3 steps for building the right policies and processes to defeat modern, evolving cybersecurity threats.
By Bart McDonough |
July 11, 2019 at 04:11 PM
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Cybersecurity ranks second among corporate treasuries’ top areas of concern for the next three years. That’s according to nearly 400 treasury professionals surveyed in the Association for Financial Professionals’ (AFP’s) 2019 Risk Survey, sponsored by Marsh & McLennan.
This is hardly surprising. Cyberattacks are becoming more and more common, with criminals expected to steal around 33 billion records in 2023, up from 12 billion records in 2018, according to “Cybercrime & the Internet of Threats 2018” from Juniper Research. Meanwhile, bad actors are using an assortment of malicious tactics—including phishing, wire transfer fraud, and vendor-payment fraud—and corporate vulnerabilities (such as software that hasn’t been properly updated, networks with security exposures, and unencrypted data) to access companies’ capital and sensitive data. When these exploits are successful, the organization’s reputation can be severely damaged, and it may lose the trust of customers or clients.
And yet, despite so much writing on the proverbial wall, the “Global Cybersecurity Status Report” from ISACA International found that only 38 percent of global organizations even claim to be prepared to handle a sophisticated cyberattack. Perhaps that is partly a result of the finding of Ponemon Institute research that 77 percent of IT professionals believe their organization does not have a formal cybersecurity incident response plan. There is a clear disconnect between enterprises’ outlook on the risk they face as a result of cybersecurity failings and their ability to adapt to that reality.
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