Take Cybersecurity Seriously or Face the Consequences
While other trends have dominated the news cycles over the past weeks and months, cybersecurity remains a consistent driver for businesses and for the public. Be it public disclosures of our personal data, data breaches that affect a company’s share price, reputation and trust within its customer and user base, or the efforts made to strengthen and secure communications and transactions, cybersecurity remains an overarching trend globally. I touch on this in IIBA’s panel webinar: Cybersecurity Imperatives: Vision 2020 on Tuesday, Mar 31, 2020 11:00 AM - 12:00 PM EDT.
According to research, spending on cybersecurity products and services will exceed $1tn cumulatively over the period of 2017-2021, whilst we have seen business deals and acquisitions exceed billions of dollars in the amount paid, all in pursuit of making cybersecurity better and more efficient.
The issue has often been, though, that security is seen as a disabler to business, that the IT security team is the ‘department of no’ and always looks for ways to prevent rather than enable. Take the multiple efforts by politicians to access secure communications offered by mobile apps as an example; if encryption were weakened for increased threat intelligence, where does that leave the user and their apparent trust in the brand?
Also consider how much of an impact a security incident can have on a brand. Equifax suffered a major breach in 2017, took nine months to report it and saw its share price drop by 4%, while a class action lawsuit saw attorneys award $77.5 million.
Had the cybersecurity team been better engaged, and maybe even been able, to execute on its plans, this breach may have hurt a lot less.
It is never too late to consider how to make cybersecurity a part of a business’ structure. In research carried out by Infosecurity Magazine of 52 younger people in the industry and students last year, 33 respondents said that they were ready to face the challenges of modern malware and threats. Your business is facing threats, and it is never too late to realize the opportunities of taking cybersecurity seriously.