CISOs acknowledge that the COVID-19 will not be the only major disruptor of its scale; it just provided enterprises a preview of the potential issues they need to be prepared for, with increased digitalization
An organization’s weakest factor relevant to its cybersecurity strategy is its employees and not systems as widely misunderstood. Even before the pandemic, most of the data breach occurred due to manual failure and organizational process, and much less due to tools or tech failure.
When these factors are combined with the uncertainty faced while deploying domestic tech and increased attempts to breach the security networks, enterprises were faced with a crisis.
The pandemic has highlighted the importance of the digital economy and the need for flexible global cybersecurity policies. An efficient cybersecurity strategy will allow for collaboration between medium, micro, and small enterprises with prominent organizations and individuals.
In a recent analysis conducted by the World Economic Forum, it is estimated that over $100 trillion could be generated by 2025 as a result of digitalization. Darkreading.com says that as per Cybersecurity Ventures, the cybersecurity incidents will cost the global economy at least $6 trillion per year by 2021.
This estimate is twice the spending done in 2015. Such figures point towards the numerous measures that need to be taken to ensure that the advantages of tech innovations and digitalization are not lost.
Cybersecurity incidents increased significantly within the first fortnight of the pandemic lockdown. The hackers have targeted both enterprises and government organizations continuously throughout the pandemic.
The remote work environment means that the entire cybersecurity strategy is dependent on employees who often haven’t been adequately trained in security practices.
CIOs acknowledge that information security systems of most enterprises are not suited to a remote work environment. Security leaders need to realize that a resilient cybersecurity strategy is the primary building block for the economy.
Technology leaders point out that a well-thought, education-first security training will mitigate any potential attacks and vulnerabilities and usher the organizations to a point where cybersecurity is not an add-on, but a must-have. CIOs believe that a few essential pointers are necessary to be considered when creating a strategy.
To successfully implement such strategies, organizations need to handle a few hurdles, like no longer considering cybersecurity training separate from conventional employees’ learning profiles and moving on a faster transformation journey towards mandatory cybersecurity profile. CIOs are finding new ways to elevate their productivity, as their IT role becomes increasingly visible to the firm.
Other than recognition and visibility, security leaders have to proactively consider issues like proper identification of forums and channels for relevant conversations—adequate understanding of the public and private sector stakeholders at play.
They have to ensure mandatory cybersecurity for all employees across the organizational levels and create a set of minimum standards for cybersecurity. This then has to be mandatory to be followed by all individuals working for the organization.
Ransomware and malware attacks like the WannaCry incident from 2017 show how hackers can manipulate the liabilities in an enterprise network. Such interruptions combined with the economic slowdown due to the pandemic can prove fatal for organizations if not mitigated at the right time.