Cybersecurity demands the same seriousness as other important business processes, like generating sales leads, accounts receivable, and fulfillment.
You need to manage your cyber risks as thoughtfully and intelligently as any other full-fledged business risk.
Cyber Risk is not Just an Obscure Technology Problem
There is a pervasive, misguided perception that cyber risk is a difficulty confined to the IT department. Board members and senior executives expect their CIO or CISO to resolve cybersecurity issues, and advance to specialize in operational objectives.
That should not be the case. Why? as a result of cyber risks will be even as devastating to your business as any risk you may face.
Six Weeks of Crippled Operations
Criminal hackers recently took down the amount one trauma center’s laptop systems in an upstate New York hospital. The Erie County medical center was seriously hobbled for 6 weeks as a result of nearly all their computers were encrypted with a ransomware strain that demanded an enormous ransom.
Did they pay the ransom? Nope.
It took six weeks and over $10 million to recover. They were unable to treat plenty of patients throughout that point. However it had been ultimately the proper call. Paying ransom simply encourages a lot of ransomware.
Bankruptcy in Less Than 12 Hours
Code spaces was a computer code ASCII text file hosting and collaboration platform with over two hundred business customers.
In 2014, it had been place out of business inside twelve hours by a cyber-attacker who deleted all their knowledge and backups hold on within the cloud.
The attacker broke into Code Spaces’ Amazon EC2 panel and left extortion demands.
When the attackers saw signs that Code spaces was fighting back, they deleted all the virtual machines and knowledge, putting the cost of recovery out of reach.$54 Million Gone in Seconds
FACC Operations is an Austrian company worth US$600 million. It produces spare parts for Boeing and Airbus.
In January 2016, FACC disclosed it had been the victim of a Business Email Compromise (BEC). $56 million was stolen and only about $11 million recovered.
The theft resulted in a net loss of about $22 million for 2015, and an immediate 17 percent drop in its share price.
The CFO was fired in February 2016.
In May 2016, the CEO was also fired, after 17 years with the company.
Make Cybersecurity a Business Strength
It may sound shocking to you, however a good cyber risk strategy can profit your company’s record.
When your prospective customers decide who to try and do business with, cyber risk is commonly a important issue. Potential customers need to understand that their data are going to be safe with you, which you have got processes in place to prevent security breaches. So, the higher your cybersecurity, the additional enticing your services.
A systematically reliable cyber risk management program will assist you grow market share. Your company becomes a lower risk, higher reward possibility – particularly once your competitors suffer a public knowledge breach or technology failure.