Cybersecurity risks are becoming more systematic and more severe. Although the short-term impacts of a cyberattack on a business are quite severe, the long-term impacts can be even more important, such as the loss of competitive advantage, reduction in credit rating, and increase in cyber insurance premiums. They should not be ignored. To address these concerns effectively, companies need to: 1) Have a cybersecurity champion on the board to help set the tone for the organization, and 2) develop a long-term cybersecurity strategy, which should be a priority for every organization.
