Cyber Breaches Present Risks Beyond Loss of Data and Reputation

“Cyber Breaches Present Risks Beyond Loss of Data and Reputation” by Brian Thomas in CIO Applications (March 8, 2019)

The recent Marriott/Starwood data breach, which affected almost 400 million people, was just the latest in a year of bad news for CIOs. The year 2018 opened with new cybersecurity guidance from the Securities & Exchange Commission, and closed with an announcement that the agency had investigated nine public companies — all victims of email-related payment fraud — for failing to have adequate cybersecurity-related internal controls in place. Each of those companies lost at least $1 million to the frauds, and two lost more than $30 million each. The investigation concluded these control failures violated SEC rules requiring public companies to provide reasonable assurance that transactions are executed, and access to company assets is permitted, only with management’s authorization.

Read the full article – see pages 22-23

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