Effective Risk Management Requires More Than A Strong Cybersecurity Program
With a global cost of $445 billion annually, cybercrime and espionage are a significant risk to an organization’s bottom line. US businesses seeking to effectively manage their risks cannot overlook the threat they pose or their potential financial implications. According to a recent study by Allianz, cybercrime, IT failures, espionage and data breaches are ranked the third most important US business risk, preceded in importance only by business interruptions/supply chain risks (ranked 1st) and natural catastrophes (ranked 2nd). Regardless if the threat is foreign or domestic, perpetrated by a company insider or an outsider, a single event can result in damage to brand reputation, lead to an erosion of customer confidence and/or financially devastate the affected company. In today’s digital world, a comprehensive cybersecurity program is a necessity, but relying solely on cybersecurity to address cybercrime and corporate espionage risks simply is not sufficient. J.D. LeaSure, President/CEO of ComSec LLC and a counterespionage expert, provides valuable insight into protecting corporate information from insider threats that corporate cybersecurity programs do not address.