Security

10:17 AM
Connect Directly
LinkedIn
RSS
E-Mail
50%
50%

Business Continuity 2.0: We’re Gonna Need a Bigger Boat

What would happen with a long-term outage to financial systems or the nation's critical infrastructure? Businesses aren't even close to being prepared.

As it is late August, I wanted to start with a quote from a great summer movie about a town in denial. “Close all the beaches at the height of the summer tourist season? It would ruin the local economy! Yes, the ocean is full of sharks, but what are the odds …?”

If you are like most people, the constant risk of some sort of cyberevent has been drummed into you, both at home and at work. Just like the threat of great white sharks, we know the risk of a cyberattack is out there, but we tend to shrug it off.

[ Learn more about the Internet of Things at Interop's Internet of Things Summit on Monday, September 29. ]

While some of us have fallen victim to a data “breach” or “hack” of some sort, it was likely of short duration and a minor inconvenience. Bad charges may have appeared on your credit card and you were eventually covered, and perhaps even first notified by the issuer’s fraud department when its algorithms flagged it.

Mostly minor cyberlosses Let’s leave aside a subset group that has suffered significant loss due to a situation like identity theft. For most of us, life has gone on, and it was no big deal. Better still, we’ve witnessed increased IT spending against the problem (the boat is now bigger) and we all have become a bit savvier. We no longer use “password” as our password.

Because of this, I believe we have become complacent and inured to cyberrisk. We are for better or for worse fully invested in the model. We are like that town in the movie. Shark attack? Low probability -- keep the beaches open!

[ Read the rest of this article on Wall Street & Technology. ]

 

Mitchel Kraskin is co-founder and CEO of Compliance Science, Inc. ("CSI") which has developed several groundbreaking governance, risk management and compliance solutions. With over twenty five years of executive experience managing the creation and delivery of software-based ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Kelly22
50%
50%
Kelly22,
User Rank: Author
8/26/2014 | 4:11:57 PM
re: Business Continuity 2.0: We’re Gonna Need a Bigger Boat
Kraskin offers an interesting - and scary - perspective here. We've all become a bit smarter about cybersecurity (it's been awhile since I've used 'password' as a password), but most people don't think about how extreme cyber threats could become. It's time for execs to start brainstorming response strategies for these scenarios.
Register for Insurance & Technology Newsletters
White Papers
Current Issue
Slideshows
Video