Cyber Security Landscape
Cybersecurity attacks are on the rise and it’s never been more imperative than now to have a mature Cybersecurity Risk Management Program. Security breaches can cause significant impacts including loss of revenue, damaged brand reputation and overall business interruption.
The global average cost of a data breach is $3.9M across small and medium sized businesses, and $116M for publicly traded organizations (Compliance Week). The average time to identify and contain a data breach in 2020 was 280 days (Security Intelligence) and there is a hack attempt every 39 seconds (University of Maryland). Even as organizations struggle to stay ahead of the evolving threat landscape, more and more companies are losing the battle. Additionally, as the COVID-19 pandemic has progressed, there has been an increase in attacks using fake e-mail accounts and websites, and a rise of ransomware attacks worldwide.
Business Challenge
New business strategies such as merging IT and operational technology environments are necessary for companies to maintain their competitive advantage but can also lead to increased security risks. Companies must assess if their internal security teams have the bandwidth, tools, technologies, and skillsets required to effectively monitor, triage, and resolve security events 24 hours a day 7 days a week. Many legacy tools are not equipped to deal with modern infrastructure.
Business Impacts
Security breaches can be devastating to a business’s reputation and can negatively impact customer retention and the ability to attract new customers.
The typical areas of potential impact that can be expected from a breach include:
- Compromised PII/ePHI data
- Compromised financial data, future plans, etc.
- Direct monetary losses
- Regulatory obligations to report the data breach and fines for failure to do so
- Loss of trust if your address is used to send out malicious emails
Protection Requires a Broad Approach
Protecting your organization’s information and digital assets requires a broad approach with clearly defined strategies and solutions for disciplines such as:
- Managed Detection & Response – real-time monitoring for security threats and incidents with the ability to quickly respond
- Identity and Access Management – processes and platforms to manage and secure identities
- Compliance – alignment to security frameworks or compliance with regulations
- Incident Response – ability to address an ongoing security incident such as ransomware
- Information & Data Protection – protect your sensitive data wherever it lives and travels
- Cloud Security - safeguard your cross-cloud services
How BDO Digital’s Managed Detection and Response Services Can Help
Developing and managing a comprehensive security risk management program includes strategies & solutions such as zero trust architecture, access management, third party risk management, threat detection and monitoring detection & response. These solutions provide the capability to quickly respond to security incidents, minimize impact and begin post security event remediation efforts.
It is often a challenge for clients to achieve an optimum level of cyber readiness using internal resources only. BDO Digital’s comprehensive set of cyber services and solutions such as Managed Detection and Response, provides clients with a coordinated operational and technical approach to safeguard the confidentiality, integrity, availability and security of their data and systems.
In 2021, analysts are forecasting a shortage of personnel with cybersecurity skills. While organizations may have dedicated IT team members, they are typically not specialized and are also splitting their time supporting other parts of the business. 24/7 coverage is not a nice to have, it’s a necessity. By optimizing the use of risk management strategies and technologies, experienced 24/7 security teams can seek out malicious activity and anomalous behavior to detect, identify, classify, act upon, and constantly enhance the defensive capabilities that keep customers secure.
Original content provided by BDO USA.
Subscribe to receive the latest BDO News and Insights
Please fill out the following form to access the download.