Major Mining Corporation Hacked

Major mining corporation hacked and their confidential information made public

The Major Mining Corporation Hacked scenario we had predicted and explained has occurred. Indeed last week Goldcorp’s (TSX:G) payroll, trade secrets, and other intimate information leaked on a torrent free for anyone to download.
Last year a cyber attack significantly damaged a German steel mill.

Hackers find ways to tap in the complexities of the IT networks of corporations and governments around the world. In this case the result was a Major Mining Corporation Hacked

Especially with the advent of IoT (Internet of Things) cyber attacks have the ability to generate multi-faceted consequences on interdependent systems. These were physical for the German steel mill, informational for the Canadian gold mining company.

Need for convergent ERM

There are 4 types of interdependencies:

• logical,
• physical,
• geographical, and finally
• informational.

Enterprise Risk Management (ERM) approaches have to consider them all.
This is why cyber risks are not a “Information Technology (IT) silo”, but we have to treat them as an ERM component. As we showed in a previous post IT silo lead to inefficiencies.

The Armed Forces of a European country came to the conclusion that ORE is the only available toolbringing ERM solutions for complex interdependent systems. Days before the Goldcorp hack reports in the media, we presented at CIM MES  here in Vancouver a conference which demonstrated the similarities between the Army and large mining companies ERM requirements and solutions.

Solving complex interdependent systems ERM issues

Riskope’s scalable, drillable, convergent ORE (Optimum Risk Estimates) ERM platform, sole sourced by Armed Forces for convergent cyber risks analysis (convergent means in this case multi-hazard, i.e. simultaneous cyber and all other hazards) has been created to solve these conundrums.

In the conference we explored:

• the complexities and interdependent aspects of convergent risk assessments,
• their link to Corporate Social Responsibility (CSR) and Social License to Operate (SLO), as well as
• the negative effects of “silo” culture.

The first step into a convergent ERM approach deployment is a Risk Management Functions Audit, the second being a full ORE implementation to replace obsolete siloed approaches.

Tagged with: convergent ERM, CSR, Hacked, Mining Corporation, SLO

Category: Consequences, Mitigations, Probability Impact Graphs, Risk analysis, Risk management