The spiraling cost of data breaches
In the past, transactions were most often face-to-face interactions between businesses that knew each other well. The internet has widened the business opportunities as customers and businesses interact in a “faceless society”.
The faceless nature of these transactions has paved the way for greater vulnerabilities. The popularity and continued adoption of the Internet of Things (IoT) devices and cloud computing presents new challenges and security risks.
Cybercrime damages will cost the world $6 trillion annually by 2021 says Cybersecurity Ventures.
Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack destruction to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems and reputational harms.
According to IBM, the global average cost of a data breach is $3.92 billion and is scaling in an upward direction. As data is one of the most valuable assets, this validates the reason why businesses should invest in preventive data security measures.
Data breach statistics show that cybercriminals are more sophisticated and are highly motivated by the rewards reaped by gleaning financial and personal data. It is also apparent that even though data breaches are alarming in number, businesses are not yet prepared when such a threat occurs.
Lack of skilled security personnel
Cybersecurity Ventures predicts that there will be 3.5 million cybersecurity jobs globally by 2021, up from one million positions in 2014. This clearly shows that though the need is high, there is a clear deficit in terms of skilled cybersecurity personnel.
The growing shortage of skilled security personnel has a direct and measurable impact on the business and industry as a whole.
A lack of trained cybersecurity personnel exacerbates the difficult task of managing risks and leaves the business vulnerable to attacks.
Given the complexity of today’s interconnected world, it, therefore, becomes a necessity for everyone to pitch in, to collaborate, and protect the business.
Disparate Systems and Tools
Today, organizations have invested in myriad tools and disparate security systems to protect critical information and intellectual properties. There are too many IT security teams monitoring and responding to incidents under different individual managements.
This poses a significant challenge as it is difficult to get every security component to work together against such organized cyber attacks.
Businesses are now realizing that fragmented or compartmentalized security operations are ineffective against such sophisticated threats. What is needed is an integrated solution and collaboration between the different teams.
Establishing strong cybersecurity partnerships, and strengthening global cybersecurity policies, will help organizations address today’s advanced threat landscape more efficiently and better equipped to face adversaries of tomorrow.
The level and type of threats are evolving and organizations have to ensure that they keep a constant check on their security systems.
Hackers create tools and workarounds that exploit both existing vulnerabilities as well as leverage new weaknesses. By selecting a collaborative approach to security, organizations can adapt and overcome such threats.
Advantages of having a collaborative approach to cybersecurity
- Information exchange benefits everyone – Organizations can have a strong cybersecurity strategy when they collaborate with others. It is the best defense against malicious attacks. When information is shared across teams, organizations, or even government/private organizations, it results in the global dissemination of threat intelligence and guidelines’ making it easier to stop cyberattacks even before it happens.
- It encourages diverse expertise – Today “Going it alone” is not possible when dealing with cybersecurity threats. It is very clear that though organizations decide on vulnerable areas, gaps often exist. The best solution would then be to partner with others in the industry that has the expertise in areas where your organization lacks. This will result in building stronger defense mechanisms into the system.
- Provides real-time visibility as people, processes, and technology across events, data, and systems are connected. Collaboration bridges the gap between the different departments. It fosters a good relationship between IT, security groups, and the organization at large.
- Fosters private-public relationship – A high level of public-private collaboration is necessary to address the growing cybersecurity threats. Organizations should work in close contact with the government to best utilize risk management models and resiliency plans. Organizations should ensure that they follow all government regulations while carrying out security measures.
Moreover, information sharing between government and private organizations will help in easy identification of threats and faster resolution.
Why securing the perimeter is limited in a collaborative world?
Earlier the focus was always on securing the perimeter. It was enough if an organization had sound security policies, trained its users, and had a secure network.
The popular belief was that if you had a perimeter around the castle no one can enter. But this old school approach is no longer valid as the world is now open to digital transformation and communication.
It is not enough to secure it only from the outside, insider threats are becoming more common. Inadvertent breaches from human error and system glitches clearly show that insider threats (intentional or unintentional) reside within the castle.
Traditional information protection has always relied upon authentication and permissions to secure access to protect data.
In today’s collaborative world, data is constantly on the move, traveling outside firewalls and organizational boundaries. This dynamic nature of information access compels organizations to adopt new technologies to protect their sensitive data assets.
As the saying goes “A bend in the road is not the end of the road”. In addition to whatever perimeter security, an organization has, to secure its data it needs the additional protection that only data security experts can provide.
Therefore, all these teams have to work collaboratively to provide the most secure environment that can be least penetrated by hackers. Only a collaborative approach and intelligence will help combat the risk of the high cost of being too open with your sensitive data.
With more than two decades of experience in the data security field, SECUDE understands why collaboration is a must for providing data security to organizations.
SECUDE, a trusted partner of SAP and Microsoft provides data security with intelligent classification, strong encryption, and fine-grained access policies.
This innovative approach allows organizations to maintain a high level of control and security over sensitive documents extracted from SAP.
To learn more how we can help provide data security to mitigate your security risks get in touch with firstname.lastname@example.org