Why Businesses Need to Invest in Cybersecurity and How We Can Help

As businesses continue to grapple with challenges related to labor shortages, logistics, and lingering uncertainties surrounding the pandemic, Curtis Reed, Chicago Region Manager for Middle Market Banking & Specialized Industries at JPMorgan Chase Commercial Banking, recently shared insightful and informative advice for midsize businesses in the Chicago Business Journal. 

Among his advice: invest in cybersecurity.

“Recent ransomware attacks have shown that companies of all sizes and industries are vulnerable to cybersecurity attacks,” he wrote. “To thwart potential ransomware attacks, business leaders may consider steps including regularly testing backups, keeping up to date on software and continually developing resiliency plans.”

We echo Curtis Reed’s advice, and encourage you to also draft, review, and possibly update your privacy policies in conjunction with any cybersecurity investments. According to data recently shared by Forbes, the average data breach costs $3.92 million. But for every dollar spent on privacy, the average company realizes $2.70 in related benefits, with more than 70% of businesses saying they see significant business benefits from privacy investments, including operational efficiency, agility, and innovation. 

Led by LP Partner Lisa Vandesteeg, the privacy and cybersecurity team at LP is available to assist with your privacy- and cybersecurity-related needs. Lisa is a Certified Information Privacy Professional for the U.S. Private Sector by the International Association of Privacy Professionals, the world’s largest information privacy organization, and she frequently advises clients on cybersecurity and privacy compliance and regulatory issues. She also guides clients in developing and implementing information security programs that are reasonable and appropriate for their specific business needs and risks, as well as advising them in responding to data breaches.

We would be happy to review your existing privacy policies and assist with drafting any necessary updates as well. Please don’t hesitate to reach out.