February 16, 2016
At a time when cybercrime tools are getting significantly advanced, a wide range of organizations across industries still sees cybersecurity as a significant financial burden rather than a competitive advantage. While it is truly a significant expense, companies should change the way the expense is perceived. Even though it is not a primary service, security is one of the most important points in value proposition when it comes to financial services.
The ability to detect a threat from the inside and outside of the organization and the capability to deal with it in a timely manner can make a difference in customers’ minds. And there are ways each company can ensure it is on the edge of protection from cyberattacks.
- An implemented and dynamically evolving comprehensive cyberthreat intelligence strategy is a crucial part of any organization.
- Another important point is the ability of a cybersecurity system to detect threats coming from an organizational network and ability to encompass the threats across the range of services and within the supply chain.
- Tailored cybersecurity investments: It is vital for the company to understand the core assets that are most important to the company and have the greatest value. Those assets would require the heaviest investments to create a defense system around and the most attention.
- The cybersecurity system used by the company has to be able to anticipate threats before they affect operation. The anticipation capabilities must be effective both in regard to threats to the sources of threat and timing. Risk analytics APIs or FinTech companies providing predictive analytics can facilitate and ensure the readiness to the threats to come.
- Immediate response readiness is also an important factor of success in handling the attack. The management needs to ensure that everyone in the organization has a clear understanding of the actions to be taken in case the attack or breach happens.
- The most successful cyberthreat detection systems are the ones that are dynamic, flexible and scalable. Static deployed software is less capable of evolving and learning. Cybersecurity systems should be shifted towards machine learning models where the system is educating itself. The best option for companies in the future would be a single cloud-based platform that will teach proprietary defense systems of new threats and evolve them as a new threat emerges.
- Continuous learning and evolution of cybersecurity systems can keep companies one step ahead of the threats to emerge. It is important to any company to be a continuously learning organization with constant defense system improvements. As the criminals get more imaginative by applying new tools and software to crack the defense systems, the organizations need to be at the forefront of threats and be aware of the modern malware and emerging types of threats.
- Constant rehearsal of the immediate response to the possible attack will keep the whole company prepared to the attack and leave fewer chances to criminals to leverage the surprise factor.
A successful defense system is also shaped by the perception of its importance. While accountants see the defense system as a black hole for dollars, it is important to shift the mindset and see cybersecurity as an immense part of a business that can be a competitive advantage. Therefore, a defense system is not a cost, it is an investment with high ROI over time.
At a time when there is a FinTech startup for almost any bank service, internal operations can also be outsourced. Security systems are not an exclusion; there is a wide range of successful companies that can protect organizations with outstanding solutions.
In 2016, there is almost an endless range of successful companies that can ensure organizational cybersecurity. As the industry may become one of the hottest ones by 2020, there is a growing number of players looking to leverage the increasing threat created by sophisticated and imaginative cybercriminals.
The global cybersecurity market is expected to hit $170 billion by 2020 from $77 billion in 2015 with the Asia-Pacific region quickly emerging as a major market for cybersecurity interests and North America & Europe remaining the top cybersecurity markets.
In fact, the European cybersecurity market is expected to hit $35.53 billion by 2019 while cybersecurity markets in the Asia-Pacific region and Latin America will increase to $32.95 billion and $11.91 billion, respectively.
Cyberattacks cost global businesses around $500 billion per year.
In the last five years, the financial industry has been the top target for cybercriminals with IT and telecom, defense, and the oil & gas sectors following behind. Security analytics, threat intelligence, mobile security and cloud security are expected to see the most significant growth in the future.