05/10/2021 | Press release | Distributed by Public on 05/10/2021 06:09
Washington, DC, May 10, 2020 - Most equipment leasing and finance companies have some form of cybersecurity defenses in place, but are still vulnerable to cyberattack due to the rapidly advancing tactics and techniques used by modern attackers, according to a new study, Cyber Risk and Security in the Leasing and Finance Industry, released by the Equipment Leasing & Finance Foundation (Foundation). The report provides analyses of current and future industry threats, cyber defenses, regulations and trends in compliance, practical advice for securing any size organization, and much more in this comprehensive examination of the vast subject of cybersecurity.
Among the wide range of issues in the study are:
• Industry adoption - The dizzying pace of technology adoption that is one of the most significant drivers of competitive advantage and gains in operational efficiency has left equipment finance companies at increased risk for cyberattack.
• Threats - Well-funded criminal organizations and nation-states now have access to tools and capabilities that can penetrate even the best defended organizations. Ransomware attacks increased 98.1% in the United States through Q3 2020, and there is a new victim of ransomware every 10 seconds worldwide.
• Compliance - The compliance landscape for equipment finance companies has never been so complex. All 50 states including the District of Columbia, have enacted data breach notification legislation.
• Response - Successfully managing organizational cyber risk requires constant vigilance to understand the environment's threats and adopt an agile risk management methodology while balancing compliance requirements. This is an impossible task for the security team alone and requires a total organizational commitment to information security goals and practices.
'As the equipment finance industry continues its rapid adoption of technology and digitalization, cyber risk and cybersecurity are critical concerns,' said Tom Ware, Foundation Research Committee Chair. 'This thorough study provides valuable insights and actionable steps for equipment finance professionals to use in securing their organizations.'
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The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that propels the equipment finance sector-and its people-forward through industry-specific knowledge, intelligence, and programs that contribute to industry innovation, individual careers, and the overall betterment of the equipment leasing and finance industry. The Foundation is funded through charitable individual and corporate donations. Learn more at www.leasefoundation.org.