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High alert on cyber risk and cybersecurity preparedness
This article is part of the Information Security magazine issue of June 2014 Vol. 16 / No. 5
The call for immediate actions to address cybersecurity is reaching the top levels of global organizations. Cyber risk jumped from 12th to 3rd place in Lloyd's Risk Index 2013, which polled 588 C-level executives and board members at multinationals in April and May of last year. The top five concerns were high taxation, loss of customers, cyber risk, price of material inputs and excessively strict regulation. As discussions about cyber risk heat up boardrooms, are global organizations spending more on cybersecurity? And are they investing in the right security controls? "My CIO asked me that same question last week," said George Do, global information director at Equinix, an International Business Exchange data center and colocation provider, with operations in 15 countries. The problem is no one in information security can really answer these questions. Cyber risk remains a challenging calculation because information sharing about the cost of data breaches is limited, and the InfoSec industry can't agree on how well security ...
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