IBM‘s Cost of a Data Breach 2020 reported that the average total cost of a data breach for a company is $3.86 million.
The facts and threats are there. So why are so many companies not investing in training and staying up to date with the latest cyber security?
With the emergence of the Colonial Pipeline attack in recent weeks, acting director of the U.S Cybersecurity and Infrastructure Security Agency (CISA), Brandon Wales stated how ransomware attacks like the one against Colonial Pipeline are likely to continue. Catastrophic cyberattacks larger than a pipeline hack increasingly likely, the acting CISA chief says.
A statement, that unfortunately, only in recent days, was proved correct with the cyber attack on meat supplier to supermarkets and McDonalds, JBS.
This blog will aim to examine the determining factors why business leaders are not investing in the latest cyber security software and specialists. Additionally, it will look at what is the best course of action for business leaders looking to invest in protection from cyber-attacks and data breaches.
With reference to A. Blau in the Harvard Business Review, companies “treat cybersecurity as a finite problem that can be solved, rather than as the ongoing process that it is.” The issue with cyber security is that the challenges are everchanging and the form that a cyber attack takes on can shift very quickly. Further to this Netsparker analyses that "by 2021, there will be 4 million unfilled jobs in cyber security globally."
In essence, there is a rising demand for cyber security professionals in the sector, dovetailed with the increasing threat of even more extensive and catastrophic cyber-attacks.
Why companies are not investing?
There a number of factors that are currently impacting the ongoing level of cyber security breaches, these include:
- Financial restrictions
- Many companies do not have the financial power and are including cybersecurity in their cost-cutting exercises due to factors including the COVID-19 crisis.
- Little financial incentive to do so
- No ROI or profit, preventative rather than reactive measurement.
- Software costs
- Potential high cost of maintaining or keeping up to date with latest cyber-attack software.
- Incorrect training
- 62% of organizations are falling behind in providing an adequate level of training for their cyber security professionals.
- Lack of candidates
- As discussed previously, the number of unfilled jobs in the cyber security industry is incredibly high. There was a 350% growth in open cybersecurity positions from 2013 to 2021. The skill gap in the cyber security industry is incredibly high and even with the lack of candidates, there are concerns with how qualified and inadequately prepared cyber security applicants are.
The approach for business leaders in the future
It is clear that cyber security is an important investment for companies, the majority of businesses operate within the realm of personal and confidential data.
Furthermore, the demand for cyber security professionals is sure to rise with the digitalization of operations and factors such as the COVID-19 have further forced business and working online. According to an article in IMC Grupo, “since the Pandemic began the FBI reported a 300% increase in reported cybercrimes.” Malwarebytes research also revealed that 20% of businesses said they faced a security breach as a result of a remote worker.
So how can business leaders approach the everchanging landscape of information security, close the cyber security skill gap, whilst protecting the company from malicious cyber-attacks?
Our CREW and culture strongly believe in the training and development of our employees. We think the road to becoming a cyber security professional begins with the right support and the correct tools. Optimizing your workforce is an integral facet of operations in a company, and providing training and opportunity internally could be the answer to many facing cyber security issues. Ben Canner, an enterprise technology writer, reiterates the fact that “recent graduates and consultants could provide your team with the skills boost it needs. You may even have employees who already have the talents you need in other departments.”
Additionally, Netsparker notes that after intensive cyber security training, "a candidate with no IT background can with the right attitude can become a valuable resource and start a successful cyber security career.”
Practice Labs role in providing cyber security
The role of Practice Labs in the cyber security conundrum that has hit the 21st century is the provision of first-class practical, hands-on experience helping your team overcome the odds of being severely impacted by a cyber attack.
The emphasis being on practical experience, whereby the individual is not only learning the ins and outs of cyber security, but they are also able to apply the knowledge they have acquired in one of our live lab environments.
Practice Labs provides CompTIA Security+ which is a core qualification aimed at IT professionals seeking entry into the cyber security profession. The qualification’s main focus is on practical application with some objectives covered in theory.
Practice Labs also delivers our Cyber Security Pack to bolster your employees' certifications and knowledge even further.
Start your journey on being proactive, not reactive to cyber security and beating the odds of being impacted by a cyber attack.
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