The Next Cyber Breach Could Be Closer Than You Think

By Fred Kneip, CEO
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Complacency remains one of the greatest threats to cybersecurity. And while new regulations like GDPR or those from the New York Department of Financial Services (NYDFS) serve as occasional wake-up calls, organizations and business owners appear to keep hitting snooze. This complacency flies in the face of increasing cybersecurity incidents and vulnerabilities, as well as increasing costs and fines associated with those incidents. According to a Hiscox cyber readiness report (download required) published in 2019, 61% of firms surveyed reported an attack in the last year, a significant increase from the 45% reported in the previous year. Meanwhile, IBM and the Ponemon Institute (via CSO) found that the average cost of a data breach is nearly $4 million.

What will it take to wake organizations up? As the CEO of a company that provides third-party cyber risk management solutions, I've learned that complacency is often the result of confidence or boredom — call it "it won't happen to me" syndrome. Well, in all likelihood, it will happen to you. Here are just a few reasons that the next cyber breach could be a lot closer to you than you think and what to do about it.

 

Read more on Forbes here.

Fred Kneip

CEO
Mark
Mark

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