You want certainty about your organization’s cyber security status, even though the explosion in cyber crime events continues unabated despite the new products and tools designed to close vulnerabilities. Well, we can help you with that issue. Read on for four factors that influence your efforts at cyber security risk management.

The modern IT World is a complicated one. Enterprise organizations generally have three disparate systems they try to work in tandem:

  • legacy systems that continue to form a large part of the business’ core systems. These legacy systems often present vulnerabilities with respect to access by unauthorized users — a difficult hole to plug;
  • modern applications that do not always communicate easily with one another because they have different machine languages in their programming; and
  • cloud computing makes IT’s job more difficult because X-as-a-service turns over so much control to the cloud vendor. The cloud user no longer controls the infrastructure on which it operates or the rented software’s security or its most sensitive data’s security when stored in the cloud. As it evolves, cloud computing moves IT’s responsibility from simply protecting a network’s outer perimeter to protecting the network inside, the perimeter, and the various endpoints where the network meets its outside software/application vendors.

These three very different computing worlds — legacy, modern apps, and cloud computing — need to communicate with each other and work together to keep out unwanted intrusions.

Coordination among thieves. Cyber criminals have changed their methods of operation. Some cyber criminals provide their fellow thieves with the tools necessary to carry out successful intrusions on business networks. These entrepreneurs make their money by selling user licenses to their nefarious criminal products.

From 2015 to 2019, experts predict cyber crime attacks will quadruple. Juniper research predicted that cyber crime would explode to $2.1 trillion worldwide by 2019, which is four times the threshold in 2015. When you consider that cyber crime is grossly under-reported, especially when talking about industrial espionage and the theft of documents or sensitive data, the $2.1 trillion estimate is stunning in its impact.

Cyber security product developers and vendors look forward to increasing their share of the market segment, reaching $175 billion by 2020. Cyber insurance, too, is a growth market with a predicted increase to $7.5 billion by 2020, an increase three times its $2.5 billion threshold in 2015.

The dearth of IT professionals. IT is a demanding technology field. Important cyber security tasks require stringent software and operating system patches and updates. Intrusion detection, vulnerability analysis, firewalls, access controls, identity authentications all require highly skilled professionals with nimble minds and a dedication to their craft. The current problem is that globally there is a dearth of IT professionals. Businesses have problems finding suitable IT employees, training them for the constantly changing security risk management field, and retaining them once trained.

Step up to the plate on recruiting. One change you should consider making is to use a recruiter who understands technical professionals and what you need from IT in your business. Millennials are the computer baby generation so they have the skills you seek and the comfort level with the technology. Review your total compensation benefit structure and resolve to offer the benefits that millennials want:

  • ability to work from home
  • flexible work schedules
  • benefits they need like more personal time for family obligations
  • respect for family time outside of the office — less “face time”
  • increase diversity in IT field for both minorities and women
  • keep your workforce happy — tech companies in Fortune 500 have highest turnover rates of any field.

To learn more about enterprise risk management and strategy, read fcw.com’s article entitled “The enterprise risk management approach to cybersecurity” which was an inspiration for this post.

To talk more about this, or anything else, please contact us. We look forward to helping you grow your business.