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Our principal consultant, Mike Skinner, was recently featured on the Greater Memphis Chamber’s Moment Blog. We’ve included the introduction below, but you can access the full article here.

As cyber threats become increasingly sophisticated, the costs associated with data breaches and losses will become even steeper. Research performed by IBM in 2022 showed that, on average, a cybersecurity incident cost businesses an average of nearly $4.4 million – a huge sum for anyone, but particularly crippling for small companies. Deloittecounted higher insurance premiums, damage to customer relationships, and even increases to debt servicing costs among the consequences.

Even as cybercrimes get trickier to combat, the so-called “human element” remains one of the highest cyber risks. For example, serious danger to a company’s system can begin when a team member unwittingly opens a phishing email. This demonstrates a clear need for cybersecurity management strategies to be developed and scaled across all levels of a company.

The primary objective is to build cyber resilience, much in the same way diet, exercise, and immunizations can help boost the human immune system. Cyberattacks can and will happen. While no one wants to absorb this idea into their mentality, the alternative is being caught off guard when something goes wrong.