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☐ #1: Multi Factor Authentication (MFA) for anyone with access to Financials, Banking, Wires, ACH, or Credit Card Processing However, not implementing these basics is akin to never getting regular checkups, not exercising, eating poorly, and then being surprised when you have health problems. I also want to note that this list will not protect against everything, so companies still need to put in protections against other specific risks they have that are unique to the company structure and organization.

I’ve formatted this as a checklist, so any board member can use this to quickly verify that their company is doing what should be standard best practices. However, I think you will agree that there is absolutely no reason not to follow these best practices, because they are all low cost, relatively easy to implement, and they dramatically reduce key risk and hacker target areas for a company. Obviously cyber defense is a layered solution, and specific risks differ based on a company industry, information processed, and countries that you operate in.

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I know many boards struggle with how to oversee cyber security risk at the firm, and therefore I wanted to help educate the Corporate Director community about what I believe needs to be in “ The Cyber Basics” for any size company that is big enough to have a Board of Directors. These Cyber Basics are not costly, but they do dramatically reduce the risk to the company of many types of typical cyber breaches. What is most surprising to me is that I’ve found too many companies don’t even implement what I call “ The Cyber Basics” to dramatically reduce the risk of cyber-attacks. I happen to work with multiple companies from public, to private, to non-profit.

This makes Cyber the topmost risk by a fair margin, over even Economic Uncertainty at #2. Boards now rank Cyber Security either the #1 risk (22%) or in the top 5 risks (57%) for their companies according to the 2019 Global Cyber Risk Perception Survey by Marsh & McLennan Companies (one of world’s leading insurance brokers and risk advisor).