Among the top consequences of a cyber attack or breach is the loss of customer and customer trust in addition to the financial losses and compensation required to address the consequences, said Philip Geyer, virtual CIO of security platform provider, Pivotalogic, during the IARA Summer Roundtable on August 18.

Photo: IARA

Think of it as an endless stress test. Cybersecurity has crept into the world of information like millions of tapeworms burrowing and stealing into business data warehouses, where they can wreak havoc and even demand ransom.

This means that organizations, including all those involved in vehicles in all aspects of remarketing, must have plans and safeguards in place — as early as yesterday — and test them constantly.

Businesses and operations need to update and strengthen their cybersecurity strategies to stay safe for the long term and ensure they stay productive and don’t lose money to cyber-hacks, vandals and ransoms, said Philip Geyer, virtual chief information security officer security platform. provider, Pivotalogic. August 18 during IARA Summer Roundtable in Nashville, Tennessee.

“You need to make sure you have a good security system in place and the company can operate,” Geyer told the audience.

Geyer’s firm has been tracking the growing trend of cyber security threats and issues. In a recent survey of 300 IT leaders, the survey found some disturbing facts:

  • 81% IT leaders rated vulnerabilities and unknown misconfigurations as the biggest security challenge in their environment
  • 76% say their main obstacle is inability to hire security guards or lack of security experience and skills on staff
  • 70% say ransomware is their main problem
  • 56% identify failure to adequately manage risks and develop a risk management program
  • 50% say their cyber security budget falls short of the minimum number needed to stay safe

Overall, cybersecurity is a top concern for business leaders as they see their companies and industry sectors suffer financial losses from attacks and breaches as the massive growth of ransomware hits the banking industry, Geyer said. Compared to last year, the number of violations increased by 24%.

One of the main consequences of a cyber attack or hack is the loss of customer and customer confidence in addition to the financial losses and compensation required to remedy the results. The average cost of a data breach in 2021 was $9.05 million. 99% of organizations use at least one public or private cloud.

An additional challenge for the cybersecurity sector is the labor shortage of 3.5 million professionals, whose average base salary starts at $130,000.

Geyer outlined four key steps businesses and organizations can take to improve their security:

#1: Identify gaps and vulnerabilities with a security risk assessment. Check the overall security status. A risk assessment should cover administrative, physical facilities, internal and external business functions. Observe, document, and verify all aspects of safety and interview employees as necessary to supplement data and findings. A third party can assist in such a comprehensive assessment.

#2: Measure and communicate your risks. IT people are generally not very good communicators, Geyer said. Leaders must establish consistent communication across the organization with IT. Set up a security score like the format for your FICO score.

#3: Create a road map to address risks. Make a plan so you can make the right decisions and not get lost. Prioritize and address risks in the most methodical and efficient manner. Determine who is best able to develop the cybersecurity plan: internal employees, external parties, or contractors and services.

#4: Communicate improvements over time based on key performance indicators. Continually communicate between different departments and evaluate improvements.

At the same time, organizations and businesses should take the following precautions:

  • Don’t pay for ransomware blackmail. The more companies pay, the more aggressive they become. Can you perform disaster recovery exercises? Have an instant replacement plan based on practical attacks and scenarios. Conduct emergency drills during normal times of the year.
  • Back up your data so you don’t have to pay cybercriminals. Check your data backups. Cybersecurity “hostages” pay because they don’t back up their company’s data and information. They should put it in a secure cloud and continue to test their disaster recovery plan.
  • The power grid is extremely vulnerable. Every utility must install or have access to backup generators and power supplies, as many utilities have not yet invested adequately in network protection.

Originally published on Remarketing of cars

Previous articleRivian’s fast charging network is expanding, other automakers should take note
Next articleLotus closes a fundraising round, valuing the technology division at $4.5 billion