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In recent years, to meet customer and market expectations, supply chains have been reconfigured for agility, transparency and speed. Consumers want new and better products faster than ever. Consumers demand unprecedented real-time visibility into supply chains, whether to validate a product’s authenticity or sustainability credentials, or simply understand exactly when it will be delivered.
The wider renewables industry is realising the criticality of cybersecurity in holistic asset resilience. Since many of the systems currently in use were built prioritising efficiency over security, cybersecurity now poses a serious challenge for renewables operators.
The cost of lost business makes up around 40% of the average cost of a large-scale data breach, translating in customer turnover, lost revenue due to system downtime and higher cost of acquiring new business due to reputation damage. This was the finding in a Ponemon Institute research study sponsored by Accenture.
Our latest findings on State of Cyber Resilience shows that cyberattacks on insurers have more than doubled (from 240 to 519 attacks, on average), illustrating the current cyber climate for insurers: It’s volatile. This number is more than twice as much as the cross-industry cyber resilience leaders in the survey and over three times more than their banking peers.
In a dynamic, connected environment where sensitive customer data is highly attractive to hackers and forms the lifeblood of the business, facing a cyber-attack is no longer a case of 'if', but 'when'. Of greater concern is how to minimise the impact on their business and on customer trust.
Nature is inherently designed for resilience. The way trees are designed to bend but not break under the weight of high winds, storms, and snow, how they automatically renew and heal each season – we can learn a lot about resilience from nature and it is time for organisations to take a similar approach to cybersecurity.
Renowned French philosopher, Paul Virilio once said; “When you invent the ship, you also invent the shipwreck.” How inevitable is this in technology today? Security professionals are having to work hard at putting in measures, best practices, mapping systems, lighthouses and beacons in order to reap the benefits of new innovations, all while managing potentially catastrophic risks.