How effective is our cybersecurity strategy at addressing business risks?

After talking with C-suite executives about assessing their company's cybersecurity posture in several talks, I am no longer startled by the fast response sending this conversation to the IT Department. There still seems to be a mismatch between the seriousness of cyber risk and how to implement an all-encompassing cybersecurity program, despite recent research showing that cyber risk is increasingly equal to a company's traditional losses.

The extensive usage and reliance on technology penetrate every industry. The corporate structures and decision-making processes, despite the fact that this is a reality of contemporary organisations, continue to be siloed and unintegrated, with each department making choices on its own.

Because they know that good things come in tiny packages and because big firms are improving their information security, hackers are increasingly concentrating their efforts on small- and medium-sized enterprises (SMB). These firms are merely prey for cybercriminals who are proficient at getting past security systems since they lack funds, staff, and resources, which makes it necessary for all enterprises to maintain a constant state of readiness.

Due to COVID-19's quick and rapid move toward Work-from-Home employment, SMBs are now more susceptible to data breaches, which even under the best of conditions are costly for any organisation. Employers are unable to handle the increase in endpoints properly, and remote workers who are not used to working from home may not have sufficient security. All of this gives hackers new ways to access networks and put malware there to steal data or extort ransoms.

Take into account these concerning figures:

• A whopping 43% of cyberattacks target small businesses.
• Among small businesses, only 14% believe their cyber defences are highly effective.
• The average SMB data breach costs $86,500 in recovery costs
• 60% of small companies fail within six months of a breach

If a breach occurs, SMBs face extremely dangerous reputational, financial, and operational concerns. Right now, it is crucial to concentrate on creating a cybersecurity plan that maximises protection and minimises risk.

With mission-critical systems at risk, cyber security is a business concern as well as an IT one. Businesses must fully comprehend the financial costs of inadequate cybersecurity. They also need to implement management systems that coordinate all the required executives to address cybersecurity challenges at an organisational level, under the direction of the CEO or Board of Directors. The fundamental abilities required of an IT professional to manage a network differ greatly from those required to assure site security.

Always keep in mind that an attacker only needs to succeed once—they don't have to be good at it all the time! In our opinion, a strong offence is the best form of defence in this situation.