Information Security has been the most challenging topic for every business organization in this digital world. Still, companies fail to give much priorities to this crucial matter with all these threats and attacks roaming around within their boundary. All these incident starts with stolen customers information, disclosure of confidential financial data and security measure employed.
According to this survey on US business impact of security incidents, it shows that the cyber attacks caused 37.5% financial losses, 31.8% Intellectual property theft, 31% Brand/reputation compromised, 15% Fraud, 12.2% Legal exposure/lawsuit, 11.3% Loss of shareholder value and 7.1% Extortion. (Source: PwC, CIO and CSO 2012 Global Security State of Information Security Survey).
Most of the business organization thinks their security measure are good enough to handle the threats. But in reality, it is not. Most of these organizations have different obstacles and barriers regarding an effective cyber-security. Some of them are Insufficient funding for capital expenditures, Bad leadership, Absence or shortage of in-house technical expertise, Insufficient funding for operating expenditures, Lack of an effective information security strategy, lack of an actionable vision or understanding and poorly integrated or overly complex information/IT systems. (Source: PwC, CIO and CSO 2012 Global Security State of Information Security Survey).
With the development of new technologies, companies not only have to fight the risk already existed, but also have to keep up with the new innovations. Adapting to these new technologies, companies also have to deals with risks such as Cloud security, social media security, mobile devices security and security associated with employees use of personal devices. The power of employee and mobile devices makes companies increasingly vulnerable.
The success and failure of any organizations depends on their valuable information. Cyber-security is the key to safeguard all these valuable assets like intellectual property, customer information, financial data, employee records and many more. It also acts as a better tool for their position with business partners, customers, investors and other stake holders. To better serve the topic, companies need to understand the importance and meaning of cyber security. Keep checking and testing the tools they have as a security measures for the information security helps a big deal. Having a back up plan and business strategy to move on when something like this happens gives the companies a before hand to deal with the attacks. Its always better to have knowledge of what kind of information the company holds and where they are at the moment helps manage the valuable information. References:
http://www.pwc.com/us/en/view/issue-15/cybersecurity-business-priority.jhtml
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