Preparing Your Company for Cybersecurity Challenges in 2018

By Megha Shah - Published on November 3, 2017
Preparing Your Company for Cybersecurity Challenges in 2018

If the past few years have brought with them any lessons, it is that we’re not as safe as we think.

In 2018, cybersecurity challenges will only increase. Here is what companies need to know to stay ahead of the game.

Cybersecurity is currently a $445 billion industry and analysts predict that it will become a $6 trillion industry by 2021. Over the last decade several companies have faced massive hacks and data breaches of varying magnitudes. If these threats have taught us anything, it is that we have quite a long way to go to combating cybersecurity.

This year, one of the most talked about hacks was that of HBO as the company incurred major losses on its most popular show, Game of Thrones. If hackers can find ways to breach multiple security layers at a company as large as HBO, it stands to reason that no company is too big to fall prey to hacks and breaches. Therefore, it is very important for companies to invest in and ensure optimum security against such attacks.

One extremely essential prerequisite to safeguard your company against cybersecurity threats is to establish a cybersecurity team: a group of people skilled and equipped to deal with such events and capable of preventing them. Finance, operations, customer data, R&D, intellectual property, internal communication threads, and other trade secrets are at risk. Thus, companies must seek to understand that cybersecurity is a fiduciary responsibility, not just an IT issue.

A cybersecurity team should be able to address cyber risk through a systematic approach. Such integration will probably be one of the best decisions you make in your company.

Here are some steps to follow that will help you protect your company from cybersecurity attacks:

#1. Practice a Mock Attack or Simulated Attack
If you’ve heard of Captain Chesley Sullenberger, you know that the only reason he was able to successfully land U.S. Airways Flight 1549 onto the Hudson was because of hours of drilling, rehearsing, and participating in simulation sessions.

A good way to prepare your company for cybersecurity threats is to simulate multiple attacks and analyze how they are handled. During these exercises make your executives and employees act as individuals, one single team, or multiple teams competing against each another. Another idea is to prepare simulations in which one team is the hack team and the other is the defend team. That way not only will your team develop skills to think in the moment, but it will also be able to think like a hacker. Such a perspective becomes extremely important for defense as you can anticipate the next moves of the hacker.

#2. Develop a Comprehensive Cybersecurity Strategy
After multiple possible scenarios are created, a strategy should be set up which dictates the steps that need to be taken upon occurrence of such an event. Once a definitive strategy is in place, it is easier for executives to perform and combat the problem. However, it is important that these strategies be rehearsed and then improved.

Another part of the strategy is the investment. Your cybersecurity investments, such as biometric devices, e-signatures and e-verification processes, should also be evaluated and checked for improvements, upgrades, or damages at periodic intervals. Building an effective cybersecurity strategy helps to create a culture of cyber resilience in the organization.

#3. Cybersecurity Regulation Improvements
It is important to modulate cybersecurity regulations. For instance, change your digital or electronic lock passwords regularly. Use high-quality biometric devices, such as retina scanners or voice locks.

#4. Address the Internet of Things (IoT)
With IoT and artificial intelligence on the horizon, your company and data are more exposed than ever before. Make sure to factor in these concepts. The next generation of AI-powered cybersecurity attacks will be crafty enough to emulate the behaviors of specific users to fool even the most skilled security personnel. Make sure your cybersecurity team is skilled and able to recognize, prevent and mitigate an attack.

#5. Get Cyber Risk Insurance
Cyber risk insurance will become a critical business component in the near future. While your company may be armed against hacking and breaches, attacks may not always be mitigated successfully. Insurance is critical in such situations. This not only helps reduce the quantum of loss but also helps make investments later to better protect your system from future attacks.

#6. Appoint a CCO (Chief Cybercrime Officer)
If you already have a cybersecurity team, you need to appoint a chief cybercrime officer. The CCO is responsible for ensuring that an organization is secure. He or she will bear the responsibility of preventing breaches and would take the lead on mitigating breaches if one occurs.

Megha Shah | A dreamer, traveler, aspiring entrepreneur and a bookworm beyond repair, Megha Shah is extremely fond of writing and has been doing so since she was a child. Apart from being a part-time writer, Megha is currently in college, pursuing B. Com. (Hons). Megha is an ardent follower of ‘Hardship, Hustle and Heart’ and firmly believes in the power of hard work and destiny!

Megha Shah | A dreamer, traveler, aspiring entrepreneur and a bookworm beyond repair, Megha Shah is extremely fond of writing and has been doing so since she wa...

Related Posts