I was reading an article in a security publication a few weeks ago and was struck by the changing thoughts around big risks to businesses and the economy.
During a recent speech by Federal Reserve chairman Jerome Powell he said “The world changes. The world evolves. And the risks change as well. And I would say that the risk that we keep our eyes on the most now is cyber risk,” he said, adding that the concern was shared by multiple governments and private businesses.
His comments aired on a 60 Minutes episode where he went on to say there was a bigger risk to the US economy from cyber-attack than anything else. Stop and think about that for a moment, out of all the changes from coronavirus, businesses re-opening, stimulus and infrastructure bills, inflation, or anything else you can name; cyber risk tops them all. This should be a wakeup call for every business owner to re-assess the cyber risks present in their business.
If your business is not following one of the many cyber frameworks to assess risk and making security a part of business planning, it’s leaving to chance what is now viewed as the largest risk. It’s time to acknowledge that business growth can’t be achieved without focusing on mitigating cyber risks as they evolve and grow.