The past few years have seen a dramatic shift in how organizations protect themselves against cybercrime. This complex environment requires a new mindset to defend, and things that might have held true in the past might no longer be applicable.
The hybrid working model, fast-paced digitalization, and increased ransomware incidents have changed the security landscape, making CISOs’ jobs more complex than ever.
Dating myths and fallacies have plagued the cybersecurity industry. Some of them may have been true in the past, but they work against the organizations today.
Here are a few old-school beliefs that CISOs need to put to rest:
Buying more tools can bolster cybersecurity protection
One of the biggest traps for businesses is the idea that more tools and platforms will protect them better, and keep them safe.
Organizations are enticed into purchasing products that seem like the silver bullet solutions. This is by no means the key to success. Instead of cycling endlessly through new vendors and new products, prioritizing and embracing security services where the organizations can make the most of their existing investment can go a long way. It can help deal with a rapidly changing situation to meet the unique needs of their business.
Cyber insurance solves transfer risk
Cyber insurance allows organizations to avoid the cost of a probable cyber attack but, the issue is more nuanced. For instance, the cost of a ransomware incident expands far beyond its direct financial impact, as it includes things like angry customers and reputation damage.
Cyber insurance should be a piece but not the cornerstone of the cyber resiliency strategy.
Hiring more people solves the cybersecurity problem
Businesses should prioritize retaining their cybersecurity professionals instead of searching for people to hire. Organizations should invest in them and upskill and upgrade competencies.
It is better to have a smaller group of highly-trained IT professionals to keep an organization safe from cyber threats and attacks than a larger group that isn’t equipped with the right skills. While hiring new team members can be beneficial, the time and money spent by a business on hiring new employees can be used more effectively to bolster the security infrastructure.
If the data is sensitive, encrypt it
Too many developers treat encryption like a magic wand that could ensure cyber security on a whim. Often, engineers do not consider where the key is stored or who the attacker is in certain situations. Cryptography is a complex subject and many developers end up hiding it in the false sense of security thinking they have “encrypted” their data so it is safe.
Supply chain attacks can be stopped by patching all internal third-party software and hardware
Software hackers and unlocked systems that give attackers an ideal location for attackers to operate are not the only methods they have. Businesses need to scrutinize their vendor management, including business email (BEC) compromise, account capture, and party movements within the provider’s environment.
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