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IIBA.org Cybersecurity is a Critical Business Decision | Analyst Catalyst Blog

Cybersecurity is a Critical Business Decision

 
 

All too often, businesses are the prime targets of hackers. There is a ransomware attack on businesses every 14 seconds, and 43 percent of cyber attacks are aimed at small businesses.1,2 Incredibly, the average cost of a malware attack on a company is $2.4 million.3

“Cybersecurity issues are becoming a day-to-day struggle for businesses,” wrote a contributor to Varonis.4 “Trends show a huge increase in hacked and breached data from sources that are increasingly common in the workplace, like mobile and IoT devices.”


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Small Businesses Should Invest in Cybersecurity

It’s likely that global spending on cybersecurity will exceed $10 billion by 2027.4 Much of that spending will be done by businesses that understand the gravity of the cybersecurity crisis and choose to invest in and implement cybersecurity support.

While all businesses should invest in cybersecurity, this is especially true for small businesses. Even if a small business’s budget is small, enterprise leaders still must find a way to secure sensitive data. One of the primary reasons hackers target small businesses is because they are well aware that their cybersecurity efforts are minimal. Bringing a business analyst on board is a powerful way any business, including a small business, can improve cybersecurity. 

Some Business Analysts are Cybersecurity Experts

Many business analysts are very skilled in data security. “...as we manage projects in ever increasing dangerous waters filled with hackers and data breaches, the business analyst may be taking on a new role in the smaller and/or less prepared project execution organizations. That is the role of the cybersecurity ‘expert,’” stated the BA Times.5 By hiring a business analyst who has experience implementing data security initiatives, businesses can help secure vulnerable data and ensure the future of their company. While BAs shouldn’t necessarily be the only cybersecurity professional businesses keep on staff, they should be a vital part of any cybersecurity team.  

The cybersecurity landscape will only grow more dismal in the future. Business analysts who want to become irreplaceable to their clients should develop their cybersecurity skills to the utmost. Learn more about how cybersecurity issues are impacting companies as well as business analysts in BAs and Cybersecurity.


Tips for Improving Data Security for Your Business 

Hiring cybersecurity professionals, including a business analyst with extensive knowledge of data security, isn’t the only way a business can improve cybersecurity. For example, the BA Times suggested that you as a business leader: 

  • Secure your company’s WiFi
  • Segment your network
  • Implement two-step authentication
  • Utilize SSL encryption
  • Apply SIEM technology
  • Train your employees on security 

Cybersecurity: the Vital Decision Every Business Must Make    

How to protect a company’s data from cyber attacks has become one of the most critical business decisions of our time. How much money to invest in data security and what data security measures should be taken are important decisions that vary from company to company. But one thing is certain: businesses that minimize the need for cybersecurity put their company at risk of severe loss. 

 


 

References:

 

1. Varonis. 60 must-know cybersecurity statistics for 2019. https://www.varonis.com/blog/cybersecurity-statistics/. 

2, 4. CPO Magazine. 11 eye opening cyber security statistics for 2019. https://www.cpomagazine.com/cyber-security/11-eye-opening-cyber-security-statistics-for-2019/. 

3. Cyber Defense Magazine. Cyber security statistics for 2019. https://www.cyberdefensemagazine.com/cyber-security-statistics-for-2019/. 

5. BA Times. Business analyst = cybersecurity expert. https://www.batimes.com/articles/business-analyst-cybersecurity-expert.html. 

6. BA Times. How To Bulletproof Your Business From Dangerous And Modern Cyber Attacks. https://www.batimes.com/articles/how-to-bulletproof-your-business-from-dangerous-and-modern-cyber-attacks.html.