Maintaining Leadership and Credibility After a Cybersecurity Breach - Ep 99

Reimagining Cyber - real world perspectives on cybersecurity

In this episode of Reimagining Cyber Rob and Stan look at the staggering costs and ongoing epidemic of data breaches and ransomware attacks. Did you know that the average cost of a mega breach involving 50 to 60 million records is a jaw-dropping $332 million? Ransomware, though less expensive, still costs businesses an average of $4.5 million per attack. It's clear that organizations must be better prepared to face these threats.

To shed light on effective strategies and insights Rob and Stan are joined by Shamoun Siddiqui, VP and Global CISO of the Upbound Group. He helps answer the burning question: Can businesses ever be truly breach-proof, even with unlimited funds? Shamoun emphasizes that while complete security is unattainable, companies can operate with risk management strategies, acknowledging limitations in funding, talent, and technology.

Shamoun shares real-world examples of vulnerabilities exploited during modernization efforts and stresses the importance of maintaining robust cybersecurity programs. He offers invaluable advice on building business justifications for cybersecurity investments, communicating effectively with boards of directors, and focusing on core security controls like multi-factor authentication and privileged access management.

He also delves into the critical role of external relationships with law enforcement and forensic companies during a breach, and how these interactions can impact the outcome. Shamoun highlights the importance of having a pre-established plan, managing internal and external communications, and the necessity of resilience and recovery strategies.

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