Board directors continue to up their investment in cybersecurity. Seventy-three percent now say their organization requires that third-party vendors meet certain cyber risk requirements—up 30 percentage points from 2016, according to the 2018 BDO Cyber Governance Survey.
This increase in requirements and investment is warranted. During 2018, we have seen a 350% increase in ransomware attacks, a 250% increase in spoofing or business email compromise (BEC) attacks and a 70% increase in spear-phishing attacks in companies overall. Further, the average cost of a cyber-data breach has risen from $4.9 million in 2017 to $7.5 million in 2018, according to the U.S. Securities and Exchange Commission.
Read more about the increasing cyber risk requirements on IndustryWeek.