How Big of a Concern Should Cyber Security Be In 2018?

Whether they realize it or not, all businesses have a door to the digital world.  Not every organization conducts business through digital channels, but all operate with technology and processes in the internet era. The looming question for businesses is whether their door to the digital world is secured, left unlocked, or worse yet – swinging open to the outside world.

So how big is the concern?

“The World Economic Forum now rates a large-scale breach of cybersecurity as one of the five most serious risks facing the world today. The scale of the threat is expanding drastically: by 2021, the global cost of cybersecurity breaches will reach US$6 trillion by some estimates, double the total for 2015.”

Most small and medium sized businesses today lack the capability to deal with advanced, targeted assaults and they may not even be aware of attack methods that are emerging.

Without help from a third-party expert (or hiring internal expertise), it is likely that small and medium sized businesses will face these categories of attack at one time or another, and possibly simultaneously.

Are you Prepared?

Most businesses whether small or large do not feel as though they are prepared to face the threats present in the landscape today.  Here are some statistics from EY’s Global Information Security Survey:

•87% – of respondents say they need up to 50% more cybersecurity budget

•77% consider a careless staff member as the most likely source of attack

•48% do not have a Security Operation Center, even though they are becoming increasingly common

•36% of boards have sufficient cybersecurity knowledge for effective oversight of cyber risks

•12% feel is very likely they would detect a sophisticated cyber attack

•63% of organizations keep cybersecurity reporting mostly within the IT function

•57% do not have or only have an informal intelligence program

•89% say their cybersecurity function does not meet their organization’s needs

When You Need Help

At Connecting Point, network management and IT consulting teams believe that a sound IT network security strategy is the cornerstone of great technology support and IT best practices.  We’ve also come to believe that an IT strategy must align with a layered approach; meaning you must have security around the network, your users, your devices, your data and your processes as an organization.

When evaluating your current security strategy, some services that are important to evaluate are:

Firewalling & Security Services

Anti-Virus Software

Email Filtering Services (Backup of Email, Encryption Services, Archiving Services)

Data Backup & Recovery Services

Hard Disk Encryption Software

Password Management Software

Multi-Factor Authentication Software

Mobile Device Management

Employee Security Training & Compliance

If you’d like to discuss how Connecting Point can protect your organization against Cyber Security threats, contact us.