In the ever growing battlefield of cyber security, it is nearly impossible to quantify the reasons why cyber security is important. Allowing malicious threats to run amok anywhere, at any time, and in any context is far from acceptable, and it especially applies to the intricate web of customer and company data that cyber security teams are striving to protect. In the never ending battle of good versus evil, doubling down on an effectively calculated cyber security strategy is paramount. There are a multitude of reasons to invest in new cyber security innovation for security operations teams, but we are going to break it down to a few important points:
Start with the bare facts. Over the course of 2015, it was estimated that over 700 million data records had been compromised. Pairing this with the fact that the estimated cost of cybercrime is estimated to rise to over $2 trillion by 2019 (and costs around $400 billion annually now), the prospects for teams in charge of cyber security are daunting. The frequency of attacks today is unprecedented. The threats are evolving at such a rapid pace that those wholly invested in the security industry have a hard time keeping up. That said, it is essential for individuals and businesses to be wholeheartedly invested in a game plan for prevention, detection, and most importantly, response and mitigation. Only by these means can you give yourself the greatest odds at avoiding threats, and in the worst case scenario, responding with precision accuracy.
As we noted previously, attacks are more intricate than ever. With that understanding comes the idea that threats have significantly more potential to cause devastating damage once inside. Take Tesco Bank, who saw over 40,000 customer accounts jeopardized by a single cyber attack. What started as merely another cyber attack against a bank morphed into tens of thousands of customers losing real currency from their accounts. Also, and even more unsettling, take into account Ukraine’s power grid attack, which managed to shut down 20% of Kiev’s energy consumption. To say the least, both the Ukrainian government and Tesco Bank would have been better suited to lessen the devastation of these attacks with an cohesive cyber security strategy with a pointed security orchestration and automation. That is why cyber security processes, procedures and efficient SOC teams play such a pivotal role throughout the industry landscape. Attacks will continue to happen will certainly scale larger and more costly. While it is not the most comforting narrative to grasp, it is a narrative that the industry as a whole needs to adopt in order to prevent a continual loss of assets, revenue and data. Make the risk not worth it.
We Are More Vulnerable
Despite the rise of the security industry, and its abundance of new companies joining the effort to combat the ever expanding world of threats, we are collectively vulnerable. Taking into account new technologies that are of great convenience (e.g. the cloud, big data, etc.), it becomes transparent why we should be more reserved than ever. Cloud hacking, for example, does not place so high on the hierarchy of difficulty in the world of hacking. By understanding the natural vulnerabilities brought upon us by new technologies, we can avoid, deter and minimize threats simply by being prepared. Once an infiltration has breached your proverbial fence, a well thought out plan can be set into motion, minimizing the amount of damage that can be brought upon your system.
Why Cyber Security’s Importance is Self Evident
When considering what to do about the increasing attacks, their potential for devastating impact and the fact we are now more vulnerable, it is more than clear why automated cyber security is of growing importance. Compounding that with the fact that the industry has a low turnout of manpower to build responses against such attacks, it is doubly true. That said, constructing a response plan for when the inevitable breach occurs is ideal. That way, you are minimizing the impact and managing the risk at the point of attack.