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The Race to Contain Cyberrisk
When it comes to cyberrisk, preparation matters. An attack is rarely a single event, but rather a series of events with increasingly serious consequences, as noted in a recent cyberrisk report by S&P Global Ratings. As the cost of attacks soars, executives and regulators around the globe are focused on best practices for attack prevention and response.
For instance, IT asset management — the process of logging, tracking and managing hardware, connected devices, software and networks — is critical to enterprise cybersecurity, S&P Global Ratings credit analyst Paul Alvarez said.
A 2017 breach at US credit reporting agency Equifax is estimated to have cost the company over $1.4 billion, including the cost of various settlements and security improvements, Alvarez said. In the incident, poor device tracking contributed to a data breach involving 147 million people, according to Equifax’s settlement agreement with the Federal Trade Commission.
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