Other Authors Chris Hetner, Senior Cybersecurity Advisor, CISO | Kim Manibusan, Head of Cyber Strategy, ISS Corporate Solutions | Meredith Griffanti, Senior Managing Director, FTI Consulting
With the cybersecurity landscape evolving ever more rapidly, and the threats to businesses' critical information and assets—as well as to their bottom lines—are only increasing. Breaches continue to grow in scale and sophistication, regulators are crowding the field with an expanding and shifting array of requirements and de facto standards, and litigation remains perilous. Now, more than ever, businesses must think strategically about the cyber threats they face—whether to consumer or employee information, intellectual property or product safety—and take practical steps to address the associated legal, business and reputational risks.
Data privacy & security have gone from legal issues to business issues. The issues have gone from compliance to business because they are impacting revenue. This year, data privacy caused NASDAQ-listed companies to lose 1.4 trillion dollars in market cap in 2022. Last year, cybersecurity cost our global economy over 6 trillion dollars. If data privacy and cybersecurity represented the GDP of one country, they would amount to the third largest GDP in the world, behind the US and China. With headlines featuring data breaches, technology and privacy whistleblowers, regulators are looking to the C-Suite and the Boardroom to demonstrate leadership that will promote innovation and consumer trust.
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