The Cyber Defense eMagazine November Edition for 2023

fell -11.3%, and underperformed the NASDAQ by -11.9%. And after three years, the average share price
was down by -15.6% and down against the NASDAQ by -15.6%.
The impact of cyber risk on corporate balance sheets extends even further. Last year, the Wall Street
Journal reported that credit-rating firms are warning companies about cyber risks and issuing reports on
how attacks could affect their credit ratings. This has serious implications for companies as a cyber risk
downgrade in credit rating can negatively impact shareholder value and investor confidence.
Evolving data privacy and security regulations present another financial risk, with regulators stepping up
enforcement and issuing record fines for compliance violations. Data protection supervisory authorities
across Europe have issued a total of €1.64 billion ($1.74 billion) in fines since January 28, 2022,
representing a year-on-year increase in aggregate reported GDPR fines of 50%.
The right mobile messaging tools reduce enterprise risk
The growing frequency and sophistication of cyber threats present existential levels of cyber and financial
risks for enterprises today. The practice of using unsecure mobile messaging apps in the workplace
needlessly increases these risks.
Using enterprise-grade secure mobile messaging technology mitigates cyber and financial risks in
business communication. This technology reduces the attack surface, providing no point of entry for
malicious hackers intent on accessing sensitive enterprise data.
Mobile messaging platforms designed for the enterprise feature end-to-end encryption (E2EE), protecting
data at rest and in transit and ensuring that only the sender and receiver can read messages. Secure by
design collaboration technology like this provides employees with a convenient and frictionless way to
share ideas, files, and data without the risk of data leakage or exposure.
These platforms also reduce risk with robust administrative controls that enable centralized account
management, file sharing and policy compliance, remote wipe, real-time reporting and other capabilities,
giving IT departments the control mechanisms, they need to securely manage the distribution of
information across the enterprise.
Providing employees with user-friendly mobile messaging tools that don’t compromise security or
compliance is a risk management strategy that eliminates the use of unsecure mobile messaging apps.
When employees have the secure tools they need to optimize their work experience, productivity
increases and cyber risk decreases.
Today, organizations need to ban the use of unauthorized messaging apps and adopt enterprise-grade
platforms to protect their networks and systems from the cyber threats that create cyber risk nightmares
and financial risk disasters.
Cyber Defense eMagazine – November 2023 Edition 71
Copyright © 2023, Cyber Defense Magazine. All rights reserved worldwide.