Cybersecurity is in crisis. Cybersecurity threats are becoming increasingly sophisticated and pervasive. Bad actors have access to all the latest technology and tools, including artificial intelligence, for free or very little cost. They have endless time and resources to send out millions of cyberattacks – and need only a single successful attack to reap a windfall. It’s asymmetric warfare, and the attackers’ tools just keep improving.
In response, dozens of new cybersecurity providers seem to enter the market every day. Artificial intelligence, new tools and easy access to information mean that innovation keeps accelerating daily. With cybersecurity threats regularly making headlines, and pressure on companies to secure their data (and customers’ data) growing, new cybersecurity providers barely need to advertise to gain customers’ attention. For the same reasons, venture capitalists are eager to fund cybersecurity firms. The traditional big players in the market are rushing to upgrade their outdated packages. It’s a noisy marketplace, and companies trying to protect their data and systems are confused about how best to do so.
How Companies Are Addressing Cybersecurity Threats
Companies have responded to the crowded cybersecurity marketplace in different ways. Some just bury their heads in the sand, deciding to deal with incursions when they occur, or to hope that they’re too small to be worth targeting with a cyberattack. Others are spending way too much money on cybersecurity, experimenting with every new product that hits the market.
Many companies believe that they already have all the tools they need to combat cybersecurity threats, but haven’t properly patched their existing systems, which need regular updates to combat ever-changing cyber threats. On top of that, many companies experience dozens of little attacks every day, from all sides, and it’s hard to know where to put resources.
But burying your head in the sand or sticking with old tools that don’t counteract today’s cybersecurity threats is simply not an option. And throwing money at whatever strikes a chord isn’t an effective strategy, either.
What Is an Effective Strategy for Managing Cybersecurity Threats?
Resolving the cybersecurity crisis starts with an honest cyber vulnerability assessment, either by your internal experts or by outside experts.
Ultimately, this cyber vulnerability assessment should give you a map of where your company is in terms of cybersecurity. Next, you’ll need a map of where you’re going. Your experts should prepare a plan that:
- Closes your cybersecurity gaps over time
- Analyzes the financial risks of not closing gaps and prioritizes closing the gaps that put the company at the most risk
- Includes a company cybersecurity policy that every employee is expected to follow (much like a dress code or conduct policy)
This cyber vulnerability assessment and plan give you a framework for cybersecurity decisions. Armed with an understanding of your risk profile, your budget, your weaknesses and the consequences of various breaches, your experts should be able to recommend cybersecurity investments that will provide the best ROI for your company. The key is to remain true to this framework, even as new cybersecurity threats rear their ugly heads. Certainly, you want to maintain some flexibility, with strategies adjusting as truly required. But stick with what you know to be important to your business, and let that lead your investment decisions.
Wondering about your ability to respond to cybersecurity threats? Schedule a free, confidential assessment today.