19 Jul Boardroom Executives Are Taking Cyberattacks As Seriously As Heart Attacks
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This week in cybersecurity from the editors at Cybercrime Magazine
– Read the Full Story in Newsday
Sausalito, Calif. – Jul. 19, 2024
Newsday reports that in the first half of 2024 one billion individuals had their data exposed in multiple incidents due to third-party breaches, according to a report by the San Diego-based nonprofit Identity Theft Resource Center.
The largest was the data breach at Ticketmaster, which affected 560 million accounts when customer data was stolen from a vendor it uses, Snowflake, a cloud-based data storage company.
These types of events are known as supply chain attacks in the cybersecurity industry, said Steve Morgan, founder of Northport-based Cybersecurity Ventures and publisher of Cybercrime Magazine.
Cybersecurity Ventures estimated the global cost of supply chain attacks to businesses would reach $60 billion in 2025, based on 15 percent annual growth. The growing cost of cybercrime has led corporate leaders to take notice, he said.
“Now that boardroom and C-suite executives have learned the hard way, they are taking cyberattacks as seriously as heart attacks,” Morgan said.
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