Karachi—Association of Chartered Certified Accountants (ACCA) hosted a session on cyber security in Karachi. The session brought together a panel of lawyers, IT specialists, and finance professionals to disseminate information on how businesses that are victims of cyber crime can seek protection from being sued by customers.
Amongst the panellists were Arif Masud Mirza Head of Policy MENASA, ACCA; Barrister Zahid Jamil, Senior Partner at Jamil and Jamil; Muhammad Azam Mughal, CEO & Chief Consultant InfoSec; Muhammad Junaid Shekha, CEO at IT Minds; Haider Patel, Partner Tax at Ernst and Young.
Haider Patel, Partner Tax at Ernst and Young being one of the panellists highlighted as digitalization goes on revolutionizing our lives the threat from Cyber crimes grows at a faster pace. For this we need to understand the nature of possibilities of cyber crime in our surroundings, assess and mitigate existing and emerging risks, Implement and maintain strong data privacy/security controls and policies constant education of users within an organization and finally make IT risk a board level concern in the corporate world.
Speaking at the event, Arif Masud Mirza commented that the sensitive customer information including their coded or encrypted payment device details could be open to theft and criminal access by those with the know-how to break into these digital treasure troves. Indeed not only the customer information but also business accounts or the financial system itself presents a tempting prize to the opportunist cyber criminals. Businesses must understand their potential liability from loss of customer information that finds its way to cyber criminals and the damages of financial loss and non-financial loss arising to the customers from the breach.