BUILDING A CYBERSECURITY STRATEGY

Managing Cybersecurity is emerging as a critical concern for most organizations today. it is expected that the average expense of a data breach in 2020 will surpass 150 million dollars. Given these estimates, executives are striving to derive a reliable solution to mitigate the dangers. However, in reality, despite the looming dangers over 40% of organizations are struggling with an appropriate strategy to address their cybersecurity needs.

In 2018, Gartner anticipated cybersecurity spending to be around $96 billion. With the ever-increasing threats mounting up, the current security landscape needs a revamp. To achieve this one needs a comprehensive cybersecurity strategy, illustrating ways to accomplish 100% secure infrastructure.

Assessing the Gaps and Threats

A company's risk appetite and priorities for investment translate to a comprehensive strategy addressing Cybersecurity. This can be achieved by assessing the nature of perceived threats and analyzing them to address the gaps. The companies should clearly understand their current framework and capabilities, including human assets, software, and hardware, to build upon their current strategy.

Outsourcing is an appealing option to many companies, this gives access to a highly specialized skillset to these companies, which in due course may not be available and affordable to these companies. External support should be coordinated and supervised, to ensure the desired results. Collaboration with external companies, instead of outsourcing, may also be an effective approach. Cybersecurity strategy must be a business empowering agent, not impeding individuals from carrying out their responsibilities.

Data Management

While addressing data management, we encompass all conventions to secure data. Unquestionably, a cyber-attack or data breach is targeted to steal or corrupt sensitive information. Data is valuable to the attackers; regardless of whether they plan to sell or publish the information or steal corporate strategic details. Both internal and customer information. A cybersecurity strategy should incorporate data management.?

Generally, three data management can be addressed in the following areas.

· Data accessibility by clients or customers.

· Data storage and verification framework.

· Data movement within associated networks.

Partners and Employees

Irrespective of the efforts made to arrive at a comprehensive cybersecurity strategy, its effectiveness is dependent on the experience, skills, and willingness of the people within the organization to make it effective. Any strategy no matter how thorough would fall flat if there is no buy-in from the workforce.?

Due to ascending risks, there emerges a requirement for security techniques, demanding risk assessments to deploy analytics platforms. Understanding the threat landscape and breaking down hacker risks is significant. A willing and competent workforce can contribute significantly here.

Deploying a comprehensive cybersecurity strategy for the first time will require time and patience as it would mean addressing change resulting from the change of working processes for employees and their learning and adaptation curves. This change may result in employees' disappointment and resentment, which would need to be addressed at appropriate levels.