Americans are rightly concerned about the current coronavirus pandemic. But businesses’ audit committees and boards need to be better prepared for viruses of another kind — cyber-attacks on their data networks.
In partnership with the Association of Delaware Valley Independent Schools, Malvern Bank sponsored a presentation on cybersecurity by Baker Tilly, an accountancy and business advisory firm. I thought the presentation was excellent, and I want to share the highlights with area businesses.
Over the past few years, many organizations have seen a dramatic change in the cyber-risk landscape. Cyber-criminals frequently seek to extort money, cause business interruption, steal personal identifiable information (e.g., Social Security numbers; student, patient or client data) and gain access to intellectual property (e.g., business plans, product designs, or source codes).
High-profile breaches and their monetary impact have caused boards and audit committees to take notice. Target’s now infamous 2013 cybersecurity breach cost the company more…
