk management, and has worked for major clients in a variety of industries. He developed his risk consulting expertise over several years working with BAE Systems Detica, Deloitte and HVR Consulting Services. Ben has a particular interest and expertise in cyber-risk, and he co-authored the UK Cabinet Office “Cost of Cybercrime” report in 2011, which gathered considerable interest across academic and national media.

Ben’s recent clients include provision of long-term risk consulting support for Ministry of Defence IT security projects and a UK military equipment project. He has also performed capability reviews, IT systems audits and project risk audits for the Civil Aviation Authority (CAA), the Kuwait Investment Authority, VISA, and the Financial Services Authority.

Ben has UK security clearance at the highest level, and was chairman of the Detica Risk and Opportunity Management SIG. He holds a number of risk qualifications, including a Postgraduate Risk Diploma from the Institute of Risk Management, and the APM Project Risk Management Certificate (Level 2). He also obtained a Masters of Business Administration (MBA) degree from the University of Surrey. Ben can be contacted at [email protected]