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By The Innovation Enterprise

September 5, 2018

A decade ago, corporations viewed cybersecurity as a niche. It was — and, to a certain extent, still is — a micro-focused initiative best left to the IT department or chief information security officer.

However, high-profile security breaches at Uber and Equifax — just to name a couple — show that this bottom-up management approach should be revisited. According to a joint report by McAfee and the Center for Strategic and International Studies, security breaches cost companies between $445 billion and $608 billion in 2017, while Gartner predicts that companies will pour $96.3 billion into cybersecurity in 2018, up 8% from last year.

These figures show that enterprise executives need to understand cybersecurity’s macroeconomic implications and not treat it with microeconomic solutions. My 10-plus years as an institutional investor exposed me to shareholders and high-profile board members failing to prioritize cybersecurity as a seriously viable threat to shareholder value. It is increasingly imperative for C-suite members to regard cybersecurity as a macro-level issue that must be monitored for the sake of the entire enterprise.

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