The technology industry faces a host of challenges to protect its complex systems, data and users amid pervasive cyberthreats.
For midsize technology companies, in particular, the basics are often a good place to start, says Kurt Shenk, an RSM partner and and technology senior analyst. These predominantly private businesses, which often grow quickly due to organic growth, infusions of private capital, or acquisitions, are focused on scaling up, so they can have a blind spot for their cyber vulnerabilities, he says.
“Some of the things that might be second nature at a large firm are not necessarily in place at midmarket tech companies,” says Shenk, noting a lack of incidence response protocols, education around threats such as email phishing or a clear understanding of cybersecurity insurance coverage. “What’s the procedure, who is getting involved and how do you respond when something takes place?”
Even the best preparation cannot always thwart sophisticated attacks, says Shenk, who notes that several of his technology clients now find it necessary to keep bitcoin on their books in the event they fall victim to a ransomware attack and must pay bad actors to release their information.
