The Importance of Cyber Security in an Organisation
With a younger, more tech-savvy generation playing a larger role in business today, the health of an organisation’s cyber security products, protocols and processes has become even more important in 2018. Storing private data on their computers and devices more than their older, more paper-oriented peers, the under-34 demographic filling cyber security jobs are casting a far wider attack net loose for eager cyber criminals.
Add to that the trend for mobility afforded by remote working and the use of personal devices and organisations are leaving themselves wide open to risk via data, applications and networks. So, with the importance of cyber security in an organisation a critical talking point within the business world, those at the helm must step up their efforts to educate, engage and evaluate so that regardless of how or where their employees work, the organisation remains protected.
The increasing reliance on technology is only one factor in what makes cyber security so critical to today’s organisations; the pressure from regulators on protecting consumer data is another key driver in pushing cyber security to the top of the business agenda, with the impending EU GDPR directive set to increase accountability on major US and global companies, as well as the rising value of non-physical assets. In line with these trends, companies must re-evaluate their business culture and risk management frameworks in order to implement an effective holistic cyber security strategy in order to better assess and mitigate risks across all enterprise functions.
Certainly, if 2018 salary predictions are anything to go by, companies are wising up to the value of their cyber security personnel, with Robert Walters’ annual salary survey forecasting an increase of 7% this year for cyber specialists, the highest raise across the IT profession. That’s not all businesses are doing to keep their cyber security teams happy, knowing that in addition to income there are other forms of incentive equally attractive to draw out and retain cyber talent. Flexibility on hours and the option of remote working is a key draw for cyber professionals, as well as the types of projects they’re working on and whether they feel comfortable with the company culture.
Now is the time businesses of all sizes need to be pushing the boat out to fill their cyber security roles. As mobility, remote working and the Internet of Things (IoT) creates complex vulnerabilities across business, the fear is that global entities will be infiltrated via small vendors or contractors utilising the IoT as it creates easier access into their networks, thus those organisations should be looking at the security of their third-party risk management to prevent this from happening.
At the other end, small and mid-sized businesses should do everything in their power to reinforce their own parameters and hopefully head threats off at the pass. Multi-factor authentication will be one of the key tools implemented by companies in the fight against password hacks and biometric attacks as they strive for tougher security measures, in addition to consulting with experts outside of the business to ensure their security programs are properly configured against new risks and raising the profile and visibility of Chief Risk Officers (CROs) in assisting in giving organisations a 360 view of the cyber risks to their business.