Organizations face an ever-evolving cybersecurity threat landscape in today’s digital age due to the shift towards hybrid work models, where employees operate from multiple devices in various locations and access cloud-based applications.
This shift created a complex environment for IT and cybersecurity teams, making it challenging to monitor and secure all endpoints, networks and data. In addition, the use of cloud-based applications and services added a new layer of complexity to the cybersecurity equation.
Not surprising, because the sheer volume of data generated by these distributed operations can be overwhelming, making it difficult for organizations to detect and respond to security incidents in real-time. At the same time, cybercriminals are increasingly sophisticated, using advanced tactics such as social engineering, phishing, and malware to gain access to sensitive data.
To address these challenges, organizations need to adopt a comprehensive cybersecurity strategy that encompasses people, processes and technology. This includes implementing robust security protocols, educating employees on best practices, and investing in advanced cybersecurity technologies such as AI and machine learning.
The truth is, however, only 15% of organizations globally have the maturity level of readiness needed to be resilient against today’s modern cybersecurity risks, according to Cisco’s Cybersecurity Readiness Index. More than half of companies globally fall into the Beginner or Formative stages – meaning they are performing below average on cybersecurity readiness.
For those companies that are not up to par on cybersecurity readiness should heed warning about the substantial costs that come with it. In the report, 60% of respondents said they had a cybersecurity incident in the last 12 months and 41% of those affected said it cost them at least $500,000.
So, with greater cybersecurity complexity due to the shift to a hybrid world, companies are wondering how they can raise their cybersecurity readiness. The short answer:
Change the approach to cybersecurity defense.
“Organizations must stop approaching defense with a mix of point tools and instead, consider integrated platforms to achieve security resilience while reducing complexity,” said Jeetu Patel, Executive Vice President and General Manager of Security and Collaboration at Cisco. “Only then will businesses be able to close the cybersecurity readiness gap.”
Elaborating more on what Patel said, business leaders need to establish a baseline of readiness across the five security pillars – identity, devices, network, application workloads and data – to build secure and resilient organizations. This need is critical given that 86% of the respondents in the report plan to increase their security budgets by at least 10% over the next 12 months.
Establishing a base helps organizations build on their strengths and prioritize the areas where they need more maturity and improve their resilience.
Edited by Alex Passett