Rick Jones, CEO, DigitalXRAID
Facing a challenging economic climate, organisations are compelled to make strategic cuts. However, economic uncertainties are not the sole threat. The cost of a data breach is at an all-time high, reaching 4.45 USD globally. Right now, the stakes are higher than ever. Over the past year, one in three UK businesses experienced cyberattacks, with large enterprises facing nearly 70% of the attacks. Furthermore, the average ransomware payment has surged to £1.6 million over the year, with UK firms surpassing the global average.
A recent IBM report found that 51% of organisations plan to increase security investments because of a breach, but spending more doesn’t ensure more protection. In this challenging environment, businesses need to implement cost-effective cybersecurity solutions that provide protection against costly data breaches while delivering measurable returns on investment.
Proactive measures for effective cybersecurity investment
Effective cybersecurity investment hinges on proactively identifying vulnerabilities across IT infrastructure. Penetration testing, vulnerability scanning, and cybersecurity maturity assessments highlight weak points, enabling timely remediation before they can be exploited. Patching is far cheaper than incident response, so swift prioritisation and patching of critical vulnerabilities are imperative to go further with a limited budget.
Establishing crucial cyber hygiene
Following the identification of the most immediate risks, building a solid foundation of cyber hygiene is crucial. While these practices may seem basic, they yield significant cybersecurity improvements and are often overlooked. Basic cyber hygiene, encompassing measures like privileged access management, multi-factor authentication, cybersecurity training, and phishing simulations, establishes a defence-in-depth strategy across the organisation. Such practices not only bolster security but also expedite the journey towards fostering a security-centric culture.
Reducing cyber insurance premiums
For numerous businesses, soaring cyber insurance premiums have become financially burdensome. However, insurance remains an integral aspect of comprehensive cybersecurity. A potent approach to curb premiums is attaining ISO 27001 certification. This certification not only showcases proactive security measures but also mitigates cyber risks, ensures regulatory compliance, enhances reputation, and boosts overall security posture.
Exploring outsourcing opportunities
While these strategies yield financial and cybersecurity advantages, the scarcity of skilled security professionals poses a challenge for security leaders. With 3.5 million unfilled cyber positions globally, internal IT and security teams are overwhelmed. Relying on these teams for 24/7 threat detection is unrealistic.
Outsourcing is a viable and more cost-effective solution for businesses grappling with this issue. Engaging cybersecurity experts goes beyond the essentials, offering diverse threat intelligence and relieving pressure on internal teams. Outsourcing Security Operations Centres (SOCs) liberates resources and budget for upskilling and business growth, and brings a deeper level of security to smaller businesses. This ensures cybersecurity ROI and overall business benefits, maintaining a competitive advantage in a challenging economic landscape.
Anticipating the future
Despite financial and cybersecurity uncertainties, numerous cost-effective strategies are available to empower businesses in strengthening their security posture. A proactive approach, coupled with external expertise, ensures a solid cyber risk management strategy that can mitigate the risk of costly data breaches down the line.
