We will discuss things about cybersecurity as a critical business function. Moreover, let us learn the purpose of this.
Why Cybersecurity As Critical Business Function?
It is a well-known fact that cyber security has become a critical business function. It is because, in this era of the digital economy, organizations are under the constant threat of cyberattacks.
In recent years, there has been a tremendous increase in the number of cyberattacks. According to various estimates, every organization faces 50-70 cyber threats per day.
As per the findings of the PWC’s Global State of Information Security Survey 2017-18. Only 44% of countries report having security leaders in place.
And also only 17% have a formal C-level executive responsible for information security. Moreover, it is estimated that 60% of security incidents can be prevented if organizations had adequate processes and procedures in place.
The need of the hour is that organizations should take necessary measures to tackle their cybersecurity challenges. They should make their cybersecurity a priority and make sure.
That they address all their vulnerabilities and critical information assets.
Why Do Companies Implement This?
Companies implement this because they want to protect their vital information assets. Moreover, customer or employee data, and reputational risks.
In this digital era, when data is becoming an increasingly important asset for every business. A data breach can cost a company millions of dollars in fines and lost customers.
Companies need to have robust security protocols in place. As a result, they have a better chance of controlling and mitigating the impact of any attack on their systems and processes.
Moreover, companies should make sure that they also take the necessary steps. It is to protect their employees from phishing attacks.
Cybersecurity is a critical business function that has become even more important in recent years. Let us discuss the reasons why companies should implement this strategy:
Cybersecurity Strategy Is Necessary For Every Company
Every company needs to formulate a cybersecurity strategy for protecting its digital assets from cyber threats. It is because of the following reasons:
1) Protect Their Vital Information Assets:
Companies need to protect their critical information assets from cyberattacks. They need to make sure that they take the necessary measures to safeguard them.
From unauthorized access and modification by unauthorized users.
2) Reduce Reputation Risk:
Every company needs to reduce its reputation risk by implementing a robust cybersecurity strategy. As it takes into consideration various aspects like compliance with security regulations.
Also, security policies and standards, business continuity planning, incident response process, etc.
3) Control Incident Management Costs:
By implementing a cybersecurity strategy, organizations can control the costs associated. With managing incidents related to cybersecurity vulnerabilities.
It is because the cost of an incident depends on how fast an organization detects and how quickly it responds to it. Also, it depends on how well an organization restores its services and processes after an attack.
4) Mitigate Business Risk Exposure:
Companies can mitigate the impact of any cyber threat by having adequate controls in place that help them manage risks related to cybersecurity vulnerabilities. as a result, they can be proactive in dealing with such incidents instead of being reactive to them.