Cybersecurity threats can have a wide range of consequences such as reputational, financial and strategic ones. Cybersecurity is now a top priority for risk management for all kinds of businesses. This includes consumer goods, retail critical infrastructure, energy and utilities, financial services, and financial services.
Cyber defenses like physical security aren’t easily secured. They require continuous updating. This is a distinct set of challenges that requires organizations to rethink their approach to risk management.
The first step in securing assets is to determine what they are that are networks, data, and systems. These assets could be anything that includes customer or patient information to intellectual property, manufacturing capabilities, or the ability of an organisation to provide essential services. The second step is to understand the threat landscape that includes ransomware, phishing, hacking and Man-In-The-Middle (Middleman) attacks, as well as how cybersecurity programs can mitigate these threats.
A third challenge is the increasing dependence on access on demand to ubiquitous, massive datasets. Recent trends towards remote working and a greater reliance on digital tools have raised the likelihood of a data breach. Additionally, large quantities of data can create blind spots in security processes which can result in unintended consequences.
Finally, people are another threat vector, whether disgruntled employees or contractors who have access to the company’s networks and data. They can make careless errors that hackers can exploit and cause the loss of trust between employees, regulators, or customers. The COVID-19 pandemic, social political upheavals, and ongoing economic pressures have all contributed to an increase in these mistakes. Even “professional” security software could contain configuration mistakes that could be exploited.