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NASSAU, BAHAMAS – There are an estimated 22 thousand cyber security attacks daily, roughly one every 39 seconds.

Globally, cyber attacks are at happening at an immense, accelerating rate.

The majority of cyber attacks are driven by phishing, ransomware, and automated bots, with repair costs to businesses in the hundreds of millions.

For a second year, ALIV Business has given industry and even some government agencies an opportunity to learn about the latest threats and safeguards.

One of the takeaways, a cyber attack is costly – from damaged infrastructure to managed services, they add up quickly.

Cable Bahamas’ Director of Information Security, Shakera Johnson, is acutely aware of what the cost “could be.”

Shakera Johnson – Director of Information Security, CBL

“The cost of paying another organization to come and help you rebuild…or the cost of this may be associated with reputational damage, because your customers no longer trusts that you are securing their data.”

With more and more bad actors engaging in new technology and the use of AI, the risks are greater, with higher stakes.

The bottom line is that better security is needed to fend off these attacks.

Shakera Johnson – Director of Information Security, CBL

“So it is very important that you balance the risk and the reward of cyber security programs, which includes the tools or the people that can work in favor and be able to protect the organization’s sustainability.

However, that protection is coming at a cost, adding to the already mounting cost of doing business.

Shakera Johnson – Director of Information Security, CBL

“Tools come at a cost. Talented, skilled, cyber security professionals come at a cost. So, you should bake that into your strategy because at the end of the day all of us are in business to make money., and anything that disrupt your ability to do so, you should be aware of it.”

Like other business costs, you need to be able to show the cost benefit or what Johnson describes as the business enabler.

Shakera Johnson – Director of Information Security, CBL

“When you think about the fact that you as an organization can attract customers on the basis of having a strong cyber security program that establishes or repositions the cost as competitive advantage.”

Globally, projections show 76% of all organizations suffer at least one ransomware attack per year, and 96% of the ransomware attacks specifically target back up locations and repositories.

Its something to think about the next time you log on, whether it’s your business or not.