Cybersecurity is a top concern for all areas of an organization, from legal to HR to IT to operations.
A data breach can be devastating, not solely for your technical team, but for the entire company — and can have lasting repercussions. Depending on the severity of the breach, you may need to shut down operations completely for a period of time, which can also lead to customer and revenue loss.
Reputational damage is also a key concern — 65% of victims of a data breach have lost trust in the organization that was breached. And companies that inadvertently expose personal information may be subject to class-action lawsuits to the tune of millions of dollars. In terms of financial fall-out, the average cost of a data breach in the United States is nearly $4 million.
Compliance with industry regulations is a good starting point for defending your organization. But now, relying on compliance alone is no longer enough. It’s not about ticking a box, it’s about being aware of, and constantly surveying new and emerging risks, managing existing risks, and making that process efficient. That means it’s essential to take an active approach to monitoring and managing your cyber risk.
Case in point? The COVID-19 pandemic brought on a sudden and widespread migration to a distributed office environment with minimal time to prepare or set up new network security protocols. This resulted in a security breach in 20% of organizations surveyed.
This is a prime example of a risk that could be identified early on. The risk might not have been a global pandemic, but perhaps one of business continuity — if the workplace becomes inaccessible for whatever reason, are the right systems, tools, and processes in place to carry on? If not, how will that affect the organization? This is an example of taking a risk-based approach to cybersecurity.In order to stay a step ahead of future cybersecurity risks, it’s important to take a strategic approach to assessing potential risks to your organization (including internal, third-party, infrastructure-based, and Act of God scenarios). By identifying each individual risk and building plans for mitigating and remediating them, you’ll be well-prepared to recover quickly in almost any scenario.