The marvellous achievements in the information technology space have also brought along with them attendant threats significantly affecting various facets of the business operations.
One of the greatest gifts of human efforts working towards improvement of technology is the introduction of Internet which has changed the way the world operates. But, it also has proven to be a dangerous place exposing businesses to cyber risks emanating from cyber attacks which have the potential to significantly affect businesses. Cyber risk has become a leading issue for many organizations in an increasingly harsh legal and regulatory environment.
Cyber attack is an attempt by hackers to damage or destroy a computer network or system or exploit its vulnerabilities. Cyber attack means unauthorised access, unauthorised use or transmission of a computer virus which alters, copies, misappropriates, corrupts, destroys, disrupts, deletes or damages the organisation‘s computer system causing losses to the victim organisation and/ or may result in Failure of Security or Denial of Service.
- Failure of Security – Failure of security means failure of the organisation’s hardware, software or firmware (including firewalls, filters, DMZs, computer virus protection software, intrusion deletion or theft and the electronic use of passwords or access codes or similar identification of authorised users) whose purpose is to prevent a computer attack, unauthorised access, unauthorised use and/or disclosure of confidential or private information and/or the transmission of a computer virus into or from the organisation’s computer system to actually prevent any of the foregoing events.
- Denial of Service – Denial of service means the inability of a third party, who is authorised to do so, to gain access to the organisation’s computer system through the internet in a manner in which the third party is legally entitled.