Following the news that investors have lost £42billion due to cyber breaches in the past year. Raj Samani, Chief Scientist at McAfee commented below.
Raj Samani, Chief Scientist at McAfee:
“This latest research revealing the detrimental impact cybercrime can have on an organisation’s market value should serve as a warning to corporations across the globe. Data breaches damage far more than a company’s reputation, often hitting the bottom line hard.
“Corporations cannot afford to dismiss cyber security as a problem which just belongs to the IT department. The financial future of a corporation – and often that of its customers – can hinge upon the security of its business and user information. As a result, it is crucial for executives, including the CFO and CEO, to take an active role in understanding the level of cyber risk they’re exposed to in order to implement an appropriate, effective cyber security strategy. This process should include assessing the value of the company’s data assets and implementing mitigation strategies appropriately proportioned to the level of risk involved.”