IT Trends & Technology

According to Juniper Research, 146 billion records are expected to be exposed in data breaches between 2018 and 2023. IBM and the Ponemon Institute estimate the global average cost of a data breach is $3.6 million. In addition to high risk and the costly damages faced by all organizations, financial institutions face stringent regulatory and compliance standards.

Many leaders across the finance industry find themselves needing increased information security but having to fulfill that need within budget constraints. Additionally, cloud computing and digital transformation add layers to the need for a more sophisticated and integrated information security strategy.

Security vulnerabilities in your technology infrastructure are no longer something just for your IT department to worry about; the impact of a cyberattack can quickly send ripples throughout your entire organization, from its balance sheet to its stockholders. And with more than 53,000 security incidents reported in 2018 alone, the question has seemingly flipped from not if, but when your network could be in the crosshairs.

What started as an average Monday at Yahoo headquarters in 2000 turned out to be one of the first widely reported distributed denial-of-service (DDoS) attacks. After an attacker took over and redirected a university’s computers to flood Yahoo’s internet portal traffic, the media company fell victim to a three-hour blackout that left many scratching their heads, wondering what had just happened.

Although cloud adoption is on the rise, there are still many myths about how secure the technology really is. In fact, according to a study of 250 global CIOs, 30 percent marked cloud security risk as the thing that they are most worried about.

There are certainly some considerations to explore in any cloud infrastructure—whether it is a single, private cloud or a hybrid, multi-cloud environment—but it is important to debunk the myths, properly weigh the risks, and flesh out the benefits to make sure you have all the right information to make the best decision for your organization.

Cybercrime is a continuous threat for organizations of all sizes and across all industries. If the news surrounding the data breaches at Marriott and Equifax are any indication, even global firms with large security budgets can still be vulnerable in the face of a seemingly endless barrage of sophisticated attacks. In fact, IndustryWeek recently reported a 350 percent increase in ransomware attacks against its members versus the year prior, as well as a 250 percent rise in email attacks.

Moving your enterprise data to the cloud can bring with it a number of benefits to your operational costs and the management of your information technology footprint. In fact, 83 percent of enterprise workloads will be facilitated via the cloud in 2020, according to a LogicMonitor study. However, with this growth in cloud services can come substantial risk.

Fortunately, by following some key best practices, such as those laid out in this article, you can help your organization take the necessary steps to strengthen your data security and mitigate the potential vulnerabilities of operating in the cloud.

In late November 2018, Marriott International Inc. reported that it had fallen victim to a colossal theft of customer data. Up to 500 million customers’ personal information was exposed, including passport and credit card information. The breach, which began in 2014 and continued until this September, is only the latest in a long string of high-profile cyberattacks making headlines this year.

Despite the eye-popping figures and high stakes, according to a McKinsey survey of corporate directors, the majority of respondents reported that their boards had, at most, one technology-related discussion a year. Similarly, according to EY’s 19th Global Information Security Survey, only one in five executives fully considers information security in planning their larger corporate strategy.

Like many other new technologies, the concept of security orchestration, automation, and response (SOAR) solutions was born out of a problem that dogged IT professionals. However, in this case, it was multiple problems that couldn’t be solved with existing solutions.

Gartner, who is credited with coining the term, defines SOAR as “technologies that enable organizations to collect security threats data and alerts from different sources,” where technology and professionals can combine to analyze incidents, triage issues, and drive responses in a standard way.

Today’s Chief Information Security Officer, or CISO, is having a stronger and more strategic role in organizations due to more cyber threats, compliance standards, connected devices and stored data than ever before. However, according to a study done earlier this year by PricewaterhouseCoopers, almost half of average companies today don’t have a C-level security executive in place. Now is the time for organizations to evaluate their risk posture and invest in an information security team that can adopt a strong cybersecurity culture that aligns with their strategic business goals.

Persistent security breaches, new investments in hardware, and a growing demand for cloud services are the primary drivers behind ongoing increases in IT security spending, according to a recent industry forecast.

In 2019, expenditures for security products are expected to reach $124 billion, up almost 9 percent from the $114 billion allocated for 2018. Recent high-profile attacks like Equifax, WannaCry, and Yahoo, to name a few, have prompted businesses to take a good, hard look at their security vulnerabilities and their abilities to detect and respond to increasingly crafty cyberthreats.

Research indicates that cybercrime damages will total $6 trillion a year by 2021—more than double the cost of just a few years ago. Part of that total comes from the growing success of ransomware schemes, which cost about $5 billion a year, up from just $325 million in 2015. These chilling stats point to one reality: Effective IT security measures are growing more important with every passing year.

As overall IT budgets grow tighter, it becomes more challenging to improve IT security. In a recent IBM security study polling more than 2,800 IT and security professionals, 69 percent reported that funding for cyber resiliency is insufficient.

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According to the Cisco 2017 Annual Cybersecurity Report, ransomware is growing at a yearly rate of 350 percent. That type of growth means that businesses face a scenario where it’s just a matter of time before they are dealing with ransomware. One way to protect an organization is to develop a sound data backup and recovery strategy.

The use of public and private clouds is now a cornerstone of an enterprise’s ability to innovate and operate with agility in an evolving business landscape. The challenge has been maximizing that ability while minimizing costs, vendor lock-in, and security issues that are inherent to the public cloud at scale.