The Revolutionary Rise Of Technology

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Background The revolutionary rise of technology has lead to a new “digital era”, resulting in more and more organizations becoming heavily dependent on technology. Each department of an organization, whether it be accounting, production or human resources, is creating, acquiring, handling, stockpiling and sharing more data every day. Worryingly, a number of potential risks accompany our dependence on technology with cybersecurity representing the biggest challenge. Cybersecurity threats can present themselves in many different forms and have provided a wake up call to organizations across the globe. Years of complacency from high-profile executives with regards to the possibility of a cyber attack have lead to a prioritizing push to…show more content…
JPMorgan, in August 2014, suffered a breach to 83 million records when hackers accessed email addresses and physical addresses. Adobe had 150 million records stolen by hackers in late 2013. Home Depot announced in September 2014 that records of 109 million customers were hacked for credit card numbers and email addresses (Collins). In terms of costs related to the Target hack, the company reported $148 million of breach related costs in its filings after the breach occurred. However, Abrams points out that researchers believe the cost should rise into the billions over time. Stemming from the Target hack, the cost to affected financial institutions was estimated at $200 million. Likewise, Home Depot paid approximately $62 million to cover costs of the attack and another $90 million in costs for banks to replace 7.4 million debit and credit cards. The stolen personal data, bad publicity and embarrassing stories are frequently becoming news headlines all over the world. The costs of the breach and the loss of consumer confidence hurts the bottom line. How can an organization protect itself from these issues? Cybersecurity has reached a critical point in its history, marked by the significant rise of cyber attacks. It is clear to most senior executives and board of directors that the old way of managing cybersecurity is no longer valid and that new strategies
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