Our increased reliance on digital technology in everyday business means greater exposure to the risks associated with cyber security. However, safeguarding those systems and our even more valuable data requires a strategic approach led by executives, not just IT professionals.
Though cybersecurity is a common topic of conversation in today’s hyper-connected, digital world, companies may still be lagging when it comes to making security a priority. In spite of the focus on protecting networks and the sensitive information they hold, a recent survey by KPMG showed that 40% of audit committees felt their organization’s risk management programs and processes “require substantial work.”
Cyber threats are among the biggest risks to businesses today. They have the potential to harm workers, customers and a company’s reputation. Revenue may sag as a result of a data breach if clients and collaborators no longer trust the organization. A network intrusion could cost a firm its competitive advantage if intellectual property is stolen. Without a solid cybersecurity program in place, it may be just a matter of time before a breach throws a company into chaos.