Security breaches are becoming more targeted and costly. IBM estimates that the average cost of a data breach in the United States being $8.19 million. In the U.K., the government’s Cyber Security Breaches Survey 2019 shows that one in three businesses (32%) suffered an attack or breach in the previous 12 months.
As businesses adopt emerging technologies to boost their productivity, enhance collaboration and minimize spending, they open themselves to new risks and challenges. The overall business risk has increased because of the expanding threat landscape. Cyber criminals are also leveraging these technologies to launch their malicious actions, which are more sophisticated than ever and harder to detect. As a result, the World Economic Forum, in their annual Global Risks report, have ranked cyber related risks as one of the top ten business risks, second only to environmental ones.
When corporations fail to mitigate and manage these risks, they evolve into security incidents which impact and disrupt businesses severely. Data loss leads to financial penalties, reputational damage and even revenue loss because of customers losing trust. The damage might be so severe that businesses can even go bankrupt.
A holistic approach to security
Cyber security was traditionally considered as a job for IT departments, but as threats change, they are unable to hold the line alone. It has become a company-wide challenge and HR professionals have a key role to play in minimizing it. Malware protection and anti-virus software are vital, but technology will not deter intruders if po ..
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