Cyber security in general is topping the charts for what companies both fear the most and increase focus on.
A growing number of organizations are starting to realize that cybercrime prevention is a topic for the boardroom, not just the IT room, and should be included in the overall company strategy.
Identity and access governance is an essential cornerstone of cyber security. An IGA solution enables organizations to get in control of their identities and their access across the organization. It may sound simple, but having this control means that you as an organization always know who has access to why, why, and who gave that access – essential in securing the organization from both internal and external threats.
According to the World Economic Forum’s Global Risks Report 2018, cyber security risks are growing in both prevalence and disruptive potential. The report notes that attacks against organizations have almost doubled in five years, and furthermore, the financial impact of cyber security breaches is on the rise. Cyber attacks and massive data fraud both appear in the report’s list of the top five global risks by perceived likelihood.
Finance, energy, telecoms, and government tops the list
According to the 2018 Hiscox Cyber Readiness Report, there is today no alternative to investing in a sophisticated prevention and detection system and to supporting this with people and processes to make this effective.
According to the report, seven out of ten organizations fail the cyber readiness test, measured according to the quality of their strategy and execution. However, while many are unprepared, it seems they are only too aware of the potential threat. Two-thirds of respondents ranked the cyber threat as among the top risks their business faces – and wisely so, according to the survey findings. Forty-five percent of those surveyed have been hit by at least one cyber attack in the past year, with a staggering two-thirds having been victim to two or more attacks.
The financial services, energy, telecoms, and government organizations were the prime targets, according to the findings.
A watershed year for cyber security
With the introduction of the GDPR this year, 2018 will undoubtedly be a watershed year for cyber security.
The rising cyber threat only means that the risks are higher than ever. The GDPR introduces record-breaking highs, but also reputation, employee retention, and business partners are at risk, as the Hiscox Cyber Readiness Report also notes.
Protect your organization from both internal and external threats, avoid fines and a damaged reputation, and make sure you remain an attractive business partner by protecting yourself.