If you’re not convinced yet, experts are encouraging businesses and other entities to regard cybercrime as their No. 1 threat. With three men indicted by the federal government in what is considered one of the biggest cybercrimes in modern history — data stolen from more than 100 million people, they’re urging businesses to take cybersecurity much more seriously.
One expert went as far as describing cybersecurity this way: “13 letters, two words — and infinite fear.” Greg Ruppert, vice president and head of Charles Schwab’s Financial Crimes Investigations, said the threat should not be underestimated. “It’s much faster than the normal threat we’re used to seeing,” Ruppert said during Schwab’s IMPACT 2015 confab in Boston recently.
The reason behind that fear? “We know just enough to be afraid,” Ruppert said.
Here are a few more recent developments related to cybersecurity and why it needs to climb to the top of your business priorities:
- The attacks are increasing in sophistication and complexity. Cybersecurity is “arguably the single most important issue” facing the insurance industry, said Adam Hamm, National Association of Insurance Commissioners’ Cybersecurity Task Force.
- Ransomware is on the rise. According to Forbes, several police departments have been among those who have fallen victim to this scam, which requires the users to pay ransoms to get access to their files again. Regularly backing up your computer is considered a good preventative measure against Ransomware.
- Third-party vendors could be the weak link. According to Anthony Albanese, New York’s acting superintendent of financial services, companies must look at all potential security risks, particularly those caused by third-party vendors. “A company may have the most sophisticated cybersecurity protections in the industry, but if its third-party service providers have weak systems or controls, those protections will be ineffective,” he said in a memo.
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