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What changing cybercrime means for internal auditors

Cybercrime is becoming more sophisticated, organised and dangerous.

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Firms need to think about attacks in terms of ‘when, not if’. Risk and Audit are in the front line when it comes to preventing data assets from becoming data liabilities. Firm-wide threats call for firm-wide awareness – and responses.

Cybercrime is big business – it costs the world as much as $600 billion a year, or 0.8% of global GDP.

Ransomware, malicious bugs, hacking and phishing emails are increasing in sophistication and in number.

Companies, regulators and governments meanwhile are scrambling to keep up with ever more sophisticated crime-fighting techniques of their own.

The nature of cybercrime changes as the perpetrators follow whichever avenue proves to be the most lucrative. As the landscape shifts, the companies that can best adapt to this change will be the most successful in their efforts.

For internal auditors, this means gaining the skills to develop and maintain sound security practices to address modern security threats.

Read the full article here.

 

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