Cyber Threat

Wired for Safety: An In-depth Analysis of Cybersecurity Threats (Part -II)

As discussed in the last blog, cyber threats are becoming a norm rather than an exception for businesses. Over the past decade, companies have evolved from employing a small group of staff for IT cybersecurity, to taking considerable steps to improve their data security across the board.

This evolution can be observed not only in medium or enterprise business organizations but also in small companies, who are looking towards Cybersecurity Consultants as acritical solution, given the scarcity of qualified and knowledgeable operatives available in most organizations.

Government regulations have emerged across the globe to safeguard business and therefore entire economies. Some of these laws include the Health Insurance Portability and Accountability Act (HIPAA) for protecting healthcare information, the Sarbanes-Oxley Act for the regulation of financial records in the USA, and the General Data Protection Regulation (GDPR) for protecting companies within the European Union.

Before we address how and what steps you can take to ensure comprehensive protection of your company against cyberthreats, you need to know why is it important to address these threats.

Here are the three main reasons:

  1. Leakage of Private Data: As a business company, you rely heavily on confidential data that includes market information, account details, and personal information of your customers. In the case of a cyber threat, not only is there a risk of this information being stolen by an entity, but there’s an even bigger risk of data manipulation that can drastically impact your company’s operational reliability.
  2. Costly Recovery Expenses:A security breach can have potentially devastating financial repercussions. Most of these expenses are ‘hidden costs’ that can continually affect the growth of your businessfor months or even years after the attack. Processes such as IT training, recovery of lost data, and acquiring and implementing new security software will consume time and people as well as the financial resources of your company.
  3. Shaken Client Trust:Quite obviously, no customer wants to hear that their personal information stored on a website has been exposed to the harm. Customers form a bridge of trust while sharing their personal information and a cyberattack will break thatessential bridge. Existing consumers may discontinue their business with your firm and look elsewhere for the same, but more secure, services. A security breach will also impact your chances of reaching out to new customers after your reputation has been so drastically tarnished.

Once you have an idea of how cyberthreats can impact your business, you can then formulate a strong policy to update the security level of your enterprise. However, you must know what are the areas that you must focus upon.

To begin, proceed with the following steps:

  • Understanding the Value of Compliance

Business companies often misunderstand the true value of compliance, which makes them miss out on opportunities to create value and drive business growth.

The most common flaw is the lack of compliance applicable to the products and services, including back-office procedures that are all but hidden from your clients, offered by a company. Implementing effective classroom-based learning solutions are a good start to empower your workforce. However, the kind of knowledge required to improve their performance is altogether a different ball game.

Cybersecurity is a domain where curated learning experiences are required, focusing on bite-sized, self-directed discovery and collaboration.

  • Poor Alignment Between Learning& Development (L&D), and Business Leads

The effectiveness of qualified L&D professionals is often denied by business leadership, which means that their expertise does not always get optimal usage.

For business organizations, it is vital that business leadership works collaboratively and consultatively with L&D partners to develop compliance training programs.

  • Too Many Technology Gaps Within the Business Strategy

Having the optimum strategy in the right place, with the right intelligence is the pre-requisite of developing an effective compliance roadmap. But to fit all pieces of the puzzle, every business organization needs realistically to re-appraise both their technology and existing expertise.

The main question is,”Does your company have the right technology, systems and manpower to execute a truly defensive and secure strategy?”

From the cybersecurity perspective, this includes your IT infrastructure, firewall, anti-malware software, Managed Detection Services, Penetration Testing, and public key infrastructure (PKI)services.

It makes sense for both large and small companies to invest heavily in IT infrastructure and develop in-house capabilities to fight off cyberthreats: this means you need staff with the correct blend of skills and therefore cybersecurity consulting is key.

What is Cybersecurity Consulting?

Cybersecurity Consulting addresses the necessary elements of cybersecurity, including strategy, governance, and enterprise risk management. It is specifically tailored to the specific business environment of your organization. Cybersecurity experts provide actionable solutions to ensure your company makes informed cybersecurity risk management decisions and ultimately therefore, preserve and defend your organization.

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