Weak Cybersecurity Can Lead to Big Risks
By Nicolas Quairel and Mitch Lewis | March 04, 2015
Cybersecurity has long been a top concern for the private sector and government agencies, but fast-growing companies are now realizing the importance of cybersecurity plays in their operations. Cyber attacks are hugely costly in terms of both monetary loss and damage to an organization’s reputation – its most valuable asset.
Compromised security has long-term effects on companies due to bad press; breach of confidentiality; credit card company fines for failure to comply with security requirements; clients suffering identity theft; and the loss of client confidence going forward.
While in the past, many companies often felt that cyber attacks did not happen to them, the increasing number of data breaches over the past few years has made cybersecurity and data privacy a Board-level governance concern. It is important that Board members, executives and directors recognize cyber risks as part of their duty to review risk practices, continuity planning, and disclosure of material risks.
Failing to take adequate cybersecurity measures and a subsequent data breach can lead to loss of public trust in a company, which endangers that organization’s ability to effectively provide services to the clients that depend on them.
Unfortunately, some smaller companies have limited resources to invest in information security, leading to IT systems and security appliances that may be outdated. This makes organizations vulnerable to data loss and other cybersecurity breaches.
Organizations must approach cybersecurity holistically, as they would handle their financial health. It is the collective responsibility of everyone in the company to protect it from cyber attacks. Fast growing companies should take all necessary precautions to avoid being the next news headline.
Now is the time to discuss the best way to address these cybersecurity issues and put your organization in a position of strategic advantage.
Preventative Steps for Fast Growing Companies
- Proactively address known and potential future threats
- Continuously monitor for and address human error
- Identify and prioritize customer data for day-to-day business demands
- Assess the relationship between physical security and cybersecurity
- Maintain internal communications about exposure to identity theft and take
action to address vulnerabilities in data systems
- Acquire and implement good defensive technology to protect business
networks – external consultants are highly recommended
- Be ready to face a breach with an incidence response plan.
External Vulnerability Assessments Done by a 3rd Party – Cost-Effective and Essential
- Minimize vulnerability to cyber attacks
- Reduce impact of and shorten recovery time from an incident
- Improve system performance
- Reduce resource load from automated solutions
- Interface with a single source supplier for turnkey security solutions
- Avoid large fines, shutdowns, and additional staffing
WeiserMazars has substantial experience with implementing privacy security initiatives, particularly with performing vulnerability assessments. We help you and your organization to implement the appropriate security measures to protect against cybersecurity threats and potential damage to your reputation.