Companies Need To Plan For Handling A Cybersecurity Breach

Co-authored by Angela Carmichael, senior vice-president, senior partner and general manager of FleishmanHillard, Toronto.

Our shift to a digital society has seen the emergence of a new kind of crime: stealing data and attacking company networks, whether for financial gain, to send a political message, or sometimes simply to prove a point. Not surprisingly, this harsh reality of our digital economy has made cybersecurity a significant priority for organizations, senior management teams and corporate boards across Canada and the world.

The financial costs to defend against cybercrimes are not insignificant: According to Cybersecurity Ventures, it is expected that companies will spend $1-trillion (U.S.) cumulatively over the next five years on cybersecurity products and services. However, spending to defend against the crime doesn't address the reputational damage a data breach can have on an organization, or the longer-term revenue implications that result if in fact