In today’s computerized world, new risks emerge every hour of every day. Connecting to the Internet opens up the possibility of a hacker targeting your organization. Cybercrime is becoming big business and cyber risk a focus of organizations and governments globally. Monetary and reputational risks are high if organizations don’t have an appropriate cybersecurity plan.

Ransomware and Cyber Attacks—insider, outsider and even nation-sponsored—threaten your organization’s very ability to operate. You could lose millions of dollars in a single Cyber Attack. How will you guard against the threat?

What is Cybersecurity? 

Cybersecurity is making sure your organization’s data is safe from attacks from both internal and external bad actors. It can encompass a body of technologies, processes, structures, and practices used to protect networks, computers, programs, and data from unauthorized access or damage. The goal of any cybersecurity strategy is to ensure confidentiality, data integrity, and availability.

The threat from cybercrime is pervasive throughout the world. Indeed, as businesses expand their global reach through more advanced technology and improved transactional relationships and communication, the risk from cyber threats grows. Statistically, less than 10% of cybercrime occurs in the same geographic location as their target. Cyber security is a rapidly evolving landscape for both industry and government, and no matter where you are conducting business in the world cybercrime remains a significant issue.

There are two key reasons. First, regardless of industry, regulators now focus on Cyber Security. Today, regulators in financial services, healthcare and utilities / energy are drafting new regulations and increasing their emphasis on cybersecurity during audits and investigations. Stronger control paradigms will become requirements soon. As a relevant example, the New York State Department of Financial Services Cybersecurity Regulation requires a written cybersecurity policy to be implemented and maintained, and the Board or a senior officer must annually certify compliance.

Second, the potential damage from a successful cyber attack is so significant that the Board must be involved with cybersecurity to fulfill its fiduciary responsibilities. In an extreme case, a successful attack could delete or encrypt the data and systems that the organization must access to operate. Across industries, key systems may include finance and accounting – especially for publicly traded companies with quarterly reporting requirements and Sarbanes-Oxley oversight. There’s no room for these systems to be unavailable or lost. Additionally, specific industries depend on systems crucial to ongoing operations.

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Managing Cyber Risk As A Business Issue