Speculation has been swirling that Verizon may trim its $4.8 billion bid for Yahoo’s media assets after the target subsequently revealed its email service was infiltrated by state-sponsored hackers.
But, at least according to McAdam, the attack is no shock. And it shouldn’t really come as a big surprise to other CEOs either.
The frequency of cyber attacks against business has been increasing of late, with large companies such as professional social network LinkedIn, electronics giant Sony and British telecom TalkTalk making headlines for all the wrong reasons. Cyber crime is now the second-most frequently reported economic crime by business, behind asset misappropriation, according to a survey released this year by PwC, jumping from the fourth-most reported crime a year earlier.
However, as recently reported by Chief Executive, business leaders have been slow to prepare themselves and are still getting caught off guard. A recent investigation commissioned by security firm Tanium found that more than 90% of senior executives could not read a cybersecurity report and were not prepared to handle a breach.
The costs for victims range from financial losses associated with compensating affected clients, increased regulatory heat and a deep loss of consumer confidence.
So it stands to reason that Verizon would want to consider renegotiating its Yahoo offer. Even Ross Levinsohn, a former Yahoo CEO, said last week that Verizon should ask for a discount.
For his part, McAdam said Yahoo was still a valuable business, while indicating Verizon may already have factored in the potential for bad news.
“It’s not a question of if you’re going to get hacked, but when you are going to get hacked,” he reportedly told a technology conference in California on Monday.
“In fairness, we are still understanding what was going on and defining whether it was a material impact on the business or not.”
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
