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A common dysfunction in many companies is the disconnect between the CISO, who views cybersecurity as an everyday priority, versus top management who may see it as a priority only when an intrusion is detected. The seesaw goes something like this: If breaches have been few and far between then leaders tighten the reins on the cybersecurity budget until the CISO proves the need for further investment in controls. On the other hand, if threats have been documented frequently, leaders may reflexively decide to overspend on new technologies without understanding that there are other, nontechnical remedies to keep data and other corporate assets safe.
Does your organization suffer from any of these?
Myth: More spending equals more security
McKinsey says, “There is no direct correlation between spending on cybersecurity (as a proportion of total IT spending) and success of a company’s cybersecurity program.” Companies that spend heavily but are still lagging behind their peers may be protecting the wrong assets. Ad hoc approaches to funding (goes up when an intrusion is reported, goes down when all is quiet on the western front) will be ineffective in the long term.
Myth: All threats are external
Too often, the very people who are closest to the data or other corporate assets are the weak link in a company’s cybersecurity program. Bad habits — like sharing passwords or files over unprotected networks, clicking on malicious hyperlinks sent from unknown email addresses, etc. — open up corporate networks to attack. In this study by Intel Security, threats from inside the company account for about 43 percent of data breaches. Leaders must realize that they are actually the first line of defense against cyberthreats, which is never the sole responsibility of the IT department.
Myth: All assets are equally valuable
Are generic invoice numbers and policy documents that you generate in-house as valuable as balance sheets or budget projections? If not, then why deploy a one-size-fits-all cybersecurity strategy? Does leadership understand the return they are getting on their security investments and associated trade-offs? Leaders must inventory and prioritize assets and then determine the strength of cybersecurity protection required at each level. McKinsey cites the example of a global mining company that realized it was focusing a lot of resources on protecting production and exploration data, but had failed to separate proprietary information from that which could be reconstructed from public sources. After recognizing the flaw, the company reallocated its resources accordingly.
These three myths are common, but the list goes on…Now it’s time to decide what to do about it. Research is a great start, but time is of the essence. According to a 2017 Forbes survey, 69% of senior executives are already re-engineering their approach to cybersecurity. What’s your next step?
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