Are you fully aware of the many cybersecurity threats that put your organisation at risk?
Technology is developing at a rapid pace and with every new iteration of software, comes a new set of ways malicious or careless parties could harm your business.
As the first in our FinXL Thought Leaders Series, we invited clients to attend a seminar presented by Edward Farrell, director of Mercury ISS, on evolving cybersecurity threats. These were some of our key takeaways.
1. Cybersecurity is a whole-business risk
Your business' cybersecurity is not just a concern for your IT department. It intersects the physical, digital and social world and as such requires a whole-business response. Data breaches have the potential to put the wellbeing of your business, staff and clients at risk.
Over half of all breaches reported in the first quarterly report of the Notifiable Data Breaches act were the result of human error, rather than malicious acts or IT failures. This alone is testament to the need for a whole-business cybersecurity strategy, encompassing data privacy training, prevention and response policies. IT department leaders must be achieving whole-business buy-in to cybersecurity plans, and it's up to other C-level leaders to support them.
2. Risks must be assessed uniquely
Every business handles data in a different way. Just as no organisation's digital transformation can be effected using a cut-and-paste strategy, neither can your cybersecurity plan.
Your organisation's digital assets and critical enablers must be considered through a threat-focussed risk assessment, and subsequently managed. Without understanding the greatest threats to your business, you can't comprehensively defend against attacks, accidents or failures. Detailed threat modelling and the role of the devil's advocate are crucial to developing an adequate defence. Your business must evolve to keep pace in today's ever-changing environment.
3. There is no "mission completed"
Cloud integration is becoming commonplace and machine learning, AI and IoT solutions are growing in popularity. As new innovations come to the forefront, your digital business must evolve to keep pace in today's ever-changing environment.
When introducing new technology, your organisation is opened up to threats that must be assessed, understood and adapted to accordingly.
Protecting your business from risk during your digital transformation requires careful and constant management. Reach out to FinXL today to learn more about defending your organisation against cyber threats.