Magazine article Risk Management

Substance over Flash

Magazine article Risk Management

Substance over Flash

Article excerpt

Most emerging risks have, by their very nature, an element of flashiness, and as cyberrisk has come to the fore as a quotidian topic, it has seized the spotlight with more than its fair share of hype. To some extent, that is as it should be--the risks are real and translate into serious costs for individuals and enterprises alike. After last year's massive Equifax breach, for example, 143 million people in the United States had their personal information exposed and company stock fell 35%, wiping out about $4 billion in market cap. The credit reporting firm now faces at least 23 class-action lawsuits with more damage from consumers and regulators likely to come.

Stunt hacks and alarmist or buzzword-packed headlines have played a key role in highlighting cyberrisk vulnerability in the devices and systems we use every day, illustrating the persistent creativity of the attackers we try to guard against. As more cyberthreats have materialized and the conversation about cyberrisk has elevated to the C-suite and board level, cyberrisk management strategies have grown more sophisticated, as have many of the discussions around them. …

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