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October is Cybersecurity Awareness Month. Perhaps that’s appropriate since October is also the month when people decorate their yards and houses with tombstones, ghosts, jack-o-lanterns, and other “scary” items. But to enterprises and organizations of all kinds, cybersecurity failures can be truly frightening.
According to the International Monetary Fund (IMF), cyberattacks have more than doubled since the pandemic. The financial services industry, one of the biggest targets of digital criminals, has experienced what the IMF calls “extreme losses” from cyber incidents totaling $2.5 billion in just one year.
Financial losses are just one reason—though a significant one—why businesses in all sectors need to continuously assess and strengthen their cyber risk management protocols. Cyber breaches can cause sensitive client and vendor data—including Social Security numbers and bank account information—to be stolen and exploited by fraudsters and other bad actors.
While scary, it doesn’t need to be frightening. Although many may be familiar with risk management framework and aware of the perils of data breaches, malware,…
