“But We Need to Protect Our Data!” Justifying Cyber Security Spend to Your Board of Directors28 Jun
As an enterprise, spending $551,000 on something avoidable isn’t an ideal situation, is it? Well, that’s the average amount spent to restore network operations after a significant data loss event – and it doesn’t include the extra costs associated with regaining normal business functionality. According to the 2016 Global State of Information Security Survey, at least 60% of enterprises say they never fully recover.
This is where an enterprise’s Board of Directors becomes a key component in the cyber security planning process. Currently, close to half of reporting organizations say their own executive board is extremely active in setting up the cyber security plans and protocols. However for those companies where this is not the case, the time is now to ensure each and every c-suite member understands and contributes to their organization’s data loss prevention plans.
So how do you justify the resources you need to protect your enterprise? There are some cyber security misnomers to overcome and make your board aware of in order to present the best case for greater allocation of resources and budget. By addressing these myths and focusing on the hard facts, your board will realize the necessity of investing in cyber security efforts to protect your organization’s mission critical data.
Cyber Myth #1: Employee education is an add-on.
Couldn’t be further from the truth, especially when you consider that 34% of security incidents are caused by someone clicking on an errant link or advertisement, or visiting a compromised website. Luckily, many companies have realized that IT education is a major tool in their arsenal – 42% of enterprises have mandatory lessons – but that number needs to be at 100% to truly combat cyber security threats.
Cyber Myth #2: Security is an internal issue.
Ever heard of IoT? Those three letters alone refute this unfortunate myth – currently, it’s rare to find something not connected to the Internet. With that being said, everything from medical devices to HVAC systems are vulnerable to cyber attacks and it’s imperative that they are protected as much as the computers that an enterprise business relies on every day. Also, this protection should extend to the partners your company works with – 40% of large enterprises are very confident in their suppliers’ information security system. That means the vast majority of large enterprises are out in the cold; don’t let this be your company. Make sure the Board of Directors is very aware of every threat coming in and react before there’s a major attack on your protected data.
Cyber Myth #3: Endpoint protection is a set point on the IT landscape.
An endpoint is defined as each point that a device connects to a network. And, in the beginning, that may have been limited to a few desktop computers. But now there’s everything from phones to tablets, laptops, credit card readers, watches…you get the picture. Since each of those devices have an endpoint on the network, that’s an extra piece in an organization’s cyber security puzzle. 36% of employees surveyed have been exploited via their mobile device – are you willing to take the risk with your company’s protected data and hope you come out on the other side with the 64% that haven’t been attacked yet?
Cyber Myth #4: One attack cannot bring down a whole system.
Yes. Yes it can. One attack can take down a company of ten or a company of 10,000 depending on the scope, breadth and overall intricacy of the attack. Sony Pictures dealt with their attack for months with all of the terrible publicity surrounding the leaked messages and conversations, and Target is still dealing with the aftermath of their credit card breach. These are big companies with a lot of resources – what happens to the smaller companies that want to continue blindly on in hopes that a similar attack won’t happen to them? 90% of organizations have experienced some type of external threat; now, one may think that most are small in scale, or just the one time and it won’t happen again. But, pose this situation to your customers: do they want to do business with a group that isn’t taking full control of their cyber security?
Cyber Myth #5: You can protect your vital infrastructure with existing, traditional security software.
Sure, you can do that, but you can also put a fence around your house and leave the windows and doors unlocked. Malicious persons may not notice immediately but once they do, say goodbye to your protected data and information. On average, enterprises spend $942,000 to deal with a breach in a virtual environment, versus half that number for an environment that is not virtual. Going back to the original statement – when a company uses tools not intended for a virtual environment, the protective forces only cover so much ground. Leaving a number of endpoints vulnerable means your company is at risk for cyber attacks and APTs galore.
Cyber Myth #6: You can do it alone.
There’s a reason they are called cyber security firms or companies and not cyber security person. Every day there’s a new attack or threat or alternative way to hack through what was once an impenetrable set of protective devices; you cannot expect one person to do it alone and have your company thrive as a result. By creating a team of individuals with skill sets that constantly grow and mature with the cyber threat landscape, you are allowing your company to grow and prosper without the possibility of a cyber attack to drag you – and your earnings – down in the dumps.
So the bottom line? Do your cyber security homework. By addressing these commonly held misconceptions and focusing on the high value points will make the best case to your Board of Directors for greater allocation of resources and budget. As more and more data moves outside of your organization through mobile working and the sharing of information, helping your executives to understand the risks involved is imperative.
With Neovera, your company will receive the expertise gained from over 15 years of experience identifying risks and understanding the security threats associated with each and every client’s environment, as well as providing recommendations to prevent security breaches and data loss. Neovera’s Cyber Security Services (CSS) platform provides enterprise-grade cyber security for organizations that are looking for a no-hassle solution to protect their data. Our global threat intelligence monitoring system helps us fully understand the threat landscape so that emerging threats and advanced attack methods are identified and thwarted before damage is done. Bottom line: We protect your data from cyber attacks.