Why Cybersecurity Should be a Business Strategy

Introduction

It is commonly quoted that cybersecurity is a business problem, yet you rarely ever hear or see anyone talk about how it’s the business’ problem and what to do about it.

Background

These are just some of the frightening statistics that are being collected all the time regarding the challenges faced by organizations of all shapes and sizes and verticals:

Ransomware downtime costs organizations more than $64,000 on average. (Source: Cover)

Ransomware is costing businesses more than $75 billion per year. (Source: Datto)

The FBI suggests ransom payments are totaling around $1 billion. (Source: Datto)

Businesses lost around $8,500 per hour due to ransomware-induced downtime. (Source: Govtec

What’s Happening Now

In our ever-increasingly connected world, the challenge to truly operationalize good security practices is becoming ever more difficult. COVID-19 in particular has highlighted where the weaknesses are in most organizations, and as a result, the rush to get people connected has increased the risks associated with insecure communications. We live in a world of distributed connectivity. Most organizations already have insufficient security practices that meet a very low-bar in terms of providing proper protection.

Building a proper security strategy will enable the board members in all businesses to be able to make intelligent decisions about budget needs, areas of risk, level of effort required to address these risks, as well as to determine adequate resourcing to accomplish this, whether it’s an internal capability or a combination of internal and external resources.

What This Means for You

It is now commonly understood that it is not a question of if, but when a breach happens to your organization. Your handling of the situation will determine whether the impact will be minimal, or so catastrophic that, in some cases, many of these businesses will never recover.

Sixty percent of SMBs go out of business on average six months after a major attack. This statistic can be found everywhere on the Internet by many reputable sources.

What You Should Do Now

All businesses need some clear direction on how to build a cybersecurity strategy. In other words, it’s time to start looking at cybersecurity strategy as a business problem requiring a properly structured business plan approach. cybersecurity risk is indeed a business problem, so it needs a business plan to address this.

Closing

It is becoming increasingly obvious that the reason why organizations are seeing an increase in attacks is that they lack a coherent strategy using proven industry methodology to address all aspects of cybersecurity. The urgency to adopt a strategy has never been clearer. By 2021, ransomware attacks will occur every 11 seconds. And with the expected exponential growth of IoT devices, risks will also increase in accordance with this. Businesses are failing on an unprecedented scale based on the current level of security maturity, the situation is only going to get worse, not better.

LCM Security has designed its services to align to today’s current challenges. Our team of experts is in helping organizations to build these business plans that help to educate and empower the Board, the Executive team, as well as every employee to understand current risks and what they should do to prevent them becoming a breach.

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