Five Reasons Your Company Should Develop a Cyber Security Strategy Now


From a billion-dollar bank heist to massive leaks of private information, the headlines are littered with reasons why cybersecurity strategies are more important than ever. Though there are many, recent attacks demonstrate five glaring reasons why this is an area that all businesses should take very seriously.

1. Increased Sophistication
Sophisticated cyber theft plots have reached the level of skill found at top spy organizations and government agencies. Businesses are no longer facing independent amateur hackers. They now face professional cyber criminals and even state-sponsored entities. One should also note that it doesn't take a sophisticated attack to breach a system.

2. It Only Takes One
It only takes one weak link to penetrate a system. It doesn't matter whether that weakness is in the system or user-related. Companies rely more than ever on technology while the number of people capable of cyber attacks increases every day. No system or system user is perfect.

3. There Are So Many Different Kinds of Attacks
The internet has been likened to the wild west without a sheriff. Attacks can come in so many varieties, everything from custom, no-patch software to old-school phishing schemes. And don't forget about fake software updates and ransomware attacks, where hackers will freeze their victim’s computers until they pay a certain amount of money. Many companies simply end up paying the ransom to get back to work, but besides the financial loss, it can take weeks to get everything back to normal.

4. The Internet Has Built-In Weaknesses
Billions of lines of outdated code are being used throughout the internet, each providing a potential point of system weakness. These security gaps are found in the apps on your phone, the social media sites you use, and the methods you use to pay for goods and services.

5. The Number of Attacks is Increasing – Fast
The Global State of Information Security Survey by PwC found that the number of cyber security incidents detected increased 48 percent from 2013 to 2014. The total number of attacks last year reached 42.8 million, or 117,339 attacks per day.   And yet, as the frequency and costs of cyber-attacks rise, spending on security is actually falling – and has never averaged more than 4 percent of IT budgets in the first place.

You don’t necessarily have to spend a lot more to keep your system safe, but because of the prevalence of cyber-attacks and potential for devastating losses, it’s more than worth it to reevaluate your current system and make sure you’re following today’s best practices.



Carlos Coutin is Financial Services Technology Strategist at Envision Consulting, He is passionate about RIAs and entrepreneurship, something that led him in his quest to advise people like him, who want to make the best possible tech decisions without stress and with intelligence. Visit his website at www.envision-consulting.com. You can email Carlos at: ccoutin@envision-consulting.com and follow him on Twitter @carlos_coutin.
 

 
 
 
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