As global organizations grapple with COVID -19 pandemic and the economic uncertainty arising from lockdown, IT security is becoming increasingly a matter of concern. The Security and Risk Management (SRM) pros are on their toes to strengthen their organizations’ digital resilience to combat unexpected disruptions in the business process. Any cyber attack or insider mischief with sensitive data could seriously hurt any organization at a time when employees, vendors, and contractors are remotely accessing systems. ARCON believes that organizations will have to revisit their cybersecurity policies so that the current crisis does not aggravate economic and business continuity challenges. Here are the high priority areas that every organization should look at to mitigate IT security risks.
Digital technologies have spurred innovation and brought a sweeping transformation in the way businesses and government organizations administrate day-to-day operations. It’s altering our lives, bringing people closer whilst it has opened up new avenues for today’s organizations to add value to business, increase productivity, and grow at a faster pace. According to the World Economic Forum (WEF), new technologies spend was expected to increase by 13% compound annual growth rate to $2.4 trillion per year between 2016 and 2020, led by 42% in the IOTs of the total spend. That’s not surprising. Investments in digital technologies raise productivity. In the 2018 report, Digital Transformation Initiative, Maximizing the Return on Digital Investments, co-written by Accenture and the World Economic Forum, the research highlights that the productivity of organizations investing in new technologies is three times higher.
At the onset, we would like to say that Cyber Insurance is no substitute for cybersecurity defense. The Organization has to be in top gear on cybersecurity to ensure that all the assets of the organizations are safe from any unwanted event. However, in the unlikely event of an event occurring, having a cyber policy takes care of the financial implications of such an event.
Today, it is a big challenge for organizations to secure their Information assets from persistent cyber threats from both external and internal malefactors, arising mainly due to distributed nature of IT infrastructure.
Take for instance, the Managed Service Provider (MSP) model. MSP is a cost-effective alternative for organizations to ensure business continuity with limited workforce and capital. Enterprises can divert resources to other operational areas as transferring workloads to MSP provides an IT infra to store/ process data and work on a host of applications among other rudimentary computing services. In other words, it saves a huge amount of money as there is no upfront IT capital expenditure. MSP remotely manages any organization’s IT infrastructure or user systems based on a specific organizational policy.