PKF Texas: The Entrepreneur’s Playbook® - Cyber Crimes

Protect your data and your business from cyber attacks.

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Greg Price
Episode: 264
June 26, 2010

Summary:

Are you protected from a cyber attack? Most companies are not, despite the importance of their electronic information. Greg Price has some information YOU should hear.

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Greg: This is Greg Price with PKF Texas' Entrepreneur's Playbook.

Spyware, trojans, malware, botnets, social engineering, and other crimeware are working to get into your systems and steal your critical data and banking credentials. Are you protected from this onslaught of attacks? Even considering how prevalent cybercrime attacks are in today's business environment, a 2008 Deloitte study found that 65% of US companies do not have a documented process to assess their cybercrime risk. The same study found that 95% of CFOs are not involved in the management of the information security risks despite the importance of financial data and the potential financial impact of a security breach.

The Internet Security Alliance and the American National Standards Institute recently published a framework to assist businesses with developing a comprehensive plan to deal with the financial management of cybercrime. The framework provides structure for the involvement of the entire organization in protecting and defending its assets. The report focuses on the following process areas:

Financial
Human Resources
Legal and Compliance
Operations and Technology
External Communications and Crisis Management
Risk Transfer and Insurance.

Companies should be particularly mindful of their electronic business assets, including intellectual property, customer records, bank accounts, and proprietary data.

Completing a detailed information technology risk assessment should provide a company with the knowledge they need to effectively begin to plan their mitigation strategy to combat cybercrime. Remember, the criminals are working equally hard to stay ahead of your processes and gain access to your assets. If they win, you lose....and maybe you lose your company.

To read and comment on the PKF Texas' Entrepreneur's Playbook, visit my blog, fromgregshead.com. And be sure to check out the new mobile ready website at PKF Texas.com - PKF Texas, The Fit That's Right!