Neither a company’s size, its location, nor its industry is a deterrent to cyber crime, which costs organizations an average of $5.5 million per data breach and can have an impact on the privacy of customers, employees, and business partners, experts say.
In the past, cyber-risk management was mostly about protecting intellectual property and trade secrets from competitors, says Mark Melodia, chair of the data security, privacy, and management practice at law firm Reed Smith. Now, because of changes in technology, it is easier for competitors, nation states, and the Mafia to infiltrate.