Tuesday, 4 October 2016 Blog ehdf

Data Security is Key to Building Trust in Your Brand

The Internet of Things (IoT) brings in an estimated 10 billion connected devices and is expected to exceed 50 billion by 2020. This digital economy is also the breeding ground for greater number of cyber threats and attacks where cybercriminals are using sophisticated technology.

Most organizations are not equipped to tackle this onslaught to detect and defend their crucial data and it is clear from several global reports that while security breaches have an economic impact, it also this has a far reaching effect on compromising organizations’ confidentiality, integrity and brand equity.

The 2016 Cost of Data Breach Study: Global Analysis done by IBM and Ponemon Institute indicates that the average total cost of a data breach for 383 companies that participated in the research has increased from $3.79 to $4 million. And, the average cost paid for lost or stolen record containing sensitive and confidential information increased from $ 154 in 2015 to $158 this year. The United Arab Emirates and Saudi Arabia were part of the 13 countries where the research was conducted.

There are direct implications to data loss where it takes time, effort and budgets to tackle the IT security. On the other hand, companies work hard to build their credibility, quality and specializations. In an event of a security breach, the negative impact on the perception and trust levels within the customer and supply chain base is detrimental to the future business growth of organization.

Data security is now becoming an integral part of every organization where greater emphasis is being laid on creating a safer environment in a more proactive manner. According to the Global Risks 2015 report by the World Economic Forum, 90 percent of companies worldwide recognize that they are insufficiently prepared to protect themselves against cyberattacks. Companies are looking at implementing a more well-rounded and futuristic approach to security which will help in restraining risks, guarding their brand and their intellectual property as well as ensuring the safety of their customer and supplier data.

Security needs to be extremely sophisticated and up-to-date to deal given the current threat landscape and needs to monitor and analyze data in real time as well as to be able to repair any damage to the IT infrastructure in case of cyberattacks. Training and enhancing knowledge of all employees to curtail security risks is a heavy burden on organizations. Additionally, a severe shortage of cybersecurity professionals makes it extremely expensive to hire them.

The tools and specialized skills needed for security requires large budgets and an increasing number of organizations are now more open to outsourcing these tasks by commissioning professional Managed Security Services Providers (MSSPs) who are in a strong position to deliver comprehensive solutions to meet the specific requirements across all business sectors. MSS also come with the assurance of up-to-date IT infrastructure and qualified security personnel who are equipped to take a more proactive rather than reactive to their IT security approach. The 24/7 monitoring of critical networks provides vigilance into any possible cyber threats and helps curtail the huge negative implications of cyberattacks.

In a nutshell, it is important for businesses big or small to place security high on their business agenda. Availing of the specialized services of MSSPs to help in continuous monitoring and management of the networks to curtail cyber threats and attacks helps in building consumer trust that is imperative for the survival of brands.