So far, 2018 has started out to be a very good year for cybercriminals. In the first week of April alone, restaurant chains and large department stores, some of America’s major retailers, disclosed significant data breaches. A multitude of government and healthcare organizations around the world have also been breached in the short three-and-a-half months of this year.
The trend is accelerating, and the disclosure of breaches has moved from weekly to nearly daily and sometimes several within a day. With the role C-suites and boards have in the management of the organization’s financial and reputational risks, the questions business leaders need to ask themselves are: How prepared is my organization, from top to bottom? Are the right people responsible for cyberthreat preparedness? How well does our C-suite and board understand the plan and the liability issues they may face in poor cybersecurity planning and incident management? How resilient is our organization in the aftermath of a significant breach?
In one report from CSO Online called “The Current State of Cybercrime,” from a study conducted less than a year ago in the U.S., it was found that 6 out of 10 boards “believe cyber risk is an IT problem.” As long this belief exists, organization leaders will remain disengaged from the solutions and their role in supporting a robust cyber risk management strategy. With the number and severity of cyber risks growing exponentially, the magnitude of this risk needs to be better understood by many business leaders.
SECURITY INTELLIGENCE, 04.19.2018