As we continue to rely on technology more and more, we should also be increasingly thinking about protection. According to Cyber Security Hub, two-thirds of companies are spending more on cybersecurity in 2022 than last year — a pattern that should only continue.
On the heels of National Cybersecurity Awareness Month, it is the perfect time for business leaders and organizations to consider the cybersecurity safeguards they use to protect sensitive information. Cybersecurity can be a complex task for many organizations. Businesses, educational institutions and government entities often struggle to navigate the available options. Aside from IT professionals, finding the right solution requiressubject matter experts, a group of leaders who represent different lines of business, C-suite representatives and a thorough risk assessment to determine where to strike a balance between security and productivity.
Security is a constant discipline of due care and due diligence over time. It requires a mindset shift for employees and extends far beyond computers. Printers, scanners, fax machines, document management systems and other hardware and software solutions must contain the latest security features as well. While updating these devices may not be top of mind, neglecting them can pose a serious threat to your organization if compromised.
If you are just getting started, or need a refresher on cybersecurity, here are some of the first steps you should take:
It should be obvious why costs are on the rise; substantial disruption remains related to COVID-19, Russia’s invasion of Ukraine has disrupted supply chains and interest rates have been raised several times this year.
Clearly, then, rising costs are not simply a temporary issue that we must get through. We must instead carefully plan for how we will deal with increased costs on a permanent basis.
One apparent measure is to look at ways your organisation can cut costs. For better or worse, the most likely targets will be parts of the business that don’t contribute to a direct return on investment.
However, before you start slashing budgets, you should consider the full effects of your decisions.
Take cyber security for example. It’s already notoriously underfunded, with IT teams and other decision makers being forced to make do with limited resources.
According to a Kaspersky report, a quarter of UK companies admit underfunding cyber security even though 82% of respondents have suffered data breaches.
The risk of cyber security incidents is even higher in the summer months, when staff holidays mean that cyber security resources are even more stretched than usual.
These are worrying signs for organisations, and an economic downturn will only make cyber criminals more determined to make money – especially as they know their targets are focusing on cutting costs.
But it’s not just the immediate costs associated with cyber attacks and disruption that organisations should be worried about. There are also long-term effects, whether that’s lingering operational disruption, reputational damage or regulatory action.
Consider the ongoing problems that British Airways faced after it suffered a cyber attack in 2018. It took the airline more than two months to detect the breach, creating enduring difficulties and ultimately resulting in a £20 million fine.
The ICO (Information Commissioner’s Office), which investigated the incident, found that British Airways was processing a significant amount of personal data without adequate security measures in place, and had it addressed those vulnerabilities, it would have prevented the attack.
There were several measures that British Airways could have used to mitigate or prevent the damage, including:
Applying access controls to applications, data and tools to ensure individuals could only access information relevant to their job;
Performing penetration tests to spot weaknesses; and
Implementing multi-factor authentication.
In addition to the fine, British Airways settled a class action from as many as 16,000 claimants. The amount of the settlement remains confidential, but the cost of the payout was estimated to be as much as £2,000 per person.
Remarkably, the penalty and the class action represent a case of strikingly good fortune for British Airways. Had it come earlier, it would have been at the height of the COVID-19 pandemic when airlines were severely affected, and were it any later, it would have come during a period of massive inflation.
Failure to do so will result in unforeseen costs at a time when every precaution must be taken to reduce costs.
Invest today, secure tomorrow
It’s long been accepted that it’s a matter of ‘when’ rather than ‘if’ you will suffer a cyber attack. When you do, you’ll have to invest heavily in security solutions on top of having to paying remediation costs.
In times of uncertainty, you need your services to be as reliable as possible. The challenges your organisation will face in the coming months as a result of falling consumer confidence are enough to deal with without having to contend with cyber crime and its inevitable fallout.
Investing in effective cyber security measures will enable your organisation to make the most of its opportunities in straightened circumstances.
The year 2020 broke all records when it came to data lost in breaches and sheer numbers of cyber-attacks on companies, government, and individuals. In addition, the sophistication of threats increased from the application of emerging technologies such as machine learning, artificial intelligence, and 5G, and especially from greater tactical cooperation among hacker groups and state actors. The recent Solar Winds attack, among others, highlighted both the threat and sophistication of those realities.
The following informational links are compiled from recent statistics pulled from a variety of articles and blogs. As we head deeper into 2021, it is worth exploring these statistics and their potential cybersecurity implications in our changing digital landscape.
To make the information more useable, I have broken down the cybersecurity statistics in several categories, including Top Resources for Cybersecurity Stats, The State of Cybersecurity Readiness, Types of Cyber-threats, The Economics of Cybersecurity, and Data at Risk.
There are many other categories of cybersecurity that do need a deeper dive, including perspectives on The Cloud, Internet of Things, Open Source, Deep Fakes, the lack of qualified Cyber workers, and stats on many other types of cyber-attacks. The resources below help cover those various categories.
Top Resources for Cybersecurity Stats:
If you are interested in seeing comprehensive and timely updates on cybersecurity statistics, I highly recommend you bookmark these aggregation sites:
The Best Cybersecurity Predictions For 2021 RoundupWhy Adam Grant’s Newest Book Should Be Required Reading For Your Company’s Current And Future LeadersIonQ Takes Quantum Computing Public With A $2 Billion Deal
Suitable for senior management and the C-suite, general or legal counsel, IT executives, IT organizations, and IT and security students, this pocket guide will give you a solid introduction to the CMMC and its requirements.
A clear, concise primer on the CMMC (Cybersecurity Maturity Model Certification), this pocket guide:
Summarizes the CMMC and proposes useful tips for implementation
Discusses why the scheme has been created
Covers who it applies to and why being non-compliant will result in missed business opportunities
Highlights the requirements for achieving and maintaining compliance
