With a sudden and lasting influx of remote work and BYOD policies, security threats for firms are at an all-time high. Malware from phony apps and sketchy free Wi-Fi are a concern. By requiring the use of a VPN, Single Sign-on, and multifactor authentication, companies can combat these risks. The awareness for employees and companies is paramount to secure systems, as well as the ability for management to deny access to lost/stolen devices and those of past employees.

Text: https://hbr.org/2023/05/the-devastating-business-impacts-of-a-cyber-breach

Answers:

Cyber attacks have detrimental effects on companies including costing a lot of money as there is a lack of revenue when operations are shut down, ransom payments, legal fees, etc. When information about a data breach comes out it makes customers lose faith in the company and causes a company to lose market power. Weak cybersecurity can lessen a company's chance to secure financial loans.

Organizations can effectivley respond by doing two things. Having a cybersec expert on the board; beyond just having a CIO or CISO, the CEO or CFO should also have some cybersecurity knowledge to help lower the risk of an attack. And developing a long-term strategy; it is important to ensure employees know about appropriate cybersecurity measures during the whole time at the company, not just in the short term around when a cyberattack or breach occurs.

Some trends and threats that are emerging in the field of information security are the increase of Deepfakes with assistance of AI and an increase in AI use to offensive cybersecurity measures.

Organizations can balance the need information security with the need for employee and productivity by increasing their education and awareness of security risks and by doing regular security assessments.