Blank Check for Cyber Security?
Bloomberg recently released an article in which Bank of America CEO Brian T. Moynihan stated, “The only place that doesn’t have a budget constraint is that area (cyber security) because how would I know how to assess, why would I take my judgment and say you could do this cheaper”. This blank cheque approach is not surprising given that 2014 was been identified as the Year of the Breach.
In 2014 company executives learned the price of discounting and dismissing the significance of cyber security in favor of cost and speed to market. Cyber security has always been a legitimate business threat to the longevity of a company. Today people actually believe it.
Executive leaders have been forced to embrace the reality that a hack is inevitable, not a matter of if but rather when. The challenge remains, does the company have a plan in place to mitigate and recover? What story will they tell their customers once it happens? What will they tell the board?
Moynihan is not preparing out of fear. He is taking a pragmatic approach and putting the safety of his customers, his employees and his shareholders first. This article is not about the blank check. It’s about recognizing the threat of cybercrime and taking action.
Review the full article here.
Have you reviewed the questions to ask your security and executive teams in 2015? Start planning your security framework today by reviewing Herjavec Group’s recommendations.