Thomson Reuters has released a white paper to help firms protect themselves from a cybersecurity breach at a time when IT security concerns permeate internal control at even the smallest companies. The paper, How Small and Mid-Sized Entities Can Protect Themselves from a Cybersecurity Breach, provides guidance on how to develop a robust information security strategy that includes the application of preventive, detective, and reactive controls.
In today’s modern business environment, every system exposed to the Internet or other external interfaces must be protected against digital intrusion. Any weakness in information security can instantly place an entire organization in peril, potentially resulting in major business disruption, penalties and fines, consumer lawsuits, and the potential for prolonged reputational damage. Further complicating matters, companies must defend themselves against an ever-increasing number of threats, including identity theft, stolen payment card information and intellectual property, manipulation of firms’ systems to generate fraudulent payments, ransomware and more.
This paper first examines how and why hackers contrive to compromise neglected, poorly designed, or under-protected information systems. It then outlines the crucial controls that companies should establish to bolster their defenses.
“Businesses now operate in a reality where, at any given moment, bad actors are attempting to hack into their systems with unknown objectives and unforeseen consequences,” said Anne-Lise Dorry, Senior Director, Corporate Finance Products, with the Tax Professionals business of Thomson Reuters. “The ever-changing state of information security can feel overwhelming for any business, especially small and mid-sized ones. This clear and concise guidance is meant to help such entities assess their current strengths and weaknesses.”
The paper further asserts that an organization’s information security program is only as strong as its weakest link and offers suggestions on how to raise awareness and secure a full commitment from all stakeholders, including employees, customers and vendors. It also provides a checklist with over two dozen questions to help assess risk.
To download the white paper, click here.
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