In today’s globally connected business environment and the amount of data of that is being shared across the organizations, cybersecurity has become one of the major issues that need to be addressed. With new emerging technologies like Cloud Computing, Internet of Things organizations have become more vulnerable to cyber-attacks. With Cyber attacks becoming more and more sophisticated and recent history of big organizations suffering data breaches, it is expected that businesses are taking cyber security as their top most priority. A recent study shows that 90% of the organizations worldwide are insufficiently prepared to protect themselves against cyber attacks.

In this blog topic, we will discuss why it is important for the organizations to focus more on Cyber Security.

• Having a holistic framework in place which includes cybersecurity strategies along with business continuity programs keep organizations well prepared for cyber attacks before they actually happen. Implementing such an approach helps organization’s to safeguard their financial sustainability and business reputation from getting affected.
• Organizations should implement risk management plans and educate their employees at various levels on different cyber risks, including setting secure passwords, phishing activities and other suspicious activities to look out for. Other than having a cybersecurity plan to protect your organization, it is also important to protect the client’s information from being leaked out. Many of the data breaches in the recent past have resulted in the loss of important client information.
• With days of traditional business operating practices gone, more and more businesses are moving towards cloud-based storage and online services to stay connected globally. This change along with the sophistication of cyber criminals, makes cyber attacks inevitable. In this tech-savvy disruptive business environment cyber attacks are all time high and will continue to grow as the time goes by.
• The cyber attack not only result in data breach and result in loss of client information but it also adversely affects the organizational reputation. A reputational is hard and sometimes difficult for organizations to recover from. Data breaches can result in client’s losing faith in the organization which they are working with and can negatively impact the sustainability of the business.
• Having a cybersecurity plan in place will not only help the organization in preventing or recovering from a cyberattack, mitigate the risk of a data breach or lessen the impact of a cyberattack, but it will also help the organization to lower the client retention ratio and build a positive business reputation.

A holistic framework with a continuous risk assessment through an integrated risk approach to cybercrime is vital for mitigating cyber threats. A recent study revealed that organizations are expecting to boost their cybersecurity investments by 34% in the next fiscal year.

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Stay tuned for more insightful posts on Cyber Governance.

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