Risk Prep: How to Secure Your Business Data

In today's Biz Pulse, gain insight into how:

• Ransomware attacks are becoming more severe and frequent, with demands reaching an average of $1.5 million in 2023, highlighting the urgency for upgraded defense strategies.
• Businesses can safeguard their operations by adopting five key privacy strategies in the age of AI, focusing on proactive data management and regulatory compliance.
• An intricate mesh of technology, geopolitics, and regulations pose significant challenges to businesses, emphasizing the need for robust risk management practices and adaptive strategies.

Each of these articles is penned by members of Forbes Business Council , successful business owners shaping the future of business.

Let’s dive in!

Ransomware Trends: What Businesses Need To Know

Janos Konetschni - Founder & CEO BeforeCrypt Ltd

Stay on top of escalating ransomware threats in 2024 by understanding recent trends and adopting protective measures. With ransom demands and sophisticated attack methodologies on the rise, forging a robust cyber defense becomes crucial.

Stay ready with these key ransomware insights:

???Increased Attacks: The shift to remote work during the pandemic has expanded network vulnerabilities, leading to more severe ransomware attacks, with average demands jumping to $1.5 million in 2023.

???Insurance Adjustments: Cybersecurity insurance landscapes are evolving. Premiums are rising, and new exclusions for state-sponsored attacks are being implemented. Companies need to scrutinize these changes closely to ensure coverage aligns with risks.

???Enhanced Security Mandates: Insurers now require firms to adopt stricter security measures like encryption and two-factor authentication, pushing businesses towards higher security standards.

???Triple Extortion Rises: 2023 saw an increase in triple extortion attacks, where cybercriminals not only threaten to leak data but also to involve clients and media, amplifying the pressure on businesses to comply with ransom demands.

???Targeted Sectors: Law firms are increasingly targeted due to their sensitive data holdings. Enhanced data protection and regular security audits are advised to mitigate risks.

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Five Privacy Tips For Businesses In The Age Of AI

Jodi Daniels - Founder, CEO & Privacy Consultant Red Clover Advisors

With new technologies and AI taking over, businesses face the challenge of updating their data privacy programs or risking severe repercussions. Equipping yourself with the right strategies ensures AI's rapid advancements do not take you by surprise.

Here are expert tips to help your business navigate and integrate AI without compromising privacy standards:

???Adapt to Jurisdictional Laws & Best Practices: Invest in privacy best practices universally and understand specific legal requirements within your jurisdictions, such as the California Privacy Rights Act and the EU AI Act.

?? Transparent AI in Privacy Policies: Detail how AI interacts with data within your privacy policies, addressing permissions and using AI by employees to ensure responsible management and compliance.

???Targeted Employee Training: Regularly train employees, especially those in data-sensitive roles like HR, on the nuances of AI tools to avoid data mishaps and enhance security protocols.

???Consumer Trust Through Transparency: Build consumer trust by being transparent about your AI-driven data collection and usage practices. Clearly communicate AI applications' purposes, impact, and management in consumer interactions.

???Prepare for Technological Evolution: Stay proactive by regularly updating your AI and data privacy strategies. Establish periodic reviews of AI regulations, implement annual data inventories, and promote ethical AI use within your company.

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Business Risk Preparation: The Interlocked World Of Technology, Geopolitics, Regulations, and Cybersecurity

Steven Durbin - CEO Information Security Forum

Businesses face new, unprecedented risks in the rapidly changing realms of technology, geopolitics, and regulations. Being open-minded and proactive in embracing change will help your organization navigate the complexities of modern business environments.

Here's how to stay prepared and resilient in the face of these challenges:

?? Geopolitical Supply Chain Risks: The Ukraine conflict illuminated critical vulnerabilities in global supply chains, stressing the importance of contingency planning. Businesses must understand the origins and supply channels of essential components, like those in smartphones, to avoid disruptions.

???Security & AI: As AI becomes integral to operations, its risks grow, particularly around data integrity. Businesses must ensure data in AI applications is secure, accurate, and untampered to prevent misinformed decisions based on flawed AI outputs.

?? Quantum Computing Environmental Impact: While quantum computing promises significant advancements, it also poses environmental risks through increased power consumption and heat production.

???Societal Impacts of Technology: Technological advances, especially AI, could disrupt millions of jobs, necessitating a transition to new job types and skills. Businesses should foster agility, flexibility, and creative thinking in their workforce to adapt to future changes.

?? Regulatory Challenges: With the proliferation of complex regulations like GDPR and the EU AI Act, businesses, particularly small ones, struggle with compliance. This calls for more collaborative approaches to regulatory alignment and realistic solutions for navigating the regulatory landscape.

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Wrapping Up

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