January 31, 2022
Can you rest easy at night knowing your company is safe from being hacked? If you don’t have a data security partner, you should be awake and worried about this startling breach cost breakdown reported by Security Intelligence:
- An average data security incident can cost $4.24 million:
- $1.59 million in lost business costs (customer churn, downtime, new business acquisition costs, etc.)
- $1.24 million in detection and escalation costs
- $1.14 million in post-breach response costs (containment, eradication, and recovery)
- $0.27 million in notification costs to inform regulatory agencies, partners, customers, and the public
“But I’m a small business, so I’m not high risk,” you say.
Well, Cybersecurity Magazine reports that “43% of all data breaches involve small and medium-sized business,” and “61% of all SMBs have reported at least one cyberattack during the previous year.” Verizon’s Data Breach Investigations Report found the threat actors in these breaches included 74% external and 26% internal, with the motives ranging from financial (83%) to espionage (8%), fun (3%), and grudge (3%).
3 Reasons You Need a Data Security Partner
Unfortunately, the massive number of threats combined with their level of sophistication makes it very difficult to keep current on data security. Even a team of in-house IT professionals will have a hard time with the demand for their services.
Here are three reasons you need a data security partner who provides top-tier information security managed services.
1. Cybersecurity Staff Shortages
The global cybersecurity workforce needs to grow 65% to defend organizations’ critical assets effectively. The very real consequences of IT security staff shortages are:
- Misconfigured information security management systems
- Rushed deployments
- Unawareness of active threats against a network
- Improper risk assessment and management
- Oversights in processes and procedures
- Slow patches to critical systems
The problematic shortage of cybersecurity staff means it’s even easier for attackers to grow the scale and intensity of their cyberattacks. But bridging the gap between staff capacity and hacker opportunity is most easily achieved when working with a data security partner.
2. Supply Chain, Edge Computing, and WFH Security Threats
The consequences of suffering a supply chain, edge computing, or work-from-home security breach are enormous and can only be mitigated using the best protection across the board.
It can be difficult and time-consuming to stay up to date with new technologies and regulations, which is exactly what a data security partner is passionate about doing.
Supply chain software is ripe for breach, which is why protecting it is a current area of significant focus. The U.S. Government’s Executive Order 14028 issued May 2021 “requires agencies to enhance cybersecurity and software supply chain integrity.”
There are plenty of new requirements to abide by, and for good reason. SecurityWeek reports that “supply chain mega-hacks [will] dominate the headlines as more and more threat actors aim for the open-source software ecosystem.”
The edge’s distributed computing framework brings enterprise applications closer to data sources, including IoT devices, local edge servers, 5G, and AI applications.
To quote Theresa Lanowitz at AT&T Cybersecurity, “The edge is in many locations—a smart city, a farm, a car, a home, an operating room, a wearable, or a medical device implanted in the body. We are seeing a new generation of computing with new networks, new architectures, new use cases, new applications/applets, and of course, new security requirements and risks.”
Around April 1, 2020, a cybersecurity intelligence firm began to see Zoom accounts posted for free in hacker forums on the dark web. In the end, approximately 530,000 Zoom credentials had been sold for $0.0020 each.
This is just one example of the many challenges that come with keeping the remote workforce secure, including:
- Rapid deployment of new collab tools
- Lack of security awareness
- Threat hunting new technologies and tactics
- Distributed assets lacking physical security
- Influx of remote work complications
3. Organizational Liability
Malware is beginning to shift from solely business disruption in IT to physical harm in OT. When all is said and done, the liability of maintaining secure and specialized security systems and processes is likely to fall on the CISO. Did you adopt available security measures? Did you abide by new local jurisdiction privacy laws? Did you comply with ransomware payment regulations?
The impacts of answering no to any of these questions are enormous—financially, legally, and ethically. Here are a few examples:
- TuFu is a growing retail company that cannot secure more funds because its cybersecurity program is weak and security ratings are low. No investors want to touch the business.
- Sevvy failed to automate its privacy management system and didn’t account for a local privacy law that recently went into effect. Consumer personal data was leaked, so a hefty fine was issued.
- MedicSaaS monitors and regulates multiple IV pumps from a single dashboard. The software was hacked and, as a result, patients received an incorrect dose of medication.
The question leaders need to ask themselves and their board is, “What do we need to ensure the security of ourselves and our end users now and in the future?” Don’t fall into the trap of thinking your current security measures are sufficient to withstand constant and constantly evolving threats. Otherwise, you may be held liable for the consequences.
When you have a data security partner at your side, you can fall asleep quickly, knowing your business and its consumers are safe and sound from grave error or malicious intent.
Castra: Your Data Security Partner
You may mistakenly believe that adding new security tools is easier and more affordable than working with a data security partner. Remember, the more complex a security deployment, the more resources and expertise it takes to manage effectively.
Don’t fall victim to a misaligned information security management system. Built by information security experts for information security leaders, Castra prides itself on being a “Glass Box” managed detection and response provider. If you just need to check a box for compliance, you might want to look elsewhere. If you want a highly communicative, forward-thinking, transparent partner, schedule a meeting with us to get the protection you need.