We're being watched ... by cybercriminals. And if we don't stay vigilant, the costs can be overwhelming.
Data breaches cost an organization an average of $6.5 million, according to a 2015 study from the Ponemon Institute and IBM, which examined the costs incurred by 62 U.S. companies, across 16 industry sectors, that experienced the loss or theft of personal data. About half of the incidents were caused by cyberattacks, while the rest were caused by system glitches or human error. (To download the study, click here.)
Cybersecurity is also a hot topic in the financial advisory space.
To that point, last month an investment advisory firm agreed to settle charges by the Securities and Exchange Commission that it failed to establish required cybersecurity policies in advance of a security breach that compromised customer data. The firm was fined $75,000 by the SEC, which explained that the breach compromised the personally identifiable information of about 100,000 individuals, including thousands of the firm's clients.