Financial Impact of Risk: The Cost of Integrity, Finance, and Safety
February 20, 2016
The financial impact of risk dominates industry concern and re-emerges as a challenge for security systems alike. The cost of global cyber-crime estimates extremely high, with the unfair loss of industries losing their reputation. Attempting to get back into the good graces of customers and clients after experiencing such a harrowing breach requires a new approach and a stronger grip on plans for hypothetical and potential risks.
Empirical data helps raise awareness of the issue, however, roughly calculating the attacker’s level of skill and intent is difficult to truly prepare for. Producing and re-evaluating a basic risk-based plan greatly reduces vulnerability.
Consulting Your Legal Team
Strong cybersecurity precautions and systems keep America and global industries running. A frightening aspect every CFO faces is how secure systems are and how updates to these systems won’t leave any system gaps. Facing legal risks has an intimidating impact in this situation. Discussing cyber liabilities and the company’s obligations is a good way to outline what you will be up against if an attack were to occur. Intellectual property, privacy violations, and civil lawsuits are risks that you must be aware of. Moreover, severe breaches that release social security numbers and trade secrets will cause irreparable damage for the future of the company.
Assessing the Company’s Regulatory Compliance
An actionable plan with risk in mind that assesses the company’s regulations provides a reasonable framework against damaging financial consequences. Organizing stored data, tracking transactions, and recording transferred local and global regulated data lessens the chances of negligence on your company’s part.
Charting Vulnerabilities and What May Happen
Of course, the best way to see the financial impact of risk would be to go through a step by step hypothetical situation. Coordinating a meeting with the appropriate staff and legal counsel over the systematic damage illustrates a broad perspective of what needs to be edited and evaluated.
A company’s integrity has a global impact on other companies. Answers might differ, actionable responses may need adjustment to stay relevant, but the overall risk is an underlying factor. Pathlock Technologies understands the impact. Contact us to discuss probable techniques and measures that ensure the longevity of your company.
Pathlock Technologies. Enterprise Solutions. Beyond Boundaries.
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