Geopolitical tensions make security precautions critical
Geopolitical tensions are on the rise around the world and global economic structures continue to evolve as a result. Political disruption and unrest can have a far-reaching impact on the rest of the globe. This impact can be seen most clearly in the ripple effects that the current ongoing Ukraine-Russia war has had on the rest of the world in terms of economic volatility, food insecurity, and dramatic price increases.
Businesses are, of course, hyper-focused on ensuring their resilience to geopolitical risk, fragmentation, and uncertainty, which according to McKinsey’s latest Economic Conditions Outlook is at the top of the agenda for CEOs. But, if businesses want to safeguard their resilience during this disruptive time, organisations will need to prioritise their security.
Cybersecurity is already a priority concern for organisations, as data breaches and cyberattacks are irrefutably on the rise and hackers are becoming increasingly sophisticated and persistent. Yet, rising geopolitical tensions also introduce an increased risk of state-sanctioned cyber-attacks that affect both public and private organisations alike.
Cybersecurity has become a key element in nations’ arsenals during geopolitical conflict in order to exploit information, destabilise, and gain a foothold in targeted nation states. It's not just government and public institutions that are at risk, in fact, the US, Australia, Canada, New Zealand, and the UK released a joint cybersecurity advisory earlier in the year warning organisations that the armed conflict between Russia’s and Ukraine could expose organisations both within and beyond the region to increased malicious cyber activity. According to Gartner, coordinated cyberattacks emerged as part of Russia’s offensive since earlier this year, impacting organisations at a global scale.
With the increased sanctions that the UK has placed on Russia, organisations within the country should be on a heightened alert when it comes to security and protecting their most critical assets. If organisations do not bolster their cybersecurity efforts, they will be left unprotected and exposed to both cybercriminals and cyberthreats.
The cost of a cybersecurity breach
In today’s digital age, data and information have become one of our most valuable commodities. As businesses continue to digitally transform and adopt new and emerging technologies into their organisations in order to better utilise and manage their valuable data, they are also introducing new vulnerabilities that malicious actors can take advantage of.
The impact of a security breach can be immense. A customer data leak can erode trust and scare new business away, while loss of business-critical data could cost businesses heavily in the form of time, money, and potential legal implications which can be extremely damaging.
According to IBM’s 2022 Cost of a Data Breach report, the average total cost of a data breach is US$4.35 million, while the average cost of a critical infrastructure data breach is US$4.82 million. Additionally, 60% of organisations’ breaches had led to an increase in prices which was passed on to their customers.
Protecting business-critical applications is vital
To prevent the risks and impact of a cyberattack, organisations need to relook at their current cybersecurity environment, particularly as it relates to their business-critical applications which are often overlooked.
Business-critical applications are a very attractive target to cybercriminals as they are essential to everyday operations. If interfered with it would impact business continuity and if sensitive data is stolen or made inaccessible, it could have devastating consequences not only for the business itself but also for its customers, suppliers and partners.
As such, organisations need to be able to not only detect and respond to threats quickly but also identify and reduce any vulnerabilities to ensure the protection of business-critical data. By adopting technologies that enable unified threat, risk, and compliance management across the entire organisation, businesses will be able to take a proactive, instead of reactive, approach to cybersecurity.
This could also help to alleviate the pressures of the cybersecurity skills gap on organisations. The IBM report observes that around 62% of organisations’ security teams are currently understaffed, and therefore unequipped to deal with the constantly evolving and more frequent cyberattacks. Additionally, cybercrime is expected to triple the number of open cybersecurity positions over the next five years, and with every IT position also having to be a cybersecurity position, this presents a huge problem in terms of capacity in dealing with the growing risk of cyber threats.
Putting systems and processes in place to prevent a breach
Organisations must also look into developing and implementing comprehensive cybersecurity programs over and above cybersecurity technology that lay out the guidelines and best practices employees should follow. This includes implementing standards and processes that will enable businesses to assess, prepare for, and mitigate these cybersecurity risks.
Turning cybersecurity into a collective responsibility shared by everyone, in addition to integrating robust cybersecurity solutions, will be key to ensuring the safety and security of organisations around the world.
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