Cost of Cybersecurity | Physical and Online Security Strategy | The Cyber Review

April 23, 2021
Written by Farah

How Much Does Cybersecurity Really Cost?

Cybersecurity options need to be thoroughly researched and planned out before making any decision. There are many factors that will determine the cost of cybersecurity and depends on company to company. There are many elements to consider to make a cost-effective cybersecurity strategy for your organization.

  1. Complete a risk assessment: this helps you understand what risks can lead to different things like software downtime, loss of business/customers/money, reputation damage, or data breaches.
  2. Size analysis: look at what motivations hackers may have such as money if its a financial institution and depending on how big the company is and what assets they could be after
  3. Create an operations model: outline your needs, consider if you want the unit to be in-house or third party, include training and tools.

According to CyberShark, industry leaders feel that "a healthy cybersecurity budget should make up nine to 14% of your overall IT department’s annual budget."

Ransomware's Perfect Target

The shipping and logistics industry has become the perfect target for ransomware attacks. The attacks have tripled in the past year, as cyber criminals target the global supply chain to try to make money from ransom payments.

The services from these industries were required more than before when the pandemic hit, thus they became the target for attack.

Companies need to fix vulnerabilities in remote devices, ports, improve IT and email security.

Sometimes its cyber criminals who sell the information to ransomware groups. So it's so important to update and patch software, and set up a strong cybesecurity strategy so cyber attackers can't take advantage of any open ends.

"Ransomware gangs don't hide what they're doing: they hit remote desktop protocol (RDP) and other remote desktop ports. Especially in a time when many companies set up remote desktops for remote workers, this is a critical issue," Thomas Lind, co-head of strategic intelligence at BlueVoyant, told ZDNet.

Why Your Cybersecurity Strategy Should Include Your Front Door

Connecting your physical security operations with your cybersecurity operations is essential especially during the pandemic where commercial buildings have been abandoned. In addition, with the ongoing protests, and riots, physical safety and security are under the spotlight.

Investing in tools that connect both can ensure you have a unified security presence across all aspects of your business. The real and "reel" or online worlds are so connected, the security strategies and tools businesses deploy need to be in sync with each other. A vulnerability in real life can create a vulnerability online, and vice versa.

"A clear example of this was carried out at the Capitol Hill riots on January 6, where an intruder was able to steal Nancy Pelosi’s laptop from her office and smuggle it out, with plans to send it to an informant for the Russian government. Essentially, this put the government at risk of a massive cybersecurity data breach (all the data and classified communications on her computer) due to a physical breach (intruder entered her office)."

Having an open-architecture security system that ties into the video-surveillance system to alert you so you can manage the physical office space from your remote location.

Having two sets of security postures. that aren’t in sync creates more work for security staff, costs more, and overall leads to inefficiencies that can be resolved by using cloud-based tools and physical access-control technology that marries both together.