Cybersecurity Protection at Who’s Costs

by Norman Halls, contributor

When it comes to protecting a client or equipment, the price should not be a question. If your organization has clients with their personal information in your computer system – cost is not a question. If your company has computerized equipment, what would the cost be if it was hacked? Today, many businesses have computerized equipment from air control, lighting, payroll to building protection. Anyone of these operations, if they were hacked, could cost millions of dollars. According to Ponemon Institute, “the 2018 Cost of a Data Breach Study found that the average cost of a data breach globally is $3.86 million, a 6.4 percent increase from the 2017 report.” Niall McCarthy, Data Journal wrote; “While many businesses more clearly understand the need to be ready for a cybersecurity breach, an internal threat or fraud demands an equal level of preparation. It is vital that organizations approach the challenges they face in a disciplined way by understanding the protection choices they have and deploying the right solutions in an orderly manner. Mission-critical items range from vetting lawyers and forensic accountants to make sure they have no conflicts of interest, to setting up contracts for fair pricing in an efficient, non-stressful situation before fraud strikes.”

Some establishments deliberate taking an internal method to their cybersecurity by adding a full-time employee to the organization to handle all of the cybersecurity concerns. An organization that was hacked through sending a resumé, fortunately the IT person acted quickly by shutting down the whole system. Adam Stahl wrote; “It’s safe to say that implementing a cybersecurity solution in your organization is critical to its safety and longevity. If not addressed properly before, during, and after, even a single cyber-attack could ruin the reputation you’ve worked so hard to build, maintain, and grow.”

From a report by VMware: “For most IT leaders, it’s not a question of “if” but “when.” From government to healthcare to financial services to entertainment, no sector is immune. So, what do companies do in the face of this imminent threat? They spend, and spend some more. This year, companies will spend $91 billion on security, more than a 10 percent increase from 2017. And yet, the global cost of data breaches is set to reach the trillions by 2019. Needless to say, the investment is not paying off. To try and stave off breaches, companies are spending on network security (both hardware and software), endpoint security software, and technologies like device vulnerability assessment software, software vulnerability assessment, user behavior analytics, and unified threat management hardware. But many breaches can be prevented by a simple shift in mindset that prioritizes basic cyber hygiene principles, weaving them into the architecture of the business.”

“Financial institutions are leading targets of cyber-attacks. Banks are where the money is, and for cybercriminals, attacking banks offers multiple avenues for profit through extortion, theft, and fraud, while nation-states and hacktivists also target the financial sector for political and ideological leverage.” Wrote Denise E. Zheng Senior Associate, Technology Policy Program

Aidan Simister, Contributor CSO; “The rise of nation state cyber-attacks is perhaps one of the most concerning areas of cyber-security. Such attacks are usually politically motivated, and go beyond financial gain. Instead, they are typically designed to acquire intelligence that can be used to obstruct the objectives of a given political entity. They may also be used to target electronic voting systems in order to manipulate public opinion in some way.”

“Have you ever told your team, ‘Upgrading our equipment is too expensive and likely to cause downtime? Let’s just keep it running.’ Ultimately, you made a risk decision. While cyber security hasn’t been a critical risk factor until recently, it has quickly emerged as one today’s biggest risks.” Neil Heller Cisco. Finest cybersecurity products offer little protection against employees who are enticed or who have a bitterness against the employer to assist hackers. The threats have a global reach and targets all segments. The costs of doing nothing could mean loss of customers, down time and trying to get your reputation reestablished. Without proper projected planning, company leaders’ risk of wasted resources on tools that may not be the best fit or are too complicated and taxing on their IT teams. Organizations need a partner with a provider for on-going training for their employees which includes; mock phishing emails, interactive threat training, and end-user reporting. Cybersecurity programs have many essential features that monitor your system. Remember breaches occur over a period of time, not in the last hour. Make sure you protect your system.

To Top