In this blog post
The Current State of Cybersecurity Leadership
Globally, cybersecurity is one of the biggest concerns for businesses across industries. The World Economic Forum’s Global Cybersecurity Outlook 2022 reports that only 68% of organizations consider cyber resilience a component of their overall risk management strategy. This lack of initiative in preparing the business for cyber attacks disrupts the organization’s ability to identify, mitigate, or protect from security risks in the long run. To overcome this situation, the top management including CEOs, CIOs, CTOs, and CISOs must take a more proactive approach to improve their cybersecurity readiness. Simply put, the cybersecurity readiness of a company shows its ability to identify, prevent, and respond to any kind of cyber threat. To improve readiness, businesses can take the following steps:
- Get educated about various security threats lurking, risks present, and their business impacts
- Assign a dedicated committee to monitor cyber risks, formulate strategies, and plan investments
- Understand the company’s current level of vulnerability based on existing measures and a deep understanding of the control measures in place
- Continuously monitor the state of cybersecurity using key performance indicators, metrics, and benchmarks
Emerging Risks and Challenges in the Cyber World
Ransomware attacks, IT outages, data breaches are some of the primary security issues that directly impact business continuity. According to cybersecurityintelligence.com, education/research, healthcare sectors were among the most targeted for cyberattacks in 2021 due to Log4J exploits. According to Ponemon Institute’s State of Cybersecurity Report, SMBs globally reported three major types of cyberattacks:
- 57% reported phishing or social engineering
- 33% had stolen and compromised devices
- 30% experienced credential theft
Accenture’s Cost of Cybercrime Study reported 43% of cyber attacks on small businesses in 2021. This staggering number can be attributed to the following three reasons:
- Insufficient security measures to mitigate attacks
- Increase in frequency of attacks
- Targeted attacks based on gathered background information
In 2022, ransomware is expected to be one of the common forms of attacks launched on banks, healthcare organizations, and any other institution that hosts sensitive data. Other major trends predicted for 2022 are the emergence of identity fraud with cybercriminals using accumulated personal data to launch attacks on businesses, increased attacks on the Internet of Things (IoT), and higher frequency of ransomware attacks across industries.
Similarly, phishing attacks can be another trend that might increase. Although employees are aware of the dangers of phishing attacks through emails or malicious links, attackers have started to leverage artificial intelligence and machine learning techniques to launch attacks. With most organizations continuing to work virtually, attacks on connected devices are also expected to rise across industries.
Cybersecurity Spending Levels and Program Status
Betanews.com found that cybercriminals can penetrate 93% of company networks. When it comes to cybersecurity and resilience measures, leadership must focus on understanding what motivates and influences employees, how to help employees understand strategy, how to coach employees to improve performance, how to measure what employees want, monitor employee progress, and assess value rather than numbers.
According to Cybersecurity Ventures, businesses will cumulatively spend close to USD 1.75 trillion between 2021 and 2025 on securing their digitized business. While investing in cybersecurity programs is a welcome initiative, businesses must focus on having a robust cybersecurity strategy in tandem with spending money. To implement a functional cybersecurity program, the following criteria must be met:
- Understanding of the business context and objectives
- Understanding the threat landscape
- Understanding current maturity level of cyber capabilities
- Defining target maturity level of cyber capabilities
- Development of cyber strategy roadmap
- Enhancing value from cybersecurity investments
- Communication with internal and external stakeholders
Covid Response and Cybersecurity Program Confidence
cloudwards.net reported that only 57% of businesses were successful in recovering their data from ransomware using a backup. However, with the evolution of technology, businesses have taken a visible shift in dealing with cybersecurity programs. Cybersecurity is no longer viewed as separate technology but as an integral component of technology, people, and processes. Nonetheless, management must view these measures proactively. It has become imperative that the senior management has the appropriate skills and resources to evaluate, review, and improve cyber programs. Organizations are slowly focusing on becoming cyber resilient. Organizations can now benefit from the digitalization opportunities to establish a resilience culture.
To combat the growing cyber challenges, investing in a cybersecurity program with a focus on four important aspects is critical:
- Security – Take a calculated, risk-based approach that will help combat threats
- Vigilance – Prepare the organization through security training to instill awareness and fighting strategies about suspicious and harmful behavior
- Resilience – Formulate a 360-degree strategy that helps the business recover without significant collateral or security loss
- Governance – Implement a cyber risk program that can identify top risks and align investments accordingly
GAVS' Cybersecurity and Data Privacy Solutions
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