Cybersecurity can be an uncomfortable reality to face, especially if you’re unsure whether the protection you have in place is enough to withstand today’s threats. It’s the kind of uncertainty that lingers, quietly reminding you that one breach could change everything—and not for the better.
Just ask Colonial Pipeline, whose ransomware attack in 2021 brought fuel distribution to a halt, disrupting businesses and households across the East Coast and resulting in a $4.4 million ransom payment. A stark wake-up call, to say the least.
But if there’s any good news here, it’s that you’re not alone. Nearly half of financial decision-makers (46%, to be precise) told us in RGP’s recent Pulse Survey that cybersecurity concerns are the elephant in their boardrooms as well.
With ransomware and phishing attacks not only evolving rapidly but also becoming increasingly harder to detect, keeping your digital assets safe has become a full-time job—and then some.
Why It’s Top of Mind
Cybersecurity doesn’t live in a vacuum. It’s tied to every part of your operation, especially as AI continues to become more of a reality. Remember when AI was going to “make life easier”? Turns out, bad actors are also investing in it. Our Pulse Survey found IT operations and security rank as a top AI investment area for financial leaders. Translation: You’re doubling down on defenses because hackers are doubling down on offenses.
According to Forrester, cybersecurity investments in AI and automation are critical to staying ahead of increasingly sophisticated threats. The days of hoping antivirus software can keep you safe? Long gone. Now, it’s all about predictive analytics, automated responses, and having a team that knows how to stop a breach before it starts.
Make Cybersecurity a Part of Your Culture, Not Just IT
While AI and advanced tech tools are a must, don’t underestimate the human element. A Verizon report pointed out that 74% of breaches involve human error. That means even the most advanced firewall in the world won’t stop someone from clicking on a “Your Package Has Shipped!” email when they’re expecting a delivery.
So, what can you do? Training, training, and—you guessed it—more training. Make cybersecurity a part of your company culture, not just an IT mandate.
The Cost of Complacency
Ignoring cybersecurity isn’t just risky—it’s costly. IBM reports the global average cost of a data breach reached $4.45 million in 2023, with the financial sector experiencing some of the highest losses. Beyond the financial hit, reputational damage can be devastating, as customers lose trust and investors lose confidence.
Consider the fallout from a breach like the one at Equifax in 2017, where 147 million people’s sensitive information was exposed. The company spent over $1.4 billion was spent on settlements, fines, and remediation—not to mention the long-term damage to public trust.
The takeaway? Cybersecurity isn’t an optional expense or a “someday” investment. It’s a business imperative, one that requires ongoing vigilance, resources, and a strategic approach to stay ahead of the ever-evolving threats.
What’s Next?
If cybersecurity isn’t already a line item on your budget, it’s time to fix that. The stakes are too high to rely on outdated or piecemeal solutions. Prioritize systems that integrate seamlessly into your existing operations, and partner with experts who can help you anticipate and outpace emerging threats.
With deep expertise in cybersecurity and a commitment to tailored solutions, we help businesses stay ahead of the curve—strategically and proactively. Learn more about our approach to cybersecurity and protecting what matters most.
Cybersecurity isn’t just a concern—it’s the concern. But with the right partner and a plan that’s strategic, scalable, and focused on your unique needs, you can safeguard your business and your reputation with confidence. Contact Veracity today with your questions, and let’s build your defense together.
