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Cybersecurity Roundtable: Chicago's Tech Experts Answer Three Critical Cybersecurity Questions
We're long past the point where cybersecurity can be treated like a corporate trend or as a bullet point on your IT team's wish list. As networks around the world become more sophisticated and complex, cybercriminals are correspondingly honing their talents in everything from hacking and phishing to cyberterrorism and general mayhem.
Modern organizations with savvy security know this and watch events and trends closely. They know that global ransomware damages totaled $325 million in 2015 and that number is supposed to quadruple by 2020. They also know 33% of U.S. companies experienced some sort of data breach in 2016, and most of them had no idea anything happened. In response to threats on the horizon, companies are building the right teams of experts to help prevent the worst from happening, or at least mitigate damage.
The resulting chief security officer boom is a collaborative one, where those experts work together to identify priorities and best practices for protecting their organizations and the health of our shared digital economy. Earlier this summer a group of security-minded executives in Chicago, long a hub for legal and financial tech, sat down for a panel discussion on anticipating and combatting cybercrime. The group included Ricardo Lafosse, CISO at Morningstar; Jerry Finley, director of cybersecurity and deputy CSO at Relativity; Dara Tarkowski, founding partner at Actuate Law; and Joe Rickard, CISO at Incapital. Cybersecurity Law & Strategy asked the group to expand on some questions that came up at the panel.
Q: What Cybersecurity Incident Keeps You Up At Night?
Dara Tarkowski: At the end of the day, all our clients say the same thing: “Our biggest nightmare is having to report something to a regulator.” Many of these [cybersecurity] issues are devastating. Businesses are worried about risking consumer harm as well as suffering monetary losses, having to notify insurance carriers and reputational harm. They also wonder how these incidents may impact shareholder announcements, and worry about the ancillary problems that happen when you experience an incident like this. Individuals like me come in and try to clean up all the spiraling messes that ensue. One data breach could result in a company reporting to 50 regulators in addition to facing civil litigation, shareholder litigation, security litigation, and many other problems — all because of one patch that wasn't fixed.
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