Cyber risks: A critical part of your auditor’s risk assessment
How much does a data breach cost? The average has reached an all-time high of $4.35 million, according to the newly released “Cost of a Data Breach Report 2022.” As businesses and nonprofits increasingly rely on technology, cyberthreats are becoming more sophisticated and aggressive, and risks are increasing. Hackers may try to steal sensitive information about your organization’s employees and customers. Or they may steal valuable intellectual property. Auditors factor these threats into their risk assessments. They can also help draft cybersecurity disclosures and brainstorm ways to mitigate your risk of an attack.