Statement from CEO Alex Pezold
Whether we’re reading headlines or scrolling through timelines, it seems everywhere we turn we encounter troubling news. Coronavirus has reached pandemic status, Russia’s negotiations with OPEC have sent oil prices tumbling, and the uncertainty of a U.S. election year has the international community holding its breath. These issues have combined to create a perfect storm of financial volatility that’s significantly impacted travel and global markets, sinking the stock market to more than 10-year lows.
The confluence of these economic factors has created a unique situation that’s affecting the availability and liquidity of financial resources, and as costs that don’t contribute to core competency or competitive advantage are reduced, cybersecurity investment likely will be as well. But be wary of the unforeseen consequences of operating in “survival mode.” Hackers are very much aware of the tendency to undervalue cybersecurity, and they are anticipating a reduction in the level of effort required to execute a data breach. Even major brands with substantial cybersecurity resources are being breached, and the complexity and frequency of these breaches are only increasing.
It isn’t time to panic yet, though. Just because things haven’t been going well doesn’t mean the world is truly on fire. With the proper precautions and financial considerations, organizations can weather this storm and continue to move forward. Just as patients can be quarantined and spending reduced in nonessential areas, the impact of breaches can be minimized via proper data protection practices.
TokenEx is no stranger to economic uncertainty. We were founded in 2009 amid the fallout of the 2008 economic collapse, and we actually grew during the oil bust of 2015. As a result of these experiences, we understand the challenges associated with financial instability, and we want to help you through this difficult time. Hackers will look to exploit this moment of vulnerability, so now is not the time to pull back on investments in cybersecurity. Failing to properly prioritize security concerns or choosing not to improve your risk posture can make you an easy target for a breach. Suffering a breach at a time like this could be devastating and far more costly than the temporary effects of an economic downturn.
You can feel confident in knowing that TokenEx is ensuring your data is safe. No matter the situation, we will deliver on our vision of protecting the world’s most sensitive data from breach. With over 10 years of experience enduring economic storms, we are the ship that will continue to sail.
TokenEx Co-Founder & CEO