Costs Associated with Cybercrimes

Costs associated with cybercrime is estimate to increase to $6 trillion by 2021 per recent market reports, reinforcing the growing number of cyber threats to business networks worldwide. The expanding attack surface, the cybersecurity workforce shortage, and the lack of cybersecurity awareness training for employees are all factors that have contributed to the sharp increase in cyber attacks against corporations.

Executive leadership at the C-suite level must understand the core business now includes cybersecurity and how critical it is to the organization.  As cyber attacks threaten business operations, which could lead to tarnishing an organizations reputation with customers, cybersecurity needs to be addressed at the highest levels of a business. Cybersecurity is simply too important, and poses too much risk, for any lack of executive awareness.  The degree to which management incorporates security practices into everyday operations is becoming more important considering exponentially increasing cyber risks. To meet this challenge, a comprehensive cybersecurity program needs to be in place to detect threats, prevent incidents and remediate risks.

C-suite and its functional teams need more education, understanding and engagement in order have an appropriate, risk-aware posture that helps protect company assets, reputation and the broader business. Being cyber secure doesn’t require business leaders to understand the complexities of the cyber frontier, but it does require the C-suite to acknowledge the risk and prioritize a response framework to meet today’s cyber threats.

Keys to being cyber secure include incorporating cyber defenders, cyber operations, and security platforms to effectively combat an increasingly hostile threat landscape. Orchestration and automation of all your cyber security assets can safeguard an organization’s most critical information and is beneficial to companies that have limited IT resources and lack internal security expertise.