Keith Burkhardt, of Council member Kraus-Anderson Insurance, recently wrote an insightful piece on cyber resilience for CIO Review. In his article, Keith relays a hard truth and a stern warning to readers that cyber attacks are a real threat for every company. No one is safe – even the largest companies with a seemingly endless supply of resources have fallen victim to malicious hackers, and the consequences of a breach can be devastating.
“In fact, 94 percent of cyber breaches happen to companies of fewer than 1000 employees; and, in many cases they don’t realize they’ve been compromised until weeks later.” As Keith points out, insurance can be part of the solution, but real resilience starts with an honest conversation between the C-Suite and IT about what potential losses could be – financial, reputational, and otherwise – and the mechanics of response and recovery. In the digital world we live in, this is the new way to approach business.