Protecting Corporate Reputations with the Investment in a Cybersecurity Team
The following article was written by Janet Robinson, a member of FleishmanHillard’s International Advisory Board. She also is the former CEO of The New York Times Company; Chairwoman of the Presidential Board of Trustees of Salve Regina University and a trustee of the Carnegie Corporation of New York.
All too often in the age of digital communication, corporations are faced with cyber security attacks that lead to data breaches involving loyal customer’s secure financial and identity information. When these cybersecurity attacks become public, the reputation of the corporation can be severely damaged very quickly and the financial and legal impact of such attacks can be devastating. Corporations lose the hard earned trust of the customer they have cultivated and are held liable for significant restitution to their suppliers and to their customers. Corporations will also face the well placed concerns of their investor base.
Yes, corporations are moving quickly to prepare for such attacks but even as corporate leaders develop new state of the art security mechanisms, industrious criminals with advanced cyber skill sets are able to break through firewalls with ease and speed. This constant threat and the corresponding critical need for effective information risk management have now become boardroom issues. Forward thinking corporations, concerned about the far reaching impact of a data breach, are placing cyber security preparation at the top of their strategic priority list and board members are demanding strict accountability.