As we approach the first anniversary of GDPR, cyber-attacks are rocketing in 2019, with more than half of British firms reporting cyber-attacks this year. Among firms reporting attacks, average losses associated with all cyber incidents have risen from $229,000 (176,000 [pounds sterling]) last year to $369,000, marking a 61 per cent increase.
Business executives are facing mounting scrutiny over cybersecurity measures as breaches rise, with densely interconnected regulation and more severe penalties. Risk and compliance management has become a critical part of operational and strategic decision-making.
A top priority for business leaders is enabling constant optimisation of their business' existing risk and compliance framework. However, the majority of companies are admitting they are underprepared for breaches. Mitigating and controlling risks while remaining competitive is a significant challenge for all organisations, according to Dr. Gero Decker, CEO of Signavio.
Dr. Decker comments: "Detecting and responding to cyber-attacks is often stalled by a lack of transparency, as well as employees relying on complex, manual and paper-based compliance systems. Siloed functional units and lines of business lead to a lack of accountability, and an inability to comprehend the true potential impact on the wider business. With cyber-attacks on the rise and no company immune, one thing is for certain--every...