We are living in a digital age, and that means the way we work, socialise and communicate has changed drastically. We now have to protect ourselves in ways that were unheard of 20 years ago, with the term “cyber security” instilling fear into the hearts of individuals business alike. However, one thing’s for sure; it is something that can no longer be ignored. So what are the key challenges and issues for businesses when it comes to cyber security?
Not just a jargon word
Sounds obvious, but it’s important to understand exactly what the term cybersecurity entails, and appreciate that it’s not just an empty jargon word. Cyber security is defined as “the protection of systems, networks and data in cyberspace.” It’s a critical issue for all businesses and will only become more important as more devices become connected to the internet.
Regulations
Most companies, especially those in the finance sector, spend a large chunk of their budgets on regulatory compliance. Yet because cybersecurity is a fairly new problem, regulations governing what companies need to do are yet to evolve. This inevitably poses challenges over what measures – if any – are appropriate to take.
Priorities
Companies – especially SMEs – don’t always see a need – or want – to invest a lot of money on cyber security measures when they could use that money for equipment and services that will directly increase profits. But is that a false economy? What would the impact be on their business if they were victim of a security breach? This risk needs to be considered against the investment required to safeguard a business.
Fast and furious
Cyber threats are incredibly difficult to foresee and can change too quickly for security experts to predict and find solutions. Staying one step ahead can be a time-consuming and expensive task.
A man (or woman) is only as good as their tools
After reviewing and tweaking security policies, companies need to figure out what new measures they need to take to beef up their security. This could be anything from regularly changing passwords, through to establishing sensors to send alerts when a communication network is compromised. Whatever it is, it is essential to use the appropriate tools for the job, and invest properly. A chain is only as strong as its weakest link, after all.
Risk management
It is common sense that a company should develop best practice guidelines, especially when it comes to collecting and handling sensitive data. But coming up with a fail-proof plan is easier said than done, and it often means modifying employees’ behaviour and adding to the number of tasks they have to perform. Education and communication is paramount; if a company’s staff are on board then a business is half way there.
Constant vigilance!
Given that cybersecurity breaches are unpredictable and could lead to disastrous consequences, businesses have to constantly evaluate and tweak their security policies. For smaller businesses in particular, managing this process can be time-consuming and onerous. Could outsourcing the task be more efficient?
Learn from your mistakes
A company must have policies and step-by-step guides that detail what happens after a security breach. No matter how minor it might seem, it is key to assess what went wrong, why it went wrong, and how to prevent it in the future.
Anything is better than nothing
Remember, just by reading this, at least your thinking about the threats posted by a security breach. Your IT vendor will be able to tell you more, and offer you a suite of products and services to get you started.
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