Organizations have tended to focus on stopping data breaches, despite the fact that it’s a losing battle. Leaders need to focus on supporting business resiliency and responding to cyberattacks, including ransomware, denial of service outages and other types of attacks. So it’s important to craft and implement strategic plans that balance prevention, detection, response and recovery.
Cyberattacks can be extremely costly, with significant consequences for businesses and security leaders. Top global companies have been reporting sales and revenue impacts as high as $300 million due to malware-based cyberattacks. Insurance companies are insisting on high deductibles when these attacks occur, to encourage businesses to make appropriate investments in security. Senior executives — not just CIOs — are losing their jobs over data breaches, and there’s an increasing impact on intangibles, such as brand reputation, that can be difficult to quantify.