Despite an projected $93 billion spend on cyber security, breaches are still on the rise. Cyberattacks for 2017 were roughly twice what we saw in 2016.
So why is all this money being poured into securing networks seemingly ineffective? One theory is that the spending is in the wrong place as many organizations focus on keeping intruders out, but put very little spend into protections within their network.
As data stores continue to grow, and more regulations are passed to protect it, the strategies companies are implementing also need to change. Think about all of the places data is collected, shared, and stored within your business, and it becomes clear how big of a job it is to protect it.
Perimeter security also doesn’t protect you from staff and vendors who have credentialed access to your network, which is one of the largest sources of breached data, either through malicious actions, carelessness, or falling prey to a phishing attack. How susceptible is your staff? What cyber security practices do your vendors have in place?
If you need more convincing to take a fresh look at your cyber security strategy, consider the outcomes of some recently hacked companies who didn’t. Equifax shares have lost close to 25% of their value, and more litigation is likely. Yahoo’s sale price dropped by $350 when breaches they failed to disclose came to light in the midst of the Verizon purchase. Target’s CIO and CEO lost their jobs as the cost of their breach climbed over $162 million. And countless small and medium business who don’t make the news spent over six figures to remediate after breaches, or were forced out of business altogether.