A year ago, notes the Security blog, Yahoo’s board agreed to pay $29 million to its shareholders after cyberattacks that compromised three billion Yahoo user accounts. “It was the first time shareholders had successfully held a company responsible for data breaches. And it is a loud warning to corporate boards that they must start paying attention to cyber risks.”
The lesson? Corporate directors need to get involved in fighting cybercrime; it’s a real, and growing, security risk.
When corporate staff and officials lock onto such danger, it’s called an insider risk. Such threats are growing and costing companies “an average of $8 million per incident.” And “the vast majority of insider threats (64 percent) are the result of negligence and lax employee behavior, while 13 percent come from user credentials being compromised.”
We’ve reported on such corporate cyber hazards before. It’s time to pay them heed, before they get even worse.