“Threat is a mirror of security gaps. Cyber-threat is mainly the reflection of our weaknesses. An accurate vision of digital and behavioral gaps is crucial for a consistent cyber-resilience.” ― Stephane Nappo
The principal security agency of Russia – the Federal Security Service (FSB) – faced “the largest data leak in the history of the work of Russian special services on the Internet” after hackers breached one of their IT contractors and stole and leaked 7.5 terabytes of data to the journalists. In another case, the credit bureau Equifax is penalized to pay $650 million to compensate for the information loss caused by a 2017 data breach, resulting in the exposure of information belonging to 145 million people.
Cyberattacks have become the biggest threat to organizations worldwide. The risk associated with cyber crimes have doubled in the last six years, with the total damages cost being projected to reach $6 trillion annually by 2021.
We are living in a digitally connected world where the bandwidth and scope will further expand as we progress into the future. IoT devices are on a continual rise, while cyber breach incidents are increasing at an alarming rate. In order to fulfill the vision of a wholly-connected world, the IoT proliferation is favorable. Thus, it is essential to control and address the security concerns that it is bringing along. As per a report, about 61% of the organizations have experienced an IoT security incident.
Data is the new asset that drives revenues for an organization in this digitally evolving ecosystem. This shift in the value from physical to digital assets has caused the increase in the number of cyber crimes. Data protection and cyber security have taken the maximum priority for the organizational leaders as they are now realizing the associated value as well as threats of this data-driven world.
It is time that organizations start considering cyber attacks as a risk and establish the necessary risk prevention and management mechanism. They need to devise a sustainable cyber defense strategy that can protect the organizational data as well as shield it against the future attacks. Let us try to understand how leaders should approach data and cyber threats to establish a robust and flexible cybersecurity strategy that will effectively fortify their organization’s digital walls.