Tuesday, March 27, 2018
"Companies are dealing with very rapid change across multiple fronts," stated Miro Parizek, founder and principal partner at Hampleton Partners. "It's a case of digitally transform or die." He added that they are turning to mergers and acquisitions to quickly and effectively navigate the shifting landscape and satisfy the increasing service expectations of their customers.
Parizek pointed to increasingly sophisticated cyberattacks, which he said are fueling interest in advanced security solutions, data management and analytics tools that protect companies from malicious attacks and malware infections.
BakerHostetler urges companies to be "compromise ready" by improving risk management practices and planning for worst-case scenarios and cyberattacks. The company's 2018 Data Security Incident Response Report found hackers compromised all types and sizes of businesses in 2017. "Size doesn't matter regarding the likelihood of being breached," they wrote. "In the incidents covered by the Report there was a fairly even number of incidents by entities with revenues between $10 million and $100 million, $100 million and $500 million, $500 million and $1 billion, and $1 billion and $5 billion – with mere percentage points separating those categories."
Theodore J. Kobus III, leader of BakerHostetler's privacy and data protection practice, said companies need to take an "all-in" approach, from boards to senior management, to reduce the risk of attacks and lessen their severity when they do occur. "The stakes are higher than ever, but some entities still are not executing on the basics," Kobus said. "Many have made great strides in their cybersecurity planning, but as threats evolve and entities change, they must also keep their security protocols current."
Following are additional recommendations BakerHostetler researchers offered:
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