This Is Why We Need To Focus More on Cybersecurity Strategy
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With the sheer amount of data getting generated globally across businesses, cybersecurity is one the major issues that needs to be addressed. According to the Global Cyber Security Index, only about half of all countries worldwide have a cybersecurity strategy or are in the process of developing one and India has secured the 23rd position. While on the side, India has also been ranked fourth globally among the countries most affected by ransomware.
In a recent report, Deloitte discussing cybersecurity strategy, the firm noted – it’s not a question of ‘if’, but rather ‘when’ your network will be breached and therefore listed out five reasons on why should we focus more on cybersecurity:
Bring Your Own Device
Due to work anytime and anywhere attitude, employees are usually using their devices like smartphones and tablet to address most of their business activities. Deloitte feels that these devices are also used for extensive use of social media and accessing data stored in the cloud.
“Use of business data and personal applications on a single device makes the device an easy target for attackers. There is an increased risk due to these devices since a large number of them are not managed by the organization’s IT department,” it said.
A lot many businesses are not dependent on cloud computing and this may help in ease of doing business, however, if not managed well can lead to a potential cyber-attack.
“Since it is difficult to determine the physical location of the data stored in the cloud we might not know which regulations apply to it,” the report said while adding that, “Applications and data managed from outside the organization through cloud increases the organization’s vulnerability to security risks.”
Third Parties and Suppliers
Apart from cloud computing, outsourcing and digital supply chain are also an integral part of businesses and hence, Deloitte feels these companies are dependent on third party suppliers more than ever.
“This results in organization’s data being shared and exposed in ways which are difficult to control. A breach in the digital supply chain undermines the security of every organization involved in the chain,” it shared
In order to encourage digitalization, e-commerce apps are incentivizing mobile-based pay instead of cash. Even though digitalization is the need of the hour, however, with inclusions of such transactions, there is an increase cybersecurity risk involved.
Social media today is an important part of each of our lives all thanks to better internet infrastructure, cheap smartphones and decrease in data charges. But, users are increasingly sharing sensitive information on these sites, which can be used by attackers leading to a potential cyber-attack, the report added.