Protecting company, employee and customer data is harder today than ever before. CIOs and CISOs are facing a staggering number of potential cyber issues and data protection challenges. Staying in front of those challenges rather than taking a wait-and-see approach is critical.

Cyber Crime is Big Business

A lone hacker sitting in a basement somewhere trying to get into your systems is still a risk. However, the bigger risk stems from the large, complex and layered criminal organizations that have sprung up in what’s been dubbed the Crime-As-A-Service (CaaS) industry. These organizations, which tend to prefer ransomware attacks over malware, mimic the sophistication and scale of large, private-sector companies.

Some estimates put cyber crime damage as high as $6 trillion a year by 2021. CaaS organizations are increasingly focusing on and targeting small- to mid-sized companies, because of a perception that they’re easier to exploit than larger businesses.

Businesses Face New Risks

Because today’s risks tend to rely on ransomware more than malware, older tools aren’t as effective in addressing those risks. On top of that, there are other new risks.

  • IoT Devices: As the adoption of Internet of Things (IoT) devices grows, so does vulnerability. Many of these devices are not secure, yet they access business networks and transmit data to their manufacturers. CIOs and CISOs must find ways to deal with this lack of transparency and limited security.
  • Supply Chain Vulnerabilities. In any size company, the supply chain is a weak link – perhaps the weakest link. If your business doesn’t have a good handle on how well (or how poorly) the vendors you depend on are protecting your business and its information, that’s a problem.
  • Regulatory Challenges. In addition, companies must comply with an increasing array of privacy and data security regulations. The European Union General Data Protection Regulation (GDPR) will impact data and information asset management processes, requiring organizations to strengthen their protection for critical assets.
  • Crypto Currencies. Bitcoin and other crypto currencies have created additional risk exposures; tools to combat these exposures are just beginning to gain traction.
  • Increased Data Analytics. As the need to create and produce data analytics continues to grow, companies are faced with the challenge of determining how that data is documented and used, and how best to transport and protect it.
  • Cloud-Based Infrastructure. The shift to cloud-based applications and infrastructure also created challenges for technology and information security professionals, in part because many companies aren’t relying entirely on the cloud but instead have a mix of local and cloud-based solutions. The challenge is to protect all of the company’s information – wherever housed – and facilitate rapid recovery if necessary.
  • Staff Awareness and Understanding. Last, but not least, businesses need to devote resources to enhancing staff training and awareness of cyber issues and risks. While many large firms have a good handle on information security training, many smaller and mid-sized companies struggle in this area.

Understand Your Company’s Risks – and Address Them

Information security professionals today need to understand their most crucial assets, and have the right processes and tools in place to protect those assets.

Norwell Technology Group and Infrascale can help. We’ll work with you to identify your top priorities and risks, and develop cost-effective solutions designed to protect those crucial assets – and your business. To learn more, contact Norwell Technology Group today online, or call us at (877) 277-9648.

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