- It has been forecasted that the worldwide information security market is expected to reach $170.4 billion by 2022- Gartner Analysis
- In the year 2018, around 62% of businesses have experienced social engineering attracts and phishing- report by Cybint Solutions
- Over 68% of business leaders think that cybersecurity risks are increasing- Accenture
- Around 52% of breaches involve hacking whereas 28% include malware and 32-33% involves social engineering, phishing- Verizon
- On average, 5% of the companies’ folders are protected with safety measures- Varonis
- The topmost malicious email attachment types are generally .dot, .doc which make up 37% whereas the highest one was .exe at 19.5%- Symantec
- By the end of 2020, the passwords used by machines and humans globally are about to reach 300 billion- Cybersecurity Media
- Around 88% of companies spent $1 million on preparing for the GDPR- CSO Online
These are just a few points stating the importance of cybersecurity management and the issue with cybersecurity.
The integration and concept of cybersecurity are important as it encompasses everything required to protect sensitive data, Protected health information, identifiable information, intellectual property data, governmental, industrial information systems, property data, and so on from external theft, internet theft often made by criminals and adversaries.
Its risk is increasing because of the fact that the global economy today is highly dependent on connectivity and the usage of cloud services for storing data and personal information. However, too many dependencies on the cloud storage system are somewhere making poor configuration of the services giving a loophole for cybercriminals to play or use the organizational information. This altogether even strengthens the chances of cyber-attacks and data breaches on rising to the leading and best of organizations.
As the world is connected more fiercely, the traditional days of simple firewalls and antivirus software are not enough for a robust security system.
Concluding all these major thoughts, it has been analyzed that the importance of cybersecurity management should be highlighted to everyone.
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Importance of Cybersecurity Management System
Awareness of it is crucial for every organization, especially to high-level or mid-level organizations. Any organization can be targeted anytime for using any kind of information for personal benefit. Any IT security breach can be a major loss to the business operations as the IT staff have to investigate and look for the solutions for security breaches while reaching the affected customers in no time and warn them of the potential impacts.
In a study by IBM’s Cost of a Data Breach, the average cost of data breaches last year was somewhere $3.92 million. Also, it has also noted that “companies with an incident response team that also extensively tested their incident response plan experienced $1.23 million less in data breach costs on average.”
In a nutshell, it is always good to be prepared for the worst in order to minimize the impact. To safeguard the firm, organizations, it is always good to come up with a solution and a plan.
Here is a quick shot of the cybersecurity management plan business should consider for an effective solution-
Things to Involve in a Cybersecurity Plan
Some of the crucial cybersecurity plan components an organization along with the team managers should take into consideration are-
Consider understanding what regulations to apply for the company’s information technology security. For that matter, it is important to keep updated with the regulations.
Managers should look into what is the organization’s biggest security risk. The risk management factor helps in making managers plan as per the organization’s loopholes, vulnerabilities for creating solutions, and improving the security systems.
Now, it is time to understand how much is it going to cost for the organization. Without understanding the costing part, it will become hard for the organization to establish costing planning.
The next thing to take care of is who will be responsible for executing or taking the cybersecurity planning ahead. Any organization and the management would like to have a clear understanding of accountability for maintaining and following the plan as per the guidelines and parameters.
Once done with it, there are following
Tips for Presenting Cybersecurity to Higher Management
- Keep the communication clear and positive. Do not hesitate to come up with a clear idea of it. Come up with the data, worst-case scenarios, realistic information, and then present all the positive impact of the security plan and how it is going to impact the process of the organization.
- Using a bunch of unfamiliar terms and acronyms might be a great way to showcase the impact of cybersecurity, however, using terms that are familiar for the business and authority is a great way to understand the potential of cybersecurity management.
- It is crucial to keep easy to understand and researched security metrics for presenting the importance of cybersecurity to upper management. The data which is analyzed and researched nicely helps in setting expectations along with tracking the success of the security measures employed.
Though the concept of cybersecurity and cybersecurity management is huge but no organization would like to skip it in order. Moreover, cybersecurity management should be that strong that decoding the code from external sources if not impossible at least becomes challenging.
There are many impacts of cybercrime, a few top among them are-
– Economic cost- The theft of data, intellectual property, official information, corporate information, trading information, user-based information, and other sensitive information.
– Reputational cost- Loss of active users, consumer trust, loss of potential, and future users to direct competitors, media coverages.
– Regulatory costs- GDPR and laws related to data breach results in making organizations pay for regulatory fines or sanctions.
There are various ways to safeguard organizations from cyberattacks, a few quite obvious ones are-
– Educating and information all levels about the potential and risks of social engineering and the difference between social engineering scams related to emails, phishing, and typosquatting.
– Using the best of technology for reducing cost. Take for example- opting for vendor assessment questionnaires as a part of the cybersecurity management system.
– Investing resources and amount on tools that can limit various things to a certain extent like loss of information, monitoring third party risk, data exposure, loopholes, and others.