Cyber Security Delusions – The Corporate World Continues to Take Cyber Crimes Lightly

Businesses regardless of their size need to take security seriously. Cyber threats are rising yet many companies are in delusion and taking Internet security lightly.

Even a company like charter selling Spectrum TV packages is at risk since it keeps customer data. The ever-changing threat landscape demands investment in cybersecurity policies, procedures, as well as products.

Some businesses are unaware of how threatening the world has become. It’s imperative to lock down the business data. Using anti-virus software is not enough. Tools like these have failed to keep pace with the rising threats.

The Safety Delusion

Unfortunately, businesses are aware of the cyber threats but they are tempted to believe that the news of cybercrimes is irrelevant to their business. This is a big mistake. The “We are too small” to be targeted mindset is putting small businesses at a huge risk to these attacks.

To a criminal, it takes less than an hour to determine the business value of its target and set a payload.

There could be thousands of fraudsters and criminals that are leveraging low-cost automated tech right now to seek vulnerable small businesses and you could be one of them!

Cisco has rereleased its Annual Security Report warning about the internet security delusions. These are some of the dangers the company has highlighted:

1: Consumers are at Risk

Most businesses preached this axiom that customer is their number one priority. But when your system isn’t secure, you are putting the heart of your business (your customers) at risk.

If hackers manage to attack the network of the company, the data of millions of customers will be compromised.

Unfortunately, because customers return to their usual buying habits and forgive companies for their lack of effective security, businesses even after compromising customer data don’t take security seriously.  

2: Mad Masses

Ever heard of “if it isn’t broken, don’t fix it.” It seems corporate management is taking it way too seriously. The network security is broken and what companies are focusing on is their profitability and bottom line.

Take Adobe, for instance. In its data breach, the company exposed the unencrypted passwords of millions of users.

But the problem is, consumers need adobe more than adobe needs them. If you want to watch online videos, you will need an Adobe flash player. They can’t really do without Adobe’s products!

So it’s not just the organizations that are guilty, to some extent, customers are guilty too. Why can’t they stop using the services of the company that compromised their data!

3: Consumer Demands

What will take for consumers to start demanding companies to be made accountable to customers? Until companies focus on taking care of their existing customers, rather than chasing new ones, companies won’t pay attention to cybersecurity.

Don’t forget that hackers aren’t after corporate data. If they are, they target government entities. The majority of the hackers want consumer data, their financial and personally identifiable information.

If it’s a corporate data breach, companies have insurance to cover such losses. But when consumer data is exposed, there’s a lack of sufficient resources to recoup the loss.

It’s High Time to Be Cyber Ready

Making an organization cyber ready is not easy, no doubt. These are some measures an organization can take:

  • Security Starts from the Top

 First things first, the CEO ready to be cyber-savvy. The top leaders should realize the benefits of cybersecurity and manage risk effectively. Once the CEO makes cybersecurity a priority, things will automatically be taken seriously by the organization.

  • Reassess the Existing Cybersecurity System

Some organizations already have IT security functions in place. They may be doing a pretty fine job protecting against traditional threats. However, new risks continue to emerge and the focus should be on upgrading and transforming the existing capabilities. There’s no need to create something new from scratch. You can tap onto the existing base and ensure that the response of the organization to security needs encompass cybersecurity.

  • Create Situational Awareness

It is pertinent for the organization to have a clear understanding of its current cyber environment. This requires situational awareness. This means well-informed decisions must be made on cybersecurity actions. Achieving situational awareness can be a challenge because there is a lack of KPIs for supporting the management of cyber threats as well as opportunities.

Conclusion

Cyber risks are ever-evolving. Apart from corporations themselves, consumers must take internet security seriously just like they take Spectrum offers so seriously. When there’s a pushing need from the consumer’s side, organizations would have no choice but to amplify their security.