According to the Assessment of Business Cyber Risk (ABC) report by the U.S. Chamber of Commerce and FICO, the level of cyber risk to the U.S. business community is holding steady for the first quarter of 2019, with a national risk score of 687.
A vast majority of organizations are still unprepared to properly respond to cybersecurity incidents, with 77 percent of survey respondents indicating they do not have a cybersecurity incident response plan applied consistently across the enterprise.
It can be expected that costs associated with cybercrime will rise in the near to medium term and have a material impact on the global economy – while putting individual citizens’ and corporations’ important data at risk by cyber criminals. Due to the convergence of an escalation in the number of security vulnerabilities, an increase in hacker capabilities and tools as well as new legislation being enacted in the European Union, the estimated costs due to cybercrime may be conservative.
Multiple cyber-attacks and compromise of personal information of millions of people globally show that the complexity and intensity of cybersecurity attacks are on the rise, and it could have broader political and economic ramifications. As cybercrimes become more lucrative and cybercriminals become smarter, cybersecurity too will have to be intelligence driven, enabling a swift response to the advanced attacks.
In 2018, we witnessed some of the biggest data breaches ever – affecting businesses and consumers alike. From social media, hospitality, healthcare and even mail delivery, 2018 proved that there is no escaping cybersecurity flaws, regardless of the type of business or its popularity. For example, we witnessed the data of approximately 500 million Marriot guests get breached and a USPS security flaw that exposed the personal data of more than 60 million people.
Two out of three hotel websites inadvertently leak guests' booking details and personal data to third-party sites, including advertisers and analytics companies, according to research by Symantec Corp.
The C Spire Business 2019 Bytes & Bites Technology Solution Summit on Thursday, April 18 will feature Theresa Payton, the first female to serve as White House CIO under former President George W. Bush, as the event’s featured speaker along with panel discussions.
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