The high-profile breach of Target's data reinforced that cyber security does not only impact IT but also the whole of a business. The resignation of the CEO and CIO underscored the repurcussions a cyber-incident can have on the confidence in an organization's leadership, market reputation, and shareholder value.
Admin Assistant Jane was considered a “trusted employee” by the non-profit’s CEO. Jane also happened to own a bridal business and was regarded a "fairy godmother" for having donated over a million dollars. So how was Jane able to pocket $5 million dollars over an eight-year period, undetected?
Although larger companies may be equipped to weather a cyberstorm and its aftermath, 60% of small businesses close their doors within six months after an attack, making cybercrime an equal opportunity with unequal consequences. Some enterprises are beginning to consider cyberinsurance as a component of their risk transfer strategy.