There is no denying the fact that cyber threats are on the rise. Cyber threats are growing in sophistication with each passing year. However, what is more alarming is the fact that most organizations are unable to effectively address and avert these threats. A recent PWC survey reveals that nearly 62 percent of organizations do not have an appropriate structure in place to prioritize security investments based on impact and risk.
Findings of the survey
Some of the findings highlighted in the PWC survey revealed that organizations detected an average of 135 security incidents in the past year. While nearly 77% of the participants of the survey experienced a security incident, almost 67% of the survey respondents were unable to gauge the financial impact of these incidents. The finding further revealed that less than half of respondents lacked an effective risk management program, with only about 47 percent performing periodic risk assessments. Enterprise mobility emerged as a cause for concern, with only 31 percent of respondents admitting to have a mobile security strategy and a mere 36 percent employing a Mobile Device Management (MDM) solution. These statistics clearly indicate that companies need to take a serious note of the kind of cyber security threats and risks that are out there.
Are you prepared?
The important question that needs to be answered is whether your enterprise has implemented a proper Governance, Risk and Compliance system. If it hasn’t, then your enterprise could be vulnerable with very high risks. PWC recommends that every enterprise evaluate the risks that come with supply chain partners. Besides developing threat-specific policies, enterprises need to conduct regular cyber risk assessments and implement mobile security practices in pace with adoption of mobile devices. Additionally, efforts to boost cyber awareness across the organization must include workforce training. PWC also suggests that enterprises make the best of information sharing, both internally and externally, to be abreast of all the latest cyber risks and threats.
In many instances, cyber criminals continue to find ways to circumvent the usual security technologies and acquire sensitive information. This is precisely why enterprises need to adopt a balanced approach that comprises of people, processes, and effective partnerships to strategically counter cyber security threats. Enterprises need to combat cyber threats by implementing a comprehensive security, risk and compliance assessment platform such as Aegify Security Posture Management or Aegify SecureGRC or Aegify Risk Manager. Aegify strengthens an enterprise’s security posture with powerful security monitoring and reporting capabilities. By deploying a solution like Aegify, enterprises can seamlessly address cyber threats and completely mitigate risks.