The fallout from a data breach can have real staying power, be it a hit to the affected organization’s reputation or a class action lawsuit brought by customers whose data was leaked. With these risks in mind, organizational leaders must perpetually review their data security controls and processes—because an annual review simply isn’t enough, according to finance and cybersecurity experts. The risk of a data breach is “not just the short-term operational disruption,” Judson Dressler, head of cyber insurance and risk management firm Resilience’s Risk Operations Center, told CFO Brew recently. “It’s really the long-tail financial reputational exposure. It’s litigation, regulatory investigations, customer notification requirements, it’s reputation and PR to contain that.” “The cost of not prioritizing [data security] is your brand, it’s your credibility—and those things are priceless,” Angela Lee, CFO of real-time data platform Hydrolix, told us. Keep reading.—AZ |