How Telecom Companies can better Manage Risks
October 02, 2016 | Telecom, Regulators, Compliance
About a year ago, a high-profile hacking incident at the U.K’s leading telecom operator Talk Talk, brought to the forefront many cyber security challenges faced by telecom companies across the world.
The company, which suffered breach of personal and financial details of its 100,000 users-- not only had to bear the ire from clients as it spent about £35 million in response to investigations and class action lawsuits but its brand reputation alsotook a beating. According to World panel ComTech, TalkTalk’s market-share of new customers in the local market plunged 4.4% following the breach as hordes of customers stopped using its service.
Studies and investigations following the data breach revealed many security gaps, including telecom companies’ overall lackadaisical attitude towards cyber security.
For instance, PwC, as cited by the Financial Times, earlier this year, said that overall, data and systems need added fortification as companies fail to address risks and underestimate potential threats from hackers.
More importantly though it underscored complete breakdown of siloed team structures that ‘undermines accountability’.
You see, telecom companies across the world are governed by multiple regulators. In India, they are administered byTelecom Regulatory Authority of India (TRAI), Department of Telecom (DOT), Wireless Planning Commission (WPC), Group on Telecom and IT (GOTIT), and Telecom Dispute Settlement Appellate Tribunal (TDSAT).
Fulfilling regulatory requirements and safeguarding sensitive data, in this backdrop, can be only possible when compliance managers, IT personnel including important stakeholders have coordination and collaborative approach towards securing IT assets. There should be a consistent flow of information among all stakeholders like OEMs, telecom companies, and third-party consultants in relation to possible vulnerabilities and how these can be patched to avoid cybercrime. And that is only possible when IT workforce and third-parties set up a culture of having a dedicated taskforce to look at lurking threats emanating from ever-expanding cyberspace.
ARCON is a leading enterprise risk control solutions provider, specializing in risk-predictive technologies. ARCON | User Behavior Analytics enables to monitor end-user activities in real time. ARCON | Privileged Access Management reinforces access control and mitigates data breach threats. ARCON | Secure Compliance Management is a vulnerability assessment tool.
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