While today’s cyber threats have seemingly innocuous names – Poodle, Heartbleed or other – the threats can cost companies millions. As a technology executive who has strategized, consulted on and implemented solutions for cyber security across multiple verticals including healthcare, financial services and legal, I know from experience that the stakes to a company’s bottom line and reputation are enormous.
Consider the stock dive after Yahoo announced that a billion of its email accounts were compromised, something that put its potential sale to Verizon for $4.8 billion at peril. Whether the threat comes from a cybercriminal, a competitor, a hacktivist with a political axe to grind, or a disgruntled employee, the statistics are staggering: In 2015, top British insurance company Lloyd’s of London estimated that cyber attacks cost companies $400 billion per year. By 2019, the cost of data breaches will be over $2 trillion globally, according to a studypublished by Juniper Research. The threats are across the board – and can wipe out small- and medium-sized companies, too, simply because they often do not possess the resources to hire a full-time CTO or IT support to adequately monitor security. As the threats grow, it is critical that each company design and implement a security policy that offers multi-layered access protection.