Cybercrime is a dominant theme in the global news agenda today. Major data breaches, phishing scandals and downtime of important services constantly grab the headlines.
The fallout that ensues for organisations at the centre of these hacks and breaches is very costly. Financial loss and reputational damage – as well as the distraction from core business activity – can cause lasting and sometimes irreparable damage.
TalkTalk’s recent widely publicised breach reportedly cost the company around £35 million and had a deeply negative impact on its reputation.
The attraction for cybercriminals is clear. Bank account details can be sold for £100 – £150 per account, while credit card details usually go for between £7 – £20. US retail giant Target’s major data breach in 2013 reportedly saw upwards of 40 million credit card details stolen.
Northern Ireland as a cyber security hub
Providing effective cyber security is more vital now than ever.
Northern Ireland is a growing hub in the battle against cyber criminality and has become an important cog in the global information security wheel. Invest NI chief executive Alastair Hamilton has highlighted that more than 9,000 jobs were created in this area during 2014/15.
Along with Invest NI, this vision is driven by the Queen’s University-based Centre for Secure Information Technologies (CSIT), which aims to be a global innovation hub for cyber security. Since its inception in 2008, the centre has helped to attract more than 100 high-tech FDI and start-up companies in the area of cyber security to Northern Ireland.
The centre will host its 6th annual Cyber Security Technology Research Summit on the 15th of March, adding another string to Northern Ireland’s bow as a developing cyber security hub.
Large multinational firms are playing a role in this development – at the end of February US firm Alert Logic announced 88 specialist security positions in Belfast. Rapid7 is another strong example of the kind of global leader that has established a significant presence in Northern Ireland. Last year, it announced it was opening a software development centre in Belfast, creating 75 highly skilled jobs and dozens of student placement opportunities.
Local influence
Not all of the success is coming from abroad. Local information security providers like Ward Solutions are growing and making their mark on the global market.
Ward is the largest provider of information security services in Ireland, North and South. It provides a comprehensive range of services including security auditing, consulting, incident response, secure managed services and software development services.
Through its 17 years’ experience, Ward has discovered that taking a holistic approach and recognising the ‘information security lifecycle’ is the best way for businesses to stay protected.
“We work with organisations to fully secure their assets and incorporate an information security lifecycle, which focuses on people, processes and technology,” said Pat Larkin, CEO.
The company has seen great success with this approach and is in a major growth phase.
“Recently we announced plans to expand our operations in Northern Ireland and Ireland with a £1.5 million investment,” said Alan McVey, business development manager, Northern Ireland.
“We have significant plans to grow in Belfast and Dublin both in terms of increasing staff numbers and our diverse client base, which includes SMEs, government departments, state agencies and blue chip companies.”
Ward recently unveiled its new Security Operations Centre (SOC), which includes best-in-class threat monitoring, risk assessment and incident response technologies and is being staffed by a team of experienced information security engineers and consultants. The SOC has significantly enhanced the company’s core services.
Looking ahead
The rising tide of sophisticated cybercriminal activity is showing no signs of slowing down in 2016 and beyond.
It’s important that Northern Ireland maintains and grows its position as an important line of defence in this constant battle and keeps cybercriminals at bay.