Cybersecurity breaches are becoming more and more prevalent. In fact, it’s been estimated that there were almost 5 billion records breached in 2018. Many organizations spend thousands of dollars on security breach prevention tools, but won’t take the time to create a formal process of identifying, responding to, and communicating an incident.
Presidents' Day is on Monday of next week and this isn’t lost on fraudsters and wire-transfer hackers. Once a wire has mistakenly been sent to the bad guy, each minute counts - the longer the delay the greater the chance they’ve been able to transfer your funds to an account that can’t be reached by the FBI. The added holiday adds an automatic delay that works to their advantage and even the most prepared organizations can fall victim.
U.S. Federal Bureau of Investigation (FBI) Special Agent Jeffrey Huber, who runs point on cybersecurity for the state of Iowa, was on hand at a recent ProCircular roundtable to talk about the FBI’s Cyber Division and its role in addressing cybercrime.
Not because budding entrepreneurs haven’t heard the horror stories, but it seldom ranks highly among things that directly generate cash or hurry a company to market. Like so many other priorities, cybersecurity often falls to the wayside in the early business stages.