In today’s day and age, almost every corporation has moved their systems and business processes into the digital world. When IT was first introduced into businesses, it was a whole separate entity, and any cybersecurity issues were a problem for just the IT team. In recent years, each component of most businesses relies on or ties into cyber systems somehow, so IT problems have begun to reach into other areas of the organization. Many non-technical executives are unwilling to commit the necessary resources towards cyber-defense proactively, as costs can be extremely high and they do not see it as solving an “immediate problem”. This can leave IT teams without adequate funding for the necessary tools and equipment to keep the business technology safe. With hacking tools getting more sophisticated every year, it is becoming less about planning for “if we get hacked” and more about “when we get hacked”. Flaws in security can lead to hijacked systems and stolen data, and for companies that store customer data, it can mean lawsuits, millions of dollars in damage, and a poor reputation. Research shows that the average cost per record stolen in a breach is $158, and the average cost per incident is nearly $4 million, a 30 percent increase since 2013. This is forcing companies to come up with response and mitigation plans to damage control any potential security breaches. Being properly prepared also requires training employees on policies that they need to comply with to ensure the best security practices are being followed. As is evident, these concerns are not just in the hands of the IT team any longer, and organizational processes must be formed across businesses to ensure the safety of corporate data. Do you think proactively investing in defense against cyber crime is necessary for small businesses? Or do you think that most are only targeting larger businesses and small businesses do not need to concern themselves with it until something happens?
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