Cybersecurity is a business issue that has been raised in boardrooms for years, but accountability remains solely with IT leaders.

Because digital information and technology are now so deeply embedded in day-to-day work, organisations have become significantly more exposed to cyberthreats. However, assaults that target both information and vital infrastructure are becoming significantly more sophisticated.

Cyber-risk incidents can have substantial operational, financial, reputational, and strategic ramifications for a company. Existing safeguards have become less effective as a result, and most firms must boost their cybersecurity game.

What is Cybersecurity?

Cybersecurity is the activity of safeguarding vital systems and sensitive data from digital threats. Cybersecurity measures, also known as information technology (IT) security, are intended to prevent threats to networked systems and applications, whether they originate within or outside of a company.

In 2020, the global average cost of a data breach was USD 3.86 million, with the US costing USD 8.64 million. These expenses include the costs of identifying and responding to the breach, the cost of downtime and lost income, as well as the long-term reputational harm to a company and its brand. Customers’ personally identifiable information (PII) — names, addresses, national identification numbers (e.g., Social Security numbers in the United States, fiscal codes in Italy — and credit card information — are targeted by cybercriminals, who then sell these records in underground digital marketplaces. Compromised PII frequently results in a loss of consumer confidence, regulatory penalties, and possibly legal action.

The complexity of security systems caused by different technology and a lack of in-house knowledge can compound these expenses. However, organisations that implement a comprehensive cybersecurity strategy that is guided by best practises and automated through the use of advanced analytics, artificial intelligence (AI), and machine learning can combat cyberthreats more effectively and reduce the lifecycle and impact of breaches when they occur.

Dangerous cybersecurity myths

The volume of cybersecurity incidents is on the rise across the globe, but misconceptions continue to persist, including the notion that:

• Outsiders are cybercriminals – In truth, cybersecurity breaches are frequently the product of hostile insiders acting on their own or in collaboration with outside hackers. These insiders can be part of well-organized groups that are supported by nation-states.
• Risks are well-known – In reality, the risk surface continues to grow, with thousands of new vulnerabilities disclosed in both old and new apps and devices. And the potential for human error, particularly by careless workers or contractors who inadvertently create a data leak, is growing.
• Attack vectors are limited – Cybercriminals are constantly developing new attack vectors, such as Linux systems, operational technology (OT), Internet of Things (IoT) devices, and cloud settings.
• My Industry is safe – Every business faces cybersecurity concerns, with cyber attackers abusing the communication network requirements of nearly every government and private-sector entity. Ransomware attacks, for example, are targeting more sectors than ever before, including local governments and non-profits, and risks to supply chains, “.gov” websites, and key infrastructure have also grown.

What is the future of cybersecurity?

The environment itself is evolving in several key ways:

• As network, infrastructure, and architectural complexity increase, so does the quantity and diversity of connections that may be exploited by cybercriminals.
• The increasing sophistication of threats, along with inadequate threat sensing, makes keeping track of the expanding number of information security controls, needs, and threats difficult.
• Third-party vulnerabilities will endure as businesses struggle to develop minimal but adequate controls for third parties — particularly since most suppliers, particularly cloud providers, rely on third parties (which become your fourth parties and so on).
• As network, infrastructure, and architectural complexity increase, so does the quantity and diversity of connections that may be exploited by cybercriminals.
• The increasing sophistication of threats, along with inadequate threat sensing, makes keeping track of the expanding number of information security controls, needs, and threats difficult.
• Third-party vulnerabilities will endure as businesses struggle to develop minimal but adequate controls for third parties — particularly since most suppliers, particularly cloud providers, rely on third parties (which become your fourth parties and so on).