The most dangerous phrase: "It'll never happen to us."
The impact of a data breach can be enormous, and as Senior Leadership of an organization it could be a devastating expense. It could also cost you your job – or as an owner it could cost you your business.
Gregg Steinhafel—former CEO, President and Chairman of Target—resigned from all his positions in 2014 in the aftermath of a major data breach. According to the New York Times, analysts state "...the problems leading to the credit breach were the results of underinvestment, which is a C.E.O. decision, and the aftereffect of the breach may ultimately be quite costly."
In another example, Yahoo's CEO Marissa Mayer agreed to waive her bonus and annual equity grant—valued at more than $10 million—as a result of two massive security breach incidents that are still causing repercussions, including a $350 million reduction in Yahoo's sell price to Verizon Communications. An independent review found that Yahoo executives knew of the hack, but "did not properly comprehend or investigate, and therefore failed to act sufficiently."
Two lessons learned from these examples for all business leaders:
- You must seriously invest into your cybersecurity—wholistically—in proportion to the value of the business data you protect.
- You must be ready to act when a breach occurs and keep your customers informed.
Even as a small business with 10 to 500 users, these lessons apply. Hackers are indiscriminate—sixty-two percent of all online attacks target small and midsize businesses —and they consider smaller companies easier to hack, often using phishing and ransomware.
With a budget only a fraction of what Target or Yahoo spend on cybersecurity, how should you invest in your own protection?
Start with a network security assessment from Restech. Learn the key security points vital to fighting cyber threats. Uncover and address the gaps while creating a comprehensive plan for business continuity.