January 4, 2016 By FTI Consulting
Between 2014 and 2015, cyber threats to businesses across the globe increased by 38 percent, according to the Global State of Information Security Survey 2016. While cyber-security may not be a top priority for all businesses, it must be accepted that data breaches are now the new normal and must be planned for.
At an FTI-hosted event, barrister and cyber-crime specialist Matthew Richardson commented that there are two types of businesses in the capital: those who have been hacked and those who don’t know they’ve been hacked.
Though the short-term effects of a data breach tend to be the most publicized, consequences of a breach may extend far past the initial criminal damage. In the long term, businesses must deal with the reputational damage spurred by data that has been compromised. In 2015 security budgets increased by a quarter, partially due to the high-profile coverage that cyber-attacks have received.
Among the most highly targeted businesses are universities, hospitals, and medical companies. This has elevated concern for the vast collections of student data, patient information, and intelligence housed by companies in these high-risk industries.
Looking ahead, data privacy is predicted to become even more of a hot-button issue in 2016. This is why it is up to businesses to remind the government of the value of this data, while taking the proper steps to secure it. These measures may involve taking advantage of the opportunities that have stemmed from the cyber-security challenge, such as investing in biometrics and personalized security programs. When business and government work together to fend off cyber threats and protect data, the coordinated efforts can result in a future where the value—and security—of data is maintained.
Each month, FTI Consulting takes a look at some of the most shared stories from the Telecom, Media & Technology sector. This month’s insights predict what 2016 might bring in the form of cyber-security, consumer electronics, and telecoms M&A.
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