Reinventing Cyber Security: Strategies for Modern Businesses

Only government organisations and financial institutions generated vast data a decade ago. Naturally, they were the only ones at risk of having that data lost or, worse, stolen.

The world of cyberattacks has rapidly changed since then. As more and more companies have adopted eCommerce as their primary medium of business, enormous volumes of information are generated daily.

This information is transmitted through a plethora of siloed and centralised systems. Without robust digital security, vulnerabilities lurk in the software and the hardware. Various unfortunate events have proven this time and time again.

Consider the NotPetya attack of 2017 that wreaked havoc on major European businesses or the Meltdown and Spectre attack of 2018. Even top-level executives are confused in light of such problems as to how can cybersecurity be improved.

One thing is certain – sitting back with arms crossed is not an option. Growth Jockey believes a new posture towards cyberattacks has long been overdue. This guide will shed light on the need and means for reinventing cybersecurity.

Like a Hamster on its Wheel

We’ve just heard how cybersecurity is evolving over the past years. Still, a closer look reveals a cycle of endless debates and discussions leading to no concrete solutions.

Do we believe that there is a one-size-fits-all answer to the problem of cyber risk? No, but Growth Jockey’s experts emphasise the need to understand these threats and prepare in advance for them.

Cyberattacks are a growing threat to critical business infrastructure, with more sophisticated intrusions happening in recent years. According to Statista, global cyberattack spending hit a whopping $4.35 million. And these numbers will only get worse if measures are not taken promptly.

On the bright side, we can also observe that organisations are investing in good cybersecurity. Seeking Alpha found that global cybersecurity investment will surpass $188 billion in 2023 alone.

However, the problem is more complex than installing malware detection software. We have often observed that a company need not be the primary target to suffer data theft. Collateral damage from ill-targeted attacks can also cost much in terms of time, money, and reputation.

And what’s scary is that most businesses need at least three months to identify a covert attack. It’s difficult to fathom the damage done during this time. So, the issue of good cybersecurity should not be neglected or taken lightly.

Discovering Cyber Solutions That Work

Growth Jockey’s experts have observed that businesses often grow complacent, thinking that having the latest malware or firewall is all needed for well-tuned security responses. But then they fail to address third-party suppliers with access to the company’s essential data and Intellectual Property (IP).

The Non-Disclosure Agreement or NDA is the thin thread holding it all together on the knot of trust. But increasing cases of data breaches have shown that blind faith comes with a costly price tag. Organisations have no choice but to improve cyber security if they wish to survive and thrive in eCommerce.

So, we’ll address the common pitfalls surrounding reinventing cybersecurity and discuss our take on the new posture required of companies.

Three Common Perils Lurking in the Cyber Space

While cybersecurity is evolving at an increased pace, cyber threats are more so – the scenario is heated and war-like. The three most common issues seem to emerge from such a scene –

1. IT Delegation

This is a problem our experts have found with one too many organisations. The minute a cyber-issue crops up, they treat it as a technical issue. We don’t blame the executives following this thinking line because cyberattacks accompany many technical problems.

But the question of the hour is whether protecting a server is the same as defending the entire business. The IT department can easily tackle the former, but what about the latter? Defending a business requires risk evaluation at all levels.

Meaning business priorities must be in check, the company’s culture and governance must be monitored, and so on. The IT department is not well-equipped to handle such a huge task.

2. Spending one’s Way to Success

Then other companies try to throw resources at issue. Their idea of reinventing cybersecurity is to hire a bunch of high-profile hackers. Does this approach work?

Growth Jockey has seen case upon a case that says otherwise. The problem is that even the most seasoned hackers stand no chance against millions of cyberattacks across a complex network of thousands of devices.

So, outsourcing is simply masking the problem instead of getting at its roots.

3. Making it about Compliance

A third category of companies hopes for a future in cybersecurity where following a set of rigid regulations and norms should solve the problem. As a result, they try introducing new checklists and protocols almost daily.

But the issue of strengthening digital security is all about building resilience, not placing undue attention on formal compliance. The sad reality is soon discovered when the company finds itself more vulnerable to cyberattacks despite stringent protocols.

Our Take on the Problem

We are gradually entering an era of all encompassing connectivity like never before. This means now is the best time for the top-level management to take a more collaborative and thorough approach to data breaches.

Our take on the issue is inspired by some leading organisations worldwide and their principles of reinventing cybersecurity.

1. Cybersecurity is a Matter of Efficient Risk Management, not a Technical Issue

Complex and non-financial cyberattacks cannot be treated like computer viruses. Technical issues result from data threats, not the heart of the problem.

As such, companies must take measures towards proper risk management. These include prioritising threats, setting relevant initiatives for risk minimisation, and determination of risk appetite. Besides these, there must be an effort to have a governance system and structure that encourages greater transparency.

2. Cyber Risk Mitigation is Vital at All Levels

Cyberattacks do not isolate themselves in a particular area. They can span all organisational levels like applications, infrastructure, data, etc. It is vital to tackle this issue accordingly.

But the problem is that maintaining a manual record of all these assets can be time-consuming and tedious. This is why Growth Jockey’s experts recommend investing in useful automated tools that will help catalogue assets and prioritise risks for the best results.

3. Adaptation is Key

This one truth requires no observation to confirm its veracity – every company will be affected by cyber risk sooner or later. This only means that processes, organisations, and IT products must be reviewed in alignment with how cybersecurity evolves.

Proper crisis management measures must be in place to ensure threat-level changes are met.

4. It is Time to Choose Collaborative Governance

Growth Jockey has seen companies still distinguish between data protection and business continuity and external and internal security. This is not needed in the digital age. The entire company comes at risk when its processes and systems are fragmented.

Our team supports systematic, collaborative, and comprehensive governance. This will help speed up responses and boost overall organisational performance. Does this mean a company is 100% safe against all cyberattacks? No, but it is undoubtedly so against a bulk of these attacks, many of which could threaten its market reputation.

Parting Thoughts

While there are general guidelines to follow as a template, every company’s approach to reinventing cybersecurity will look different depending on the key vulnerabilities. For instance – one may need to empower CSO for cyber-risk awareness.

Another company may implement robust business continuity management across all organisational levels. A third may first target vendor risk by reducing risk concentration through the redundancy of key systems.

Sooner or later, all areas must be dealt with for a full-proof cybersecurity strategy. Growth Jockey’s experts recommend securing the multi-cloud environment, prioritising IAM risks, simplifying vulnerability management, and staying updated with asset compliance and governance.

This way, it becomes easier to imagine a future in cybersecurity that is promising for businesses at all levels.

At Growth Jockey, we are fully committed to providing tailored solutions that effectively tackle the crucial challenges in cloud and cyber security faced by our clients across diverse industries. Regardless of the size of your company, whether it's a small-scale enterprise or a large corporation, you can now leverage the advantages of advanced technologies in cloud and cyber security.

Take the decisive step towards unlocking the next level of growth and protecting your brand by contacting us today!