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Expert Chuck Brooks Offers A Cybersecurity “Cheat Sheet” For The C-Suite

Wednesday, September 6, 2017   (0 Comments)
Posted by: ACEDS Marketing Team
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Extract from Chuck Brooks' article "Expert Chuck Brooks Offers A Cybersecurity “Cheat Sheet” For The C-Suite"

The Internet was invented in a government laboratory and later commercialized in the private sector. The hardware, software, and networks were originally designed for open communication. Cybersecurity initially was not a major consideration. That mindset has surely changed due to the explosion of connectivity and commerce on the Internet. And also from the threats. A recent McAffee study disclosed that there was one new cyber-threat every three seconds in the fourth quarter of 2016.

Corporate board director roles have been traditionally reserved for those with expertise and leadership experience in management and best practices. Cybersecurity expertise historically has not been a primary concern for Directors. but it has become an evolving requirement for accountability in the era of digital connectivity.

The bottom line is that almost every type of business, large and small, touches aspects of cybersecurity whether it involves finance, transportation, retail, communications, entertainment, healthcare, or energy. Cyber-threats are ubiquitous.

The frequency and maliciousness (including Ransomware and Distributed Denial of Service attacks to networks) of cyber-attacks has become alarming. There are growing cyber-threats to corporate operations, reputation, and theft of IP that not only can affect stock prices, but the viability of a company.

The growing threat of data breaches from hackers has made cybersecurity a global urgency. According to IBM, the cost of an average data breach has now risen to about $4 million. According to Gartner, spending on cybersecurity to try to ameliorate data breaches is expected to reach $90 billion in 2017.

Dr. Chris Brauer, Director of Innovation in the Institute of Management Studies, sums up the state of cybersecurity for board members succinctly: “overcoming the threat boils down to two things: accepting that you will be breached (awareness) and the ability to do something (readiness).”

Targets of the increasing incidence of phishing and other types of social engineering breaches include many corporate giants, such as Target, Anthem, and Yahoo.   Even the federal government has been targeted, most notably the breach at the Office of Personnel Management where 22 million personnel records were taken.

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