The risk of a cyber security breach is significant, and here to stay. All indications in the legal community point towards escalating, and not decreasing risks. The evidence is compelling that a breach can significantly impact a company in terms of lost reputation, cost, and lost business. It is therefore critical that a company take the appropriate steps to evaluate and mitigate the relevant risks, and to develop an action plan in the event of a breach. Addressing cyber security risks is not an event but, rather, an ongoing process that must be embraced at all levels of a company. Fortunately, there are steps that a company can — and should — take to minimize the potential for a security breach or system shut down.
This article is the first in a two part series that will address what a company needs to know concerning cyber security and cyber risks, and will provide guidance for what a company can do now, to lessen the likelihood that a breach will occur.
Part two, which will be published in the summer edition of The Illinois Manufacturer, will address issues that a company should consider and steps it should take in the event of a cyber security breach.
Cyber Attacks in the News
No company is immune from a potential cyber event, whether inadvertent or intentional, at the hands of a third party. News of cyber attacks has, unfortunately, become commonplace, and such attacks have impacted organizations large and small, including Sony, Home Depot, Target, the National Security Agency, and others.