Could Security Risks Strike High-profile Business?
In light of the alarming security threats befalling business enterprises nowadays, many boards of directors in some high-profile companies are asking their executive teams about the possibility that they might be the next target.
This was discussed in Deloitte’s “Risk Intelligent governance in the age of cyber threats: What you don’t know could hurt you,”, a new point of view from Deloitte’s security and privacy services practice designed to provide organizations with an understanding of their capabilities for managing and mitigating the ever-present risk that cyber threats pose today.
The Deloitte report advises companies to evaluate how their organization may transition its cyber threat risk management practice towards a more proactive, preemptive and mature approach.
According to Deloitte, the end result could be devastating.
“From vandalizing an organization’s website to shutting down networks, perpetrating fraud and stealing intellectual property, cyber attacks can deal a serious blow to a company’s brand and reputation,” the accounting firm said.
In addition, there have been concerns about data security, which may drive current and prospective customers to take their business elsewhere. Worse, the negative reactions from investors may bring about losses in market value.
“Compounding the situation is the reality that many organizations may not be as effective at managing cyber threat risk as they are at managing risk in other areas, because cyber threats are both a relatively new and constantly evolving source of risk,” Deloitte said.
Deloitte’s security & privacy services helps organizations address pressing and pervasive information and technology risks, such as cyber security, data leakage, identity and access management, data security breaches, operational resilience and system outages, privacy, and application integrity.