“There are two kinds of companies — those that were hacked, and those that don’t yet know they were hacked,” cybersecurity expert Sunny Handa, D.C.L., recently told attendees at The Counselors of Real Estate® Annual Convention, quoting former Cisco CEO John Chambers. Noting the global hacker economy is three to five times the size of the security industry, Dr. Handa warned that any organization can — and probably will — be hacked.
And with the “Internet of Things” (IoT), intrusions are much more frequent than expected: an attack on an interconnected-device — such as lighting systems, company computers and printers, HVAC, even medical devices — takes place every two minutes.
Successful security strategies include developing clear policies for company computer use, data use and passwords, and monitoring and enforcing those policies. Basic elements of a proactive plan include establishing a company-wide information security team, preparing a data map and data risk analysis, providing cybersecurity training for employees, developing a strict vendor management program, creating a specific plan to enact if there is an attack, and considering appropriate cyber liability insurance.
