(Threatcare) Panelists at the MIT Sloan CIO Symposium agree: One of the top issues that plagues the cyber security industry is helping business leaders understand the value of protection — especially after recent large breaches. This can be enormously difficult, because many people tend to view cyber attacks as something that “doesn’t happen.” While it may seem that your data isn’t valuable or that your business’s network not yet been compromised, the truth is that it happens far more often than many realize. In fact, statistics show that approximately 70 percent of all cyber attacks go completely unnoticed. There are actually upwards of 90 million hacking events each year – or roughly, 400 new cyber dangers developing every minute.
Often with large breaches there’s a pretty good chance you’ve been hacked and you didn’t even notice.
Because cyber attacks are often silent, and the threats they pose are hard to quantify, it can be hard for business leaders to understand the full scope of cyber security.
Sometimes, a little bit of math can go along way to show the true weight of a cyber attack. For example, vice president and CISO of Fannie Mae, Christopher Porter, notes that if the credit data for just one million customers, the costs to the company for credit monitoring alone can easily be in excess of $20 million.
But putting a cash value to your business’s information isn’t always so easy. As Marcus J. Carey, the founder of Threatcare notes, “There are still many companies who think that an attack could never happen to them, that they have nothing of enough value to be targeted.” But the truth is, there is always a use for something. And as Carey notes, the fact that bigger companies are struggling with cyber defense should actually be a red flag for others to take heed now, before it’s too late.
“The fact is that many big name brands with cybersecurity budgets and well-trained staff of defenders are getting compromised. This should be an indicator to everyone that it isn’t easy to be protected; if companies with large security measures in place can get breached, you can easily as well,” Carey explains.
While the concept of cybersecurity can be hard to grasp, the bottom line is anyone and everyone could be at risk of being hacked. But, taking the necessary precautions can help to manage and reduce these risks.