Companies, without considering their size, are exposed to cyberattacks, so cybersecurity must be a strategy adopted by the organization as a whole. Deloitte states in its report Cybersecurity: Business Subject. That 7 out of 10 consulted companies don’t have clear knowledge on how to protect themselves.
According to the firm, companies become vulnerable by focusing their efforts in protecting workflow processes and unidentifiable logins rather tan the key data that is relevant for their operations. But, what can be the consequence of not having a good cybersecurity strategy?
The Digital Trust report by the firm PwC states that cyber threats are becoming more sophisticated, jeopardizing the security and trust of a company and impacting its reputation.
According to the report, 27% of consulted companies admit that losing trust is one of the main consequences to face against a cyberattack. This is why it is vital to invest in a good security strategy.
PwC states that in the first place, companies should identify “the crown jewels” to reinforce its security mechanisms in these fronts. The firm also recognizes that investing in cybersecurity does not mean they are totally prepared; it is primary to invest in managerial and security processes as a shield that protects the organizations operation to guarantee growth.
The 2018-2019 Global Security Information Survey by the firm Ernst & Young reports that a good exercise would be to begin responding the following questions: Which is our most valuable information? Where can we find our security weaknesses? Which threats are emerging?, How can we respond to them? and How does our protection work?
Additionally, EY specifies that once companies respond the previous questions they can start to draw a security plan through:
- Governance: address in which level cybersecurity is an integrated part of the organization and if there are enough resources to invest in a defense.
- Protection: identifying the most common areas in a cyberattack will help strengthen the company’s security plan.
- Experience: a plan must include all departments of the organization. It is also necessary to train employees on how to respond against a cyberattack.
Since this kind of attacks affect the whole business, organizations need to understand that, in order to face a new threat, they need a broader view than just traditional controls and technology.
In HSBC defending companies against cyberattacks is our priority, this is why we have the latest technology in place to guarantee security for our clients in every transaction.