Digital Insecurity Draining Business Resources

The rise of digital insecurity poses a serious threat to individuals, businesses, and critical infrastructure. Proactive investment in cybersecurity is no longer optional—it’s essential.

With the proliferation of cloud computing, the Internet of Things (IoT), and remote work, the attack surface for cybercriminals has expanded dramatically. The Library of Congress, one of the largest libraries in the world, holds about 170 million items, equivalent to about 10 terabytes of data. The data created in a single day today (2.5 exabytes) is 250,000 times larger than the entire Library of Congress.

For companies, this means a growing need to protect not only their data but also their operational systems from sophisticated cyberattacks. For example, your accounts receivable clerk clicking on a random “remittance” email that turns out to be an attack. It only takes this one click to take down an unprotected organization.

The consequences of underestimating digital security are severe: from multi-million dollar ransom payments to business disruptions and irreparable reputational damage, businesses today must prioritize cybersecurity as a core component of their survival strategy.

Look at what happened to National Public Data, the Florida data broker that lost hundreds of millions of Social Security numbers and other personal information in a data breach earlier this year. Facing a wave of litigation and with its insurance provider declining coverage, the company filed for Chapter 11 bankruptcy. Jericho Pictures, its parent company, informed the court it cannot repay its debts or handle the anticipated liabilities and class-action lawsuits, including the costs for credit monitoring for potentially impacted individuals.

Given the potential for such devastating outcomes, companies must balance their cybersecurity investments with other business priorities. Some strategies include:

• Staff Training: Educate employees to reduce the likelihood of human error, which is the leading cause of breaches.
• Simulated Phishing Attacks: These simulations provide practical experience and highlight areas where additional training is needed.
• Risk Assessment and Prioritization: Identify critical assets and vulnerabilities to focus resources on the areas with the greatest impact.
• Cost-Benefit Analysis: Evaluate the financial impact of cyber investments versus the cost of potential breaches.
• Incremental Investments: Adopt a phased approach to improve cybersecurity while managing costs over time.
• Outsourcing Cybersecurity: Partner with a managed security service provider (MSSP). Outsourcing cybersecurity can be more cost-effective than in-house teams.

By implementing these strategies and aligning cybersecurity initiatives with business goals, companies can better protect themselves from costly attacks while ensuring the long-term health of their business.