To anyone who has been paying attention, this isn’t as much of a surprise, as it is a confirmation of the ongoing tenuous condition of enterprise cybersecurity but a just-released survey from specialty insurer Hiscox shows that roughly three-quarters of the 4,100 organizations surveyed face significant shortcomings when it comes to cybersecurity.
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Keeping senior leadership abreast of security strengths and vulnerabilities has become a top priority, according to financial sector Chief Information Security Officers (CISOs). And direct communication with the CEO has become imperative, as strong cyber defenses require increasingly rapid decision-making.
Realizing True Hybrid Cloud
In the past two years, cyberattacks on the financial sector have picked up speed. As companies in the sector struggle with the major shift toward digital transformation, some are caught off guard by the significant rise of malware designed specifically to target their sector, such as Dyre Trojan, Dridex, hybrid banking Trojan GozNym and TrickBot. Once the network is infiltrated, hackers can easily steal, read, alter and even erase top secret information.
Recent months have seen a dramatic reshaping of the cyber security threat landscape, according to the “Global Threat Landscape Report—2017,” by Bitdefender.
Despite renewed efforts to combat the spread of identity fraud, businesses in 2017 saw fraudsters steal even more records compared to the previous year. Cybercriminals made off with a whopping $16.8 billion worth of personal data, according to researchers.
Doctors can’t prescribe proper treatment for patients without identifying and analyzing symptoms to make a clinical diagnosis. It’s the same for CISOs, who are responsible for their organization’s digital health.
Is this cloud security Nirvana?
While many organizations moved to the cloud to try to simplify their IT management, including improve security, they’re learning that it’s not as simple as “shift applications to the cloud and watch the magic happen.”
The deadline for full compliance with the European data protection law is right around the corner, but businesses still lack awareness and must overcome many security oversights. Surprisingly, as few as 38 percent of companies in the UK have actually heard of GDPR, according to a government survey. If businesses are not prepared by May 25, when the law takes full effect, they could face fines worth up to €20 million.
The cloud has become a vital and well-entrenched component of the IT infrastructure at a growing number of organizations. Moving data and workloads to cloud in many cases makes economic sense, and companies can reap benefits such as cost savings, increased agility and easier scalability of computing resources.
As worries about third-party risks continue to press on the minds of technology decision-makers within organizations large and small, many technology service providers are finding security to be a key differentiator for winning over prospects. Cyber warranties could be the next big way to help them signal to customers that they're serious about security risks.