Cyberattacks are on the rise. The third quarter of 2023 saw the highest number, averaging over 1,800 weekly. Business owners must prioritize data safety and security to ward off these attacks. How can they do so?
A sophisticated cybersecurity management strategy is needed to reduce the risk of a successful attack, and many businesses are spending more on cybersecurity, particularly in high-risk industries such as finance and technology. Quite a few companies now employ a chief information security officer (CISO) to oversee this strategy. What is cybersecurity management, and why is it essential?
Understanding Cybersecurity Management
Most businesses today have exceedingly complex IT infrastructures. Organizations often use a mix of cloud and on-site solutions because employees frequently work from home or while on the go. This expands attack vectors and increases data security risks. Cybersecurity management aims to create and implement a security strategy to safeguard sensitive data as this infrastructure evolves.
The CISO is responsible for creating a cybersecurity management plan covering the company’s technology, infrastructure, personnel, incident response, and business strategy. This plan must oversee the architecture and monitor services to identify potential weaknesses. The chief information security officer determines when infrastructure changes are needed and ensures these changes provide the correct balance between stability and flexibility.
Humans remain the weak link in any cybersecurity plan. They must be educated on security best practices and trained on using all hardware and software. This training allows them to help prevent cybercrime and respond to incidents when they occur. The CISO must have a plan to determine the extent of the damage when a breach occurs and how best to halt the breach and mitigate the damage.
The CISO must collaborate with other senior leaders to develop this plan. They have to deliver a long-term strategy that accounts for growth. The organization needs a safety-first culture.
Why is Cybersecurity Management Essential?
Cybersecurity management is essential today for several reasons. According to the Global Risks Report 2024, cyber insecurity will remain a top concern for the coming years. The World Economic Forum reports that only extreme weather conditions and AI-generated adverse outcomes rank higher. Why is cybersecurity management a concern for many?
IBM reports that the average data breach involving compromised credentials costs a company $4.81 million, and 16 percent of breaches fall into this category. Sadly, many businesses aren’t aware they were attacked. In 2024, credential-based attacks weren’t discovered for an average of 292 days, and each attack took an average of 287 days to resolve.
Criminal gangs understand how lucrative cybersecurity attacks can be and steal sensitive data or hold this data for ransom. Salt Typhoon, a group of Chinese hackers, broke into telecommunications providers in America and over 20 other countries, and this organization continues to operate. Cyber attacks can lead to reputational damage, as 75 percent of consumers say they would no longer purchase from a brand following a cyber incident involving that company. An attack can also lead to business instability and possibly closure of the organization.
Every company must find ways to stay ahead of cybercriminals. They need to oversee data governance and the frameworks for assessing cybersecurity risks. They must also develop and implement information security controls and handle cybersecurity issues. Every organization needs individuals to take on these tasks, as cybersecurity must be a priority regardless of the business size. The dangers of a cyberattack cannot be discounted, and a chief information security officer ensures they aren’t.
