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The Importance of Cybersecurity and the Top 3 Myths That Must Be Busted

Cybersecurity has never been easy to achieve. With attack patterns evolving almost daily and hackers becoming more sophisticated, cybersecurity and ap...

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This story originally appeared on ValueWalk

Cybersecurity has never been easy to achieve. With attack patterns evolving almost daily and hackers becoming more sophisticated, cybersecurity and appropriate measures must be clearly defined. However, cybersecurity is not defined uniformly and the term is not always welcomed. A short introduction and definition could hopefully shed some light into the darkness within the scope of the article.

afra32 / Pixabay - Valuewalk

Q2 2021 hedge fund letters, conferences and more

What Is Cybersecurity?

Cybersecurity or IT security is the protection of networks, computer systems, cyber-physical systems and robots from theft or damage to their hardware and software or the data they process, as well as from the interruption or misuse of the services and functions offered. The data is both personal and operational (which in turn can be personal).

Why Is It So Important?

Cybersecurity is important because companies are beginning to understand that malware is publicly available and therefore almost anyone can become a cybercriminal. In addition, numerous companies implement security solutions that offer little protection against attacks. Concrete measures and considerable commitment are necessary for efficient cybersecurity.

Challenges cybersecurity professionals face include attack cycles, zero-day attacks, ransomware, alert fatigue, and tight budgets, among others. The experts must have a detailed understanding of these issues and other issues in order to take effective action.

Cybersecurity measures protect the data and the integrity of the computing resources that are located on or connected to a corporate network. These resources should be protected from all hackers throughout the attack cycle.

Cybersecurity Is A New Pillar Of Competitiveness

Sam Tilston, founder and CEO of two UK based cybersecurity firms, Effect Group and Awesome Resources, says “Today, cybersecurity covers major economic, commercial, marketing and even (geo) political issues. At stake: the company's image and, through it, its “survival”. This is why security audits are no longer an option: organizations have the obligation to ensure a level of security adapted to all levels (networks, applications, mobile solutions, etc.) and to provide proof of this.”

He further adds, “Because computer security is not just a question of firewall. Any object or system connected to the Internet is indeed a potential gateway: smartphones for mobile workers exposed to less protected public networks, SD-Wan boxes, configurations, web access, etc.”

Not to mention the carelessness of employees: 70% of safety problems directly involve employees. Cybersecurity concerns the whole company!

And beware of companies that do not offer a sufficient level of security: beyond the financial sanctions linked to the GDPR, the average annual cost of an IT security breach in 2021 amounts to nearly 4 million USD according to IBM. It includes employee inactivity, missed business opportunities, rehabilitation of infrastructure, loss of customers, etc.

And no business is spared, not even the biggest! Google, Facebook, Yahoo…have thus suffered data loss and theft. Not to mention the Cambridge Analytica scandal. The current context is therefore one of mistrust and even mistrust of consumers: 94% of them wish to regain control of their data. As a result: it's time to change the paradigm of business cybersecurity!

Companies Are Investing More And More In Cybersecurity

While private individuals are primarily concerned with protecting their personal data, companies of all sizes are concerned with confidential information which, if misused, can ruin an entire company.

For this reason, many companies use a sophisticated IT security concept, regardless of whether it is a business or security technology company. According to an international survey by PwC, more than two thirds of the companies surveyed plan at least 5% of their IT budget for cybersecurity.

The global spending on cybersecurity continues to grow: from 71.1 billion in 2014 (7.9% more than 2013) and 75 billion in 2015 (4.7% compared to 2014) to probably 170.4 billion in 2022.

Most companies maintain their own cybersecurity teams, which are to be integrated into the processes of day-to-day business. So, while the individual private user falls back on targeted offers from software developers, companies use various tools as well as security strategies, routines and training to prevent the essential data from leaking out.

Common Myths About Cybersecurity

Myth #1: More Cybersecurity Means Better Cybersecurity

The truth: Additional traditional cybersecurity solutions, such as Antivirus software and firewalls are bad investments for most CEOs. More standard solutions of this kind usually require more time, more money and more personnel. If security teams are not trained and do not keep their knowledge of new security tools up to date, they often misinterpret the warning messages from these tools, leading to an increase in false positives. As a result, there is less time to deal with actual threats and overall security deteriorates.

Myth #2: Better Technology Means More Security

The truth: this is only true to a certain extent. Cyber-attacks are human-directed. And people always find a way to bypass static technology. Therefore, CEOs should implement an adaptive defence strategy that successfully combats modern cyber threats with technology, threat intelligence and expertise.

Myth #3: Detection And Defence Are The Most Important Hallmarks Of A Successful Security Solution

The truth: CEOs need to realign their approach to security to include all stages of the attack cycle. For this reason, the following criteria should be considered:

  • Number of security incidents resolved
  • Speed ​​in resolving security incidents
  • The potential business impact of these security incidents
  • Meaningful performance indicators, powerful technologies, current threat data and competent experts form the cornerstones of a security investment that will pay off for your company in both the short and long term.