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Headlines around the world have told us to prepare for an increase in cyberattacks. All companies are on high alert, trying to secure their systems and protect themselves from hackers. But it’s not always that easy. In 2021 when hackers launched an attack on Colonial Pipeline , it caused a disruption in fuel supplies to the US and caused long lines at the gas pump. How did you do that? Colonial CEO told US senators it was theft of a single password.
Not only large corporations are vulnerable. Every business in every jurisdiction is vulnerable. Aside from dealing with an attack, organizations are increasingly facing legal battles following cybersecurity breaches — from consumers demanding compensation after their data was stolen to shareholders demanding compensation after the stock price plummets.
So what do companies need to know? We…