Dive Brief:
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Following the Equifax breach, credit score company FICO is bolstering cybersecurity resources and efforts. The company hired a new CISO, Hilik Kotler, to start this week, according to the Wall Street Journal.
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FICO will invest an additional $10 million into its cyber department, said CEO William Lansing in an interview with the Wall Street Journal.
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The Equifax breach was a major wake-up call for FICO even though it was not personally affected. The company is particularly focused on acquiring the talent needed to upkeep effective security systems, said Lansing.
Dive Insight:
Companies with stores of sensitive data are taking a look inward as the Equifax fallout mounts. Breaches and other cybersecurity incidents — while certainly detrimental for some — bring about a necessary push for others to improve security.
FICO joins other large companies, like Google and Microsoft, in upping security measures since the breach. Millions or tens of millions of dollars of investments in cybersecurity may be difficult to appropriate, but the average data breach costs enterprises $1.3 million — plus hits to reputation and future customer bases, according to a Kaspersky Lab report. Since breaches are often more a factor of "when" than "if," companies need to be willing to make such investments.
Hiring qualified upper and mid-level managerial personnel is important, but companies should not forget to invest resources into technical positions. Close to half of IT professionals say their company does not have enough support for IT security training, and more than 60% say security teams are understaffed or facing a skills gap.
