We’ve come a long way from the days when cyber security—if it was even on the radar—was the job of the IT Director. Today, there is consensus that not only does it need to be a top priority for organizations, but that executives at the highest levels, including boards of directors must be accountable.
Yet, oddly enough, a recent study1 by Frost & Sullivan reports that one-third of executives from major businesses don’t see the value of data security. Worse, those same leaders work at companies that had suffered data breaches and were aware of the significant impact to the company’s bottom line. The report found that businesses that suffered major data breaches ended up losing half their customers. We appear to have reached a tipping point, where cyber security will drive customer loyalty and competitive differentiation. The sooner business leaders become aware of that, the stronger their organizations will be.