It takes 20 years to build a reputation and a few minutes of cyber incidents to ruin it.

It takes 20 years to build a reputation and a few minutes of cyber incidents to ruin it.

High business risk goes hand in hand with high cyber risk. Cyber risk is skyrocketing, and businesses are falling behind in maintaining an effective cyber security strategy.

Arctic Wolf, the industry leaders in security operations, has noted that 87% of security leaders think their organisations need to do more to address cyber risk. When attempting to improve their cybersecurity, businesses did not expect to see this statistic. Why are security leaders unconvinced about their organisation's cyber security, and how can they persuade business leaders to act accordingly?

Arctic Wolf conducted a survey in June 2021 with over 500 IT security professionals in the UK and discovered that:

• 73% of UK organisations feel their in-house teams lack the capability or expertise to fend off a ransomware attack or sophisticated threats
• 39% of IT teams find the number of security alerts & updates, they receive are overwhelming and unmanageable
• 55% of IT members have ignored a known security incident to prioritise another business activity

1 in 5 IT members ignore security alerts altogether

It’s clear that there is a demand from organisations looking to embrace security operations to solve the effectiveness problem that they’re experiencing. But where do they start?

Creating a complete cyber security strategy is expensive for many firms to undertake. As a result, companies frequently decide on a strategy that emphasises their current issues. For instance, IT decision-makers will heavily invest in a solution that minimises this issue if they feel vulnerable to breaches. Even more preventive tools and practises are added on an as-needed basis as new cyber risks are discovered and the team expands.Not only does this method result in a higher spend overtime, but it also leads to an excess of additional challenges, including:

• Excess number of cyber tools, processes, and software
• Misconfigured products
• Improper monitoring tools
• Inaccurate measurement of incidents
• Limited amount of resources
• Concerned executives

This strategy resulted in a process that is inefficient and may raise the risk associated with your company.

Businesses must refocus their security strategy to centre on cyber risk in order to successfully combat cyber threats. Knowing this data may help companies use the right tools and processes, measure incidents accurately, and enable business leaders to advance while reducing costs significantly over time.

If you’re unsure as to where you are within your cyber security strategy, why not speak to an expert. Who else would be better to speak to about security?