In order to get businesses back up and running remotely during the pandemic, many companies took shortcuts on cybersecurity. IT systems for many businesses have not evolved or kept up to date to enable employees to securely operate from home. Relying on VPN solutions is not a panacea, as the recent Pulse Secure VPN hack has shown.
The costs of not keeping systems up-to-date or using outdated encryption are now outweighing any short-term budget benefits. Since COVID19 swept the country, data breaches are up 273% compared to the same period last year. A large entity can expect a 10 -100 million records to be breached and the costs can easily run into the millions be it Honda, city of Torrence or Garmin.
This is why it is absolutely critical that businesses take the necessary steps to find out how secure their data really is in the hands of trusted third parties. A company attesting to ‘commercially reasonable’ security is no longer good enough. The third-party vendor may be the one hacked, but it’s your company’s name that will make the headlines.
Read more at CNBC.com