ISO 27001 is a globally recognised information security management standard that provides a structured and systematic approach to managing and protecting sensitive information within an organisation. ISO 27001 was first introduced in 2005 by the International Organisation for Standardisation (ISO) and the International Electrotechnical Commission (IEC). It has since undergone revisions to keep pace with evolving cybersecurity threats and technological advancements.

Insider threat refers to the risks posed to an organisation’s cybersecurity and sensitive information by individuals who have authorised access to the organisation’s systems, premises, or data.

Business Email Compromise (BEC) is a social engineering attack in which cybercriminals gain unauthorised access to a company’s email account to impersonate trusted partners, high-ranking executives, and employees.

The term smishing is coined from a combination of SMS (Short Messaging Service) aka text messaging, and phishing. Smishing is the fraudulent practice of sending text messages purporting to be from reputable businesses and organisations in order to trick individuals to reveal sensitive information.

The benefits of integrating cybersecurity and AI are numerous. But like many developments in technology, there exists a dark side to the development of Artificial Intelligence.

For small and medium-sized businesses in the financial sector, creating an IT team with an extensive skill set that covers everything from cybersecurity to compliance, etc. can be expensive and time-consuming. It is therefore not unusual for these businesses to outsource IT services to managed IT service providers.

In October 2022, a new and improved version of the ISO 27001 was published to address the evolving cybersecurity challenges and improve digital trust.

The consequences of having data compromised can extend beyond financials. They may cost a business its reputation and could possibly result in legal proceeding. And no organisation is immune, with large businesses such as Uber and Equifax having also suffered data breaches over the years.