Source: EastWestBank
22 Jun 2018

How companies can strategically prevent and respond to security breaches.

Most cybersecurity breaches of major companies, from Equifax, to Yahoo, have made headline news. While smaller companies tend to fly under the radar of news sources, they are not immune from the relentless efforts of hackers. In fact, the risk is even greater, since many owners may not have a cybersecurity protocol or plan in place.

Since smaller businesses tend to have less cash flow and savings, having business interrupted from even a minor hack can be financially catastrophic. The Ponemon Institute, an independent company which conducts research on privacy, data protection, and information security policy, said the global average cost of a data breach is now $3.62 million, while the average cost for each lost or stolen record consisting of sensitive and confidential information is $141.

“In today’s interconnected world, no organization is safe from the threat of cyberattacks, data breaches, proprietary information loss, or even just basic Denial of Service (DoS) attacks,” says Nathan Wenzler, chief security strategist at AsTech, a San Francisco-based security consulting company. “Regardless of size, every business must have access to cybersecurity expertise in order to identify ways to mitigate that risk by protecting critical assets, and help to implement those strategies in as efficient and effective of a means possible.”

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