NASDAQ Shares Best Practices For Minimizing Cyber Risk.
Building A Foundation On People, Processes And Technology.
Digital technologies have created enormous opportunities for modern enterprises, helping them design innovative products, services and business models. However, somewhere at the intersection of innovation, transformation and disruption lies cyber risk.
It’s a topic no company or its board can afford to ignore. Attacks have become more sophisticated and exposure points have grown, in part due to the growing array of connected devices, systems and networks.
• Research indicates that global cybercrime now tops almost $600 billion and one breach costs a typical company about $3.86 million.
• Consulting firm Accenture, meanwhile, found that while spending for cybersecurity is at an all-time high at $89.1 billion in 2017 — an 8% increase over the previous year — many organizations continue to struggle with technology and processes.
Amid daily breaches, breakdowns and security failures, a company’s leadership team can no longer stand on the sidelines. It must actively oversee and manage risk. Boards and executive leadership must understand and address strategic concepts, how technology works and what constitutes best practices in managing cyber risk. A best practice approach is possible, and it is built upon a foundation of people, processes and technology.
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Article courtesy of NASDAQ.