News headlines about ransomware attacks, data breaches, vulnerabilities and other cyber threats seem to be at their peak and, given the cybercrime scale, the never-ending battle for cybersecurity is more important than ever. The latest case in point: the federal government of Costa Rica, hit by a very serious ransomware attack that has crippled operations.
Cybercriminals, like the Russia-based Conti gang behind the Costa Rica attack, are constantly ratcheting up their game, meaning that security professionals must do likewise. But too often, the C-suite views security as an expense rather than an investment. A recent survey by industry analyst firm Frost & Sullivan found that 40% of respondents indicated a lack of management awareness of data breach implications and costs, and 36% reported difficulty communicating the importance of cybersecurity to the board of directors.
Worse yet, almost a quarter of participants experienced a reduction in security budgets in the past year.
Given what’s at stake in the event of a major breach or attack – damage to company reputation, lost sales, penalties, potential lawsuits and more – something’s got to change when it comes to cybersecurity. If we don’t invest up front, and instead go with a haphazard ‘Band-Aid’ approach, security teams will always be a step behind and remain vulnerable. To effectively counter increasingly sophisticated and targeted cyberthreats, security leaders need to establish the resilience and flexibility needed to react quickly when a breach occurs and mitigate the damage immediately.
Changing the Conversation
According to the Frost & Sullivan report, “Essentially, organizations—particularly businesses—have been hesitant to invest heavily in cybersecurity because they see it as an expense rather than an element of risk management.”
The last part of that quotation goes right to the heart of the matter. For almost any organization, the goal is to keep expenses as low as possible. Conversely, risk management is seen as an investment that has tangible value – by reducing risk, organizations can protect company reputation and even gain a competitive advantage.
As a first step to better cybersecurity, we need to change our perception of the problem. Cybersecurity shall no longer be perceived as an expense. It’s time to see its true essence – an investment for a more sustainable and reliable future for all organizations worldwide.
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