With significant visible risks in many markets throughout the globe, many decision owners are afraid to make the decision to add a layer of real-time security because they’re concerned that they may not be able to manage an additional cost and time factor. This can be a real problem, but if you are seeking to protect your business data in the data-driven world—whether to upgrade or find a new solution—there are a few ways to combat and own the decision.
Look to research first In most markets it is a real lack of cyber security knowledge that reveals decision owners do not know have data to decide how much an attack against their systems in business would cost them. To put the business continuity plan rolling requires that decision owners start to look within their business for possible risks. Identify the geographic area where you are interested in doing business.
Even if you don't see anything, it doesn't mean you can't or won't find the risk.
Think outside the box Be proactive! Keep in mind that there are probably many businesses like you in your neighborhood who want to make a tough decision to protect business data. Organizations today are developing a keener awareness of cyber security risk, with almost 75% of business expecting to fall prey to cyberattack in 2016, as reported by ISACA in State of Cybersecurity: Implications for 2016. In 2015 this figure comparatively seemed to be lesser. Studies indicate that today you could find a business that may not even be currently listed or aware of a cyberattack.
Protect yourself legally Each region varies in how business process is conducted. While most organizations’ cyber security knowledge is considered to be improving they lack the awareness to assess the risk associated with incidents penetrated by current employees, former employees, current service providers/consultants/contractors, former service providers/consultants/contractors, suppliers/business partners and customers. Talk to your Cyber Security professional about adding a clause in the business contract for the product/service/solution that will enable a hassle-free business transaction.
Implementation of Information Security Strategy Eventually to mitigate the risk, organizations need to take the next step in performing a financial impact analysis and one necessary to provide an overview of organizations’ attitudes towards cybersecurity and how they manage associated risks on conducting threat assessments, active monitoring/analysis, implementing security baseline/standards for third parties, empower staff through employee training and awareness programs, and finally have a key player in team such as CIO, CISO in charge of security implementation strategy.
Approximately 49% claim to have defined a security budget allocated; however, only 39% believe that their board participated in reviewing cyber risks. Only 50% of organizations claim to have detailed annual strategy plan to assess the IT and cyber security risk to protect business data that is higher than the global average of 42% who are seeking quotations in cyber protection.
"Despite the entire effort cyber incident could have an impact on the business in terms of finance"......
Despite the entire effort cyber incident could have an impact on the business in terms of finance resulting in decreased revenues, disruption of business systems, regulatory penalties and erosion of customers along with significant non-financial impact too, reports PwC in The State of Information Security Survey 2015, India.
Over 72% of organizations in India claim to have suffered a cyber-attack within the past 12 months, while many organizations have insufficient knowledge to confirm or deny they have been victims to hacker attack.
How aware is your organization to cyber-security risk? Share your views and comments.....
