Businesses face a landscape of constant attack and inconsistent regulation when it comes to cyber threats, but the good news is that organizations can take measures to protect themselves from vulnerabilities. These and more topics were discussed at OCBC’s second Cybersecurity Task Force meeting Friday featuring guest speakers Robert Bowen, Western Digital; and Matt Ehrlich, Experian. Bowen discussed the tremendous inconsistency in data breach regulations as there is currently no federal standard on notification and remedial actions when a company experiences a cyber attack. Additionally, while many in the private sector often want to work with government to combat cyber issues, there are very real and serious legal concerns that must be addressed in any upcoming legislation, such as liabilities regarding information sharing and ultimately what parties are financially responsible for remedial efforts after an attack occurs. Ehrlich discussed the types of trending threats that businesses should be aware of, and outlined steps that companies can take to prepare for those threats.
One of the most popular, as well as damaging, is a type of attack called “Spear Phishing,” which is when a hacker impersonates a CEO — or some other member of an organization in a position of high-level authority – who contacts employees and directs them to wire funds as part of a business negotiation. Ehrlich suggests that companies should conduct frequent and often simple risk assessment tests to understand an organization’s vulnerability to “Spear Phishing” and other detrimental attacks. OCBC and Microsoft Community Connections hosted the second Cybersecurity webinar in its series that focused on Incident Planning and Response. The webinar focused on the importance of having a plan and system in place before a cyber event, not after. Every organization must have a system of communications, insurance, legal, and IT professionals in place to respond swiftly and effectively. CLICK HERE to watch a recording of the webinar and learn more. CLICK HERE for a complete schedule of OCBC’s upcoming cybersecurity webinars and task force meetings. For more information, contact Matt Petteruto, Vice President, Economic Development.