Cybersecurity 2018 Impending Threats and Risk Mitigation Strategies - Practical Take-aways

Learn rich insights and practical tips from the National co-chair of the FBI Director's Advisory Committee, Mike Doyle, and cybersecurity experts.  Learn how CFOs and COOs, not just CISOs and CTOs could take measures to substantially mitigate against financial and operational losses caused by cyber attacks. 

May 23rd CFO Leadership Council Panel Discussion at KPMG Offices, Short Hills, NJ

The following top two articles were mentioned by the Panelists.

Learn more from this article that he referred to during his talk. An estimate of $676 million losses have been reported by the FBI in 2017 alone through Business email and email account compromises. While the amount of losses is an estimate, the magnitude of the losses and staggering adverse impact to company's bottom-line cannot be denied or ignored.

Further, the Internet Crime Complaint Center (IC3) recently released its latest annual publication—the 2017 Internet Crime Report—which reveals that the center received more than 300,000 complaints last year with reported losses of more than $1.4 billion.

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See article on the left for more details.

As of May 25th, 2018 - if you have any EU citizens or companies as customers or conduct business with any EU states or  countries, the General Data Protection Regulation (GDPR) mandated by EU law requires that every business/company including those domiciled in the U.S. complies with the EU Data Protection Reform requirements. These requirements can be quite stringent and the undertaking to implement solutions, systems, technologies, governance, standards, people, process and training cannot be underestimated.

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To read more about this reform, click on the image. To distill the complicated law into what it means for you and your business or company specifically, call us for a FREE consultation.

If you do business with the federal government, either as a prime or subcontractor, you need to be in compliant with the impending law or lose risking your contract. Familiarize yourself with the regulatory requirements or seek consulting assistance to help you interpret the law and implement measures to comply immediately. The process for complying could take any where from weeks to months depending on mature your existing IT security capability is.

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Download the NIST Special Publication (SP) 800-171 here for the complete list of cybersecurity and IT security requlatory requirements.

Global Cyber and Security Capability Study - Only 30% appear ready for cyber attacks

A study by Accenture based on interviews with 2,000 security leaders in the world reveals only 30% of companies surveyed have reasonable cyber security capabilities to fight against cyber crime.

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Click on image for full study.

CyberSecurity Spending to Topple $1 Trillion by 2021, Cost of Crime to Reach $6 Trillion

J P Morgan Chase Bank will increase spending from $250M to $500M. Bank of America has boldly declare unlimited budget set aside to fight cyber crime. Microsoft will continue to invest over $1 Billion annually in coming years, and the U.S. federal government has declared a budget increase of 35% over 2016 to $19B to improve cyber resilience.

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How will your company stack up? Experts suggest cybercrime cost will continue to rise substantially year over year, reaching $90 Billion by 2030.

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Click on image for report.

Hackers do not discriminate. They will cause havoc and financial damages for small and large businesses alike. This Ponemon study (1,700 businesses surveyed) reveals only 14% of companies are well prepared for cyber attacks. The average cost of damage was $879,582 per incident in addition to business disruption cost averaging another $955K. For small to medium sized businesses, an average financial loss of close to $2M per incident can cause substantial impact to its financial health if not wipe out the financial viability of that business.

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Click on image for full report.