Cybercrime – a digitalized form of financial crime that stands to be even more devastating to businesses the world over – has become a major business risk. Given their holistic organizational perspective, CFOs are ideally placed to understand the sophistication of hackers and how exploitable their own organizations can be; even more so than anyone else in the C-Suite.

The Ponemon Institute and IBM Security survey also found that remote work is negatively impacting the average cost of a data breach and the response time for remediation.

One particular vulnerability that surrounds the use of video management systems and connected devices is complacency. Despite the rising occurrence of data breaches, awareness of the needs of tighter security when installing and using a VMS is yet to catch up. It must be stressed that even the most basic of security errors can ultimately place a system in jeopardy.

You can reset your PIN after a data breach, you can reset your password after a data breach, you can reset your security questions after a data breach – but can you reset your face? Sure, there’s surgery, but clearly that’s asymmetry of the amount of effort you’ll need to expend in response to a vendor’s careless handling of biometric data. Subsequent resets could get even weirder. This elevates identify theft to a whole new level.

In KSA and UAE, breaches cost companies $188 per lost or stolen record on average, which represents an increase of 8.5% from 2019. Healthcare was found to incur the highest per record cost of a data breach, followed by Financial Services and then Technology.