Although conducting regular security risk assessments (SRAs) may seem like a hassle, the cost of failing to conduct them and therefore failing to remediate risks is much worse. Penalties can include millions of dollars in fines, civil and criminal litigation, restitution, and damage to institutional and professional Intellectual Property and reputations.
A recent study by Deloitte showed that the amount of money an organization spends on cybersecurity doesn't automatically translate to better security. Factors that did affect security were top-level accountability, a culture that emphasized shared responsibility for security, and a risk-focused approach to mitigating security threats.
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