Leading the charge: The ESG imperative in safeguarding critical infrastructure
The rise in cybersecurity attacks targeting critical infrastructure has become an urgent national security concern, impacting business operations and community safety. A recent SP Global report reveals that physical security incidents on the U.S. power grid, which resulted in measurable outages, increased by 71% from 2021 to 2022. This highlights the vulnerability of essential services like energy, utilities, and power grids and the serious consequences of any disruptions.
Cybersecurity risks are just as alarming. According to Morningstar Sustainalytics, nearly 38% of utility companies worldwide had weak cybersecurity management practices in 2022, leaving critical systems exposed to potential cyberattacks that could disrupt energy supply, endanger public safety, and destabilize operations. The increasing use of connected devices in these sectors only adds complexity, opening up more opportunities for cybercriminals to exploit vulnerabilities.
SIGNIFICANT CYBERSECURITY LAPSES
One example of how significant cybersecurity lapses can be is the 2017 Equifax data breach. Hackers took advantage of an unpatched vulnerability in Apache Struts despite a public warning. The breach exposed the personal information of 143 million Americans and cost the company over $1.4 billion in damages. This breach shows the catastrophic consequences that can arise when corporate boards do not treat cybersecurity as a top priority.
Additionally, the 2025 breach of multiple Australian pension funds further highlights how vulnerabilities in financial systems can have real-world consequences. Cyberattackers targeted major funds like AustralianSuper, Rest Super, and Hostplus, leading to the theft of A$500,000 from compromised accounts. The breach not only jeopardized the financial assets of millions of members, but also tarnished the reputation of the funds involved. This is a stark reminder that any institution with assets is vulnerable to a cyberattack.
A RISE IN DEVICE ADOPTION
The growing reliance on connected devices in critical infrastructure is projected to continue to climb globally. Statistica's 2024 Transforma insights predict a sharp rise in device adoption across these sectors. While these devices bring significant efficiencies and innovations, they also open the door to new cybersecurity risks. As the attack surface increases with each new device, the potential for vulnerabilities to be exploited grows, intensifying national security concerns and increasing the risk to critical systems.
Cybersecurity breaches that expose customer data or compromise critical infrastructure also raise major environmental, social, and governance (ESG) issues. These breaches can severely damage company reputations, erode public trust, and destabilize society. Protecting infrastructure is now about more than just business continuity—it's about fulfilling corporate social responsibility and ensuring the long-term success of the organization.
PRIORITIZING CYBERSECURITY
Given the scale of these risks, corporate boards must prioritize cybersecurity. Securing critical infrastructure is no longer optional—it's a national security priority. Boards must ensure that robust cybersecurity measures are not only implemented but also continuously tested, updated, and aligned with the constantly evolving threat landscape. Failing to act leaves organizations open to substantial financial, operational, and reputational harm, making cybersecurity an essential part of their leadership duties.
As critical infrastructure becomes more interconnected, ensuring its security is essential to preserving the availability, integrity, and reliability of essential services. Collaboration among industry leaders, government entities, and cybersecurity experts is necessary to develop and implement strategies to protect these systems from growing threats. The need for coordinated action and strong security frameworks has never been more urgent.
Securing critical infrastructure isn't just about protecting business assets; it's about safeguarding our communities, ensuring the continuity of essential services, and protecting national security. As connected devices continue to be adopted, cybersecurity must remain a top priority, particularly within sectors that provide vital services. Corporate boards must make cybersecurity a central part of their strategy, ensuring it is prioritized to support the long-term resilience and viability of their organizations.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
an hour ago
- Miami Herald
Scott Galloway has bold prediction on Social Security, US economy
As workers in the United States approach retirement, it's natural for them to worry about Social Security and how it will support their financial well-being in their post-career lives. Notable entrepreneur Scott Galloway, the popular podcaster and New York University professor, offers his views on the future of Social Security - and another looming threat that serves as a growing problem for the U.S. economy. Don't miss the move: Subscribe to TheStreet's free daily newsletter Recent reductions in staffing appear to have caused inefficiencies in the federal program, leading to issues such as extended wait times for phone assistance, raising concerns among both current and future Social Security beneficiaries. An even greater worry is long-term financial stability. Without intervention from lawmakers, Social Security's trust funds are projected to be depleted by 2033. If this happens, monthly payments may be cut to roughly 80% of what recipients currently anticipate. Related: Scott Galloway sends blunt message to Elon Musk The Social Security Administration reports that the average monthly payment stands at $1,976 - amounting to around $23,712 per year - which falls short of the financial security many retirees seek. Adjustments for the cost of living (COLA), designed to increase Social Security payments, do not always keep pace with inflation. Additionally, economic uncertainty - especially during market downturns or recessions - can heighten concerns that individuals may rely on Social Security more than they originally planned. Galloway discusses Social Security solvency and increasing worries about the U.S. national debt - particularly regarding the political stalemate that fuels inaction on solving the problem. As we discussed, action from Congress is needed to avoid Social Security recipients losing out on about 20% of the expected value of their monthly paychecks. But in his book, "The Algebra of Wealth," Galloway explains that he does not believe that is likely to happen. That is because he believes politicians on Capitol Hill are very well aware of the fact that people nearing retirement or already receiving Social Security benefits are more likely to participate in elections than those of other age ranges. "Old people keep living longer, and they vote, so we're more likely to get rid of schools, the space program, and half the Navy before we fail to fund Social Security," he wrote. More on retirement: Dave Ramsey sounds alarm for Americans on Social SecurityScott Galloway warns Americans on 401(k), US economy threatShark Tank's Kevin O'Leary has message on Social Security, 401(k)s Galloway also addressed another looming crisis for the U.S. economy: the national debt. And the future of this growing concern is in the hands of legislators right now. Related: Dave Ramsey sounds alarm for Americans on Social Security The ambitious "Big, Beautiful Bill" currently working its way through Congress faces pushback from multiple fronts. After narrowly clearing the House, the debate in the Senate is becoming increasingly tense, driven by opposition from Republicans, influential tech figures, and policy experts. The Congressional Budget Office estimates that the bill would add $2.4 trillion to the national deficit over the next decade. Beyond fiscal concerns, researchers from the University of Pennsylvania and Yale have cautioned that reductions in Medicaid and nursing home funding proposed in the bill could result in an additional 51,000 deaths annually, according to Galloway's Prof G Markets newsletter. The bill's threat to the national debt is not surprising, Galloway explained, citing his understanding that it increased by $8 trillion during President Donald Trump's first term. Galloway credits Elon Musk with drawing attention to the conversation about the deficit. "Still, no one in this so-called deficit debate is talking about raising revenues," Galloway wrote. "If we want to reduce the deficit in any meaningful way, we have to be honest about the trade-offs. That means raising taxes on the wealthy, or cutting back on large-scale programs like defense and Social Security." "But no one wants to say that out loud," Galloway continued. "So, instead, we get this sideshow - rage tweets, personal feuds, and performative austerity - instead of a serious conversation about how we fund the government." Related: Shark Tank's Kevin O'Leary sends strong message on Social Security The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Business Upturn
an hour ago
- Business Upturn
SBA Administrator Kelly Loeffler Calls on California Governor Gavin Newsom to Request Disaster Declaration for Small Businesses Impacted by L.A. Riots
By GlobeNewswire Published on June 10, 2025, 06:15 IST WASHINGTON, June 09, 2025 (GLOBE NEWSWIRE) — Today, Kelly Loeffler, Administrator of the U.S. Small Business Administration (SBA), called on California Governor Gavin Newsom to request an SBA Economic Injury Disaster Loan (EIDL) Declaration to authorize the agency to begin delivering urgent assistance to small businesses across Los Angeles that have been ransacked by rioters since civil unrest began last week. The agency stands ready to deliver critical aid to innocent American victims – whose storefronts have been looted and destroyed by the migrant mob that is wreaking havoc in defense of criminal illegal aliens. 'We're giving Gavin Newsom the opportunity to stop siding with criminal illegal aliens and start siding with law-abiding Americans – many of whom have lost everything to the violent and destructive riots across Los Angeles,' said SBA Administrator Kelly Loeffler. 'The migrant mob has looted stores, destroyed storefronts, and committed criminal acts of vandalism against our small businesses. Although local leaders are allowing Los Angeles to burn, federal partners are ready to help American citizens rebuild – and we will do so, as soon as the Governor answers their call for help.' For the safety of employees and small business owners, Administrator Loeffler recently announced that SBA would be relocating its Regional Office out of Los Angeles due to the city's refusal to cooperate with U.S. Immigration and Customs Enforcement (ICE). The Regional Office is located mere steps from the violence that continues to occur in downtown Los Angeles – and where U.S. Marines have been deployed to restore order. The SBA has provided the state of California with all relevant information needed to request an EIDL Declaration – which will allow small businesses in Los Angeles to apply for low-interest, long-term loans of up to $2 million to help them rebuild following the catastrophic violence of this weekend. Given the urgency of the situation, the SBA is committed to approving any such disaster declaration as soon as it is submitted by Governor Newsom. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Hamilton Spectator
an hour ago
- Hamilton Spectator
Elbows-up tourism surge could see sector ‘eke out' a gain even as Americans stay away
From the front desk of Hotel Bedford in Goderich, Ont., Lynda Cross welcomes guests from regions ranging from southern Ontario to the South Pacific. 'A lot of them come from Toronto,' said the manager, standing just inside the Romanesque arches of the 129-year-old establishment. 'Just lately, we've had a few groups come from Australia' — a first, she said. But one crop of tourists has been conspicuously absent this year: Americans. 'May and June have been slow.' A groundswell of economic patriotism has stoked curiosity in Canadian destinations, fuelling a domestic bookings surge as travellers turn away from cross-border trips. But a drop in American visitors north of the border and fears that many Canadians will simply stay home to save money has many wondering whether homegrown and overseas tourism can make up for the stateside decline. Canadian vacationers' boycotting the U.S. could net this country's tourism sector up to $8.8 billion in extra business this year as travellers explore spots closer to home, according to a report from the Conference Board of Canada. An April survey on travel intentions prompted the group to predict a windfall despite fewer border crossings this year by American tourists — Canada's largest source of inbound travellers by far. The number of Americans who visited Canada by car fell nearly 11 per cent in April compared with the same month last year, the third straight month of year-over-year decreases, according to Statistics Canada. While trip numbers for Canadians heading to the U.S. have fallen off far more steeply as part of a backlash against U.S. President Donald Trump's tariffs and '51st state' threats, Americans' more moderate pullback owes to factors ranging from pinched pocketbooks to fears of feeling unwelcome to angst over the border crossing on the drive home. The American retreat could hit communities that hug the border especially hard. 'Border towns that have tended to experience the shorter, more frequent back-and-forth visits — those are going to be communities that are going to be more heavily affected,' said Andrew Siegwart, who heads the Tourism Industry Association of Ontario. Duty-free stores have seen their revenue drop by 60 to 80 per cent in the last few months, according to an association representing 32 of the mostly mom-and-pop shops. Whether overseas travellers can make up for much of the lower American traffic across the country is questionable. Visitor volume from China, previously a key source of tourists, sat at 40 per cent of 2019 levels last year amid ongoing restrictions on group travel to Canada, according to Destination Canada. The federal government imposed new visa requirements on Mexican visitors last year, making it harder for tourists from that country to come. 'Travel from India has also been down for a number of reasons. So it's going to take some time,' said Siegwart. However, many America-averse Canadians are spending their travel budget in their own backyards. More than half of respondents to a survey released Monday by Ontario's travel regulator said they were more likely to make excursions closer to home, with the trend holding across all age groups. 'It could be a year where we manage to stay on par with last year, or maybe even eke out a little bit of a gain,' said Siegwart. But he acknowledged the hurdle of consumer anxiety over the economy. 'I'm cautiously optimistic,' he said, 'but it's too early to tell.' Summer bookings were either the same or higher than last year at two out of three businesses surveyed by the association in a poll released last month. John Steele, who owns seven hotels in Newfoundland and Labrador and one in Fredericton, said visitor levels look 'pretty good' at most of his properties but softer in Gander. New direct flights to St. John's from London and Paris have made it easier for international travellers to come from away. 'Air access seems to be improving for us. That's a big thing for us,' Steele said. At Okanagan Wine Country Tours in British Columbia, bookings from Europe and the United Kingdom have risen about 20 per cent year-over-year, said partner and manager Marsha Morrish. 'The traffic from Quebec is up substantially,' she added. Americans are more tepid — even those who do head north. 'They did email me to do a bit of a temperature check on how Canadians were feeling about Americans visiting,' Morrish said, referring to a Colorado couple coming up to sample Pinot Gris. While there's a chance American tourist numbers could surge, it's unlikely to happen this year, Siegwart suggested — including for corporate gatherings. 'Some convention centres, both in Ontario and across the country, have seen some drops in American conference bookings.' Much of it has to do with personal safety and security, as some workers worry about how they'll be treated at the border. 'Depending on your immigration status, depending on if you're a member of an LGBTQIA community, if your gender markers or identities on your passports are different than your gender expression — all sorts of things like that are really coming into play,' Siegwart said. 'My colleagues south of the border are a little more cautious in how they plan things because of the unpredictable way in which their administration is conducting business.' On the flip side, there's more interest from corporate event planners in Europe 'who still want to come to North America but see Canada as a safer bet.' Some Americans remain undeterred though. 'I've seen way more people from the States this year,' said Wendy Mooney, owner of Country Hideaway RV Campground, which sits barely a kilometre from the border in the B.C.'s West Kootenay region. 'Some people just fly by the seat of their pants.' This report by The Canadian Press was first published June 9, 2025.
