Mexico Weekly - Cyber Breach Response: Lead from the boardroom If you like these events and would like to find more about the MexCC and participate in them please click here and become a member!
Former FBI Director Robert Mueller said in 2012, “There are only two types of companies: those that have been hacked and those that will be.†This was perhaps hyberbolic, but it is now clear that cyber breaches are an unavoidable part of the modern business landscape. One recent study highlighted the fact that over one billion data records were compromised during 2014 and another that almost half of all organisations suffered some sort of breach during that year.
BUSINESS-LEADERSHIP IS VITAL
The increasing frequency and scale of cyber breaches, coupled with increasing customer and regulatory interest are beginning to make cyber security a board-level issue for some companies, but progress is uneven across sectors and regions. In particular, it appears that many boards still view the response to a serious cyber breach as an IT, rather than a business issue. The technical lexicon of a cyber breach can be daunting for business leaders, with terms such as command and control servers, port numbers and SQL injection making a breach seem an overwhelmingly technical issue. To meet this demand there are cyber response companies in the marketplace that offer forensic and technical breach response. However, although many of these companies are technically excellent fewer have experience of business crisis management. Control Risks and MWR Infosecurity uniquely offer a joint response that is both technically expert (with MWR as one of only five companies certified by CESG / CPNI in the Cyber Incident Response scheme) and crisis management led.
A cyber breach can be very expensive and a wrong-footed response will only exacerbate the impact. The Ponemon Institute estimates that the average total cost of a data breach increased by 15% to $3.5 million in 2014. At the extreme end of the spectrum, US retailer Target, which suffered a massive breach of customer data in 2013, estimates that the total net cost of the breach at $162 million. An additional $90 million of costs were covered by insurers. In addition, the Target brand suffered serious damage and it reported slower than average sales, meaning the total impact on the company will likely be greater in the medium term. Importantly - business leaders take note - the CEO and CISO also lost their jobs in the wake of the breach.
Study: Immigration from Mexico to the U.S. has dropped 57% since mid-2000's
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Even as immigration remains a hot topic in the U.S. presidential campaign, the number of people emigrating from Mexico to the United States, legally and illegally, has dropped sharply in recent years, research published Wednesday shows.
Mexican state oil company Pemex reached a $295 million settlement with a group including German industrial conglomerate Siemens in a longstanding dispute over a refinery project, a person familiar with the matter said on Monday.
Mexico City Metro offers 50,000 free tickets to commuters who perform 10 squats
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The possible cure for obesity has been discovered in Mexico: offer people free travel if they exercise.After the country was ranked second in the world for obesity, with an estimated 37 million people overweight, drastic measures were resorted to in the nation's capital, Mexico City.
Mexico's falling peso: not (necessarily) about risk aversion
July 25, 2015
The Mexican peso is one of the worst performing EM currencies this year, even though the country is widely regarded as a rare bright spot in a gloomy emerging world.
Mexico's mid-July inflation rate at lowest since at least 1989
July 23, 2015
Mexico’s consumer prices rose less than expected in the first half of July, pushing the annual inflation rate to the lowest in at least a quarter century, amid persistent economic weakness.
Analysts are calling a turn in the emerging market monetary policy cycle, with more central banks likely to raise interest rates in the coming months than cut them. The move could exacerbate an economic slowdown that has led to a rise in unemployment in many emerging markets.
Between its vast cosmopolitan cities and tiny mountain villages, thick rainforests and endless northern desert, spectacular coastline and snowcapped volcanoes, Mexico has a versatility that few other countries can offer.
