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March 28, 2016
By Matt Johnson, CEO
ARE YOU IN DENIAL ABOUT YOUR COMPANY’S CYBER SECURITY?
Today’s security landscape consistently shows threats to data, breaches, compliance failures and other security weaknesses for businesses of all sizes. Hackers make headlines every day and consumers have started to care about online crime, because it’s a reality, and no company or individual is immune.
So why, then, do some executives continue to be in denial about the state of their company’s cyber security? Let’s outline and debunk a few fatal flaws in their thinking: Cyber Security Data Breach
“Sophisticated Hackers Don’t Care About Us”
No business is too small for cyberthieves – in fact, 60% of hacks in 2014 targeted small and mid-sized businesses (SMBs).
The idea that only the big guys like Hyatt, Hilton and Home Depot are being targeted is obsolete – not only are hackers seeing that SMBs are acting lackadaisical when it comes to their security making for an easy target. Adding to this, they’re also using SMBs to gain access to the larger, more lucrative company hacks.
“Some Level of Breach is Inevitable.”
As devices and technologies continue to evolve, so do cyber threats. More devices, more data, more network traffic means more insecurity. And shortages in savvy security talent are not helping.
While it’s accurate to say that most businesses today, no matter the size, have been or will be targeted by online criminals, some executives think it’s simply the cost of doing business online. Thinking that security measures will never stack up is a lazy mentality and one that will likely eventually cost someone his business.
“We Can Recover.”
Eighty percent of top execs don’t equate compromised confidential data with the loss of revenues. Reality check: the average cost of a data breach is $640,000, according to the Ponemon Institute. This is no small fee, especially for a SMB.
“Cyber Security is Too Costly”
There’s a perception that securing data is both expensive and challenging, possibly causing a barrier to business operations. This is no longer the case. As outlined in the numbers above, prevention is cheaper than clean-up.
However, there are steps you can take to save, such as taking a look at your existing security portfolios: are your current tools already failing you? Are they suited to the current security environment? Can those dollars simply be moved into what attackers are currently after, which is data?
If the cost issue is around staffing, consider whether your in-house team is savvy enough to keep the business up to speed. And, if not, or if they need guidance, consider working with a third-party managed security provider to assist.
IT teams will need to take the lead in educating senior leadership to get on the same page about preventative planning and security measures to address vulnerabilities, and manage risk. If this doesn’t happen, businesses will begin to crumble. By working with top Managed Security Service Providers, internal IT teams can begin a real concentrated effort into maximizing their IT systems and processes.
...ABOUT YOUR COMPANY'S CYBERSECURITY STRATEGY?