Cybersecurity Is The Job of Every Executive
All companies connected to the internet are vulnerable to cyber attacks. And the potential losses are significant. Retail giant Target, for example, estimated its losses from a 2013 data breach at more than $250 million. What’s more, according to a recent survey conducted for BAE Systems of 300 managers in the financial services, insurance, and IT/tech industries in the U.S., 85% of respondents listed reputational damage as the most prominent result of a data breach, with 74% citing legal liability as the second largest concern.
Liability for data breaches that affect customers leads directly to the C-suite. Executives need to personally know how strong their company’s cyber defenses are, as well as the expected responses for attacks or breaches. But according to the survey, 40% admitted that they lacked a clear understanding of the cybersecurity protocols within their organizations. This should be an urgent wake-up call to executives that cybersecurity needs to be taken seriously throughout the organization.
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