One of the Top Risks Companies Are Facing in 2017 Are Cyber Attacks
From healthcare and financial services to education and insurance, no industry is safe from a cyber attack. Attorney David Adler recently wrote in CIO Magazine about how cyber threats are growing, and how implementing a vendor risk management security solution is crucial to keeping your business secure.
“Nearly every industry that handles sensitive data has been breached recently,” Adler wrote in his article.
Takeaways From the Blog
- There were 106 major healthcare data breaches in 2016.
- In Feb. 2016, University of Central Florida announced a data breach that affected approximately 63,000 former and current faculty members and students.
- Third-party vendors are a growing concern for businesses.
- Even if a third-party vendor isn’t being malicious with their actions, a simple mistake with your business could lead to your company’s biggest security threat ever.
- Companies are trying to purchase cybersecurity insurance, but the market is relatively brand new, so policies are fluctuating all the time.
One of Adler’s best points is that it’s not just big companies who face crippling security threats, but smaller organizations too.
“Few small companies have the staff or the resources to actively manage cybersecurity risk, and many assume that their business risks are small,” Adler wrote. “Despite their smaller size, these businesses will incur the same level of breach-related costs as larger companies.”
But no matter how big or small they are, some companies still choose to ignore the dangers of cyber threats because they believe security costs are too high to manage.
But security solutions such as identity verification have low costs to companies, and they streamline the process of keeping your business secure without sacrificing any quality or security measures.
You can read more on the story here.