Businesses closely aligning their security programs to business objectives are more likely to reduce the average cost of security breaches.
The rapid adoption of digital technologies like generative AI tests the firm’s approaches to managing cyber risk. Most firms struggle during complicated regulations, geopolitical tensions, and economic uncertainties. Most organizations are trying to align security programs with business objectives better. Yet, most firms still experience successful breaches that originate outside their organizations.
Business leaders must integrate security into their efforts to transform their digital core. This strategy will help build resilient organizations in this rapidly changing environment.
Enterprises need a business-driven CISO who is an educator and collaborator with non-security leaders. This can improve communication throughout the C-suite and guarantee that security initiatives have a positive business impact.
Businesses that closely align their defense programs to business objectives are more likely to reduce the average cost of IT breaches. They can also better achieve target revenue growth, market share, and customer satisfaction.
A cyber incident can have a domino effect on an organization. Many firms are easy prey for threat actors due to inadequate IT security. Investing in security infrastructure can therefore help prevent such occurrences.
Increasing numbers of business executives now view cyber resilience as a business priority. Small businesses and new organizations may require proper security infrastructure unlike large corporations.
The risks of an expanding attack surface
According to a Gartner cybersecurity spending report, global security and risk management spending will increase by 11.3% between 2022 and 2023. The following factors, which are primarily to blame for the expanding attack surface, are driving up organizations’ spending on cybersecurity:
Key contributors to an expanding attack surface
Increased teleworking: The trend towards remote work is still prevalent, which results in a lack of employee visibility and management. Because they are outside the boundaries, remote environments are more difficult to secure.
Hybrid work: Remote settings increase the potential for attacks, which is another source of risk. The likelihood of human error and a breach increases when CISOs are responsible for securing internal and external environments.
Cloud migration: By 2025, the cloud will contribute to more than half of enterprise IT spending. Securing cloud infrastructure may be difficult for the following factors:
- Increased number of attack vectors
- The complexity of cloud environments
- The division of security duties between the client and the cloud services provider
Interactions in the supply chain: The supply chain is one of the weak links for security. The potential for hackers to access the infrastructure increases as firms connect and interact with more third parties.
Convergence of IT/OT and IoT: Protocols for operational technology (OT) and Internet of Things (IoT) devices expose IT systems to risks. Cybercriminals could use IoT and OT devices as system entry points.
Companies can lose millions of dollars annually due to data breaches, but a solid action plan can avoid it. Businesses can prevent millions of dollars in potential losses and maintain their reputation among clients and customers. It also ensures compliance with the law and lessens the impact of a breach should it happen.
Companies of all sizes must implement a thorough plan to guard against attempts at data breaches and cyberattacks. Here are the essential components of an effective security action plan, such as:
- Identifying the data protection and breach detection procedures
- Data breach response plans
- Cybersecurity insurance
- Strategies to reduce losses
- Evaluating gaps after a cyberattack
Why enterprises need a robust action plan
According to a data breach report by IBM, the average data breach cost in 2022 was $4.35 million. The US and the United Kingdom ranked among the top five nations with the highest average data breach costs.
However, businesses with an incident response team and a routinely tested plan reduced their loss by an average of $2.66 million. Security teams must evaluate the costs associated with potential litigation after a cyberattack. This is a deciding factor while developing an action plan.
Security hygiene is essential to a company’s financial health, longevity, and reputation. Moreover, private citizens and government agencies have the legal right to sue businesses that experience a data breach.
Key IT security initiatives
Businesses are more likely to have successful digital transformations than those who don’t apply strong IT practices throughout the company. Organizations need to integrate three key IT defense actions into their efforts.
Organizations can implement the following measures to improve the success and satisfaction of their digital transformations:
- Before launching any new business services or products, controls must be in place.
- Apply defense tactics gradually while reaching each step in the digital transformation process.
- As a member of the core transformation team, designate a security expert. They will coordinate security efforts across all transformation initiatives.
GRC and cybersecurity: Why do businesses need a coordinated strategy?
Organizations developing an effective, long-term security strategy must integrate GRC and cybersecurity. In addition to quicker decision-making and collaboration, integrating GRC has several other noteworthy benefits.
- Cost efficiency: An integrated approach lowers costs by minimizing manual input and the possibility of human error. Then organizations get time to add value to the company.
- Security: A solid integration makes it easier for the board to understand fully how secure the organization is. Business directors can tell more convincing security stories to customers and employees by understanding the cross-functional posture.
GRC and cybersecurity are mutually dependent and work together to create value and a future with lower risk. GRC communicates the best approach and practices to accomplish this. Meanwhile, IT security aims to protect systems, networks, and data.
Companies must implement adequate data security practices that meet their needs. Most firms are victims of the expansion of data security threats and new gaps brought on by remote work.
Companies can avoid common pitfalls by adjusting the company’s security action plan to the company’s requirements. They can test the action plan frequently and maintain communication when a breach occurs.
Also Read: Best Cybersecurity Strategies to Minimize Data Breaches
Common recommendations for preventing security breaches include:
- multi-factor authentication
- stable backups
- endpoint protection
- incident response plans
- end-user training to avoid human error
In addition to investing in cybersecurity infrastructure, businesses should invest in cyber insurance. It protects against first-party costs and third-party liabilities resulting from cyber risk.
A cyber insurance policy can be a risk mitigation tool if a cyber-incident causes a loss to the company. Infrastructures for technology and security that are high-quality, resilient, and secure are now more important than ever. Therefore, businesses must work to secure their networks.
For more such updates follow us on Google News ITsecuritywire News. Please subscribe to our Newsletter for more updates.
