A cyber attack can cripple an organization or even put it out of business. That is why it's imperative businesses take the necessary precautions to protect their data. Cyber security helps organizations mitigate the risk of hack or data breach. The market is segmented by security type and consists of network, endpoint, application, content, wireless, and cloud security.
According to a MarketsandMarkets report from last year, the cyber security market will expand to $155.74 billion by 2019. The main factors propelling the market include wireless communication, cloud-based services and strict government regulation.
While it is evident that businesses need to have some type of cyber security, many business leaders are unsure which type, or how much to budget for their cyber security initiatives.
How much should businesses spend on cyber security?
Tim Holman, CEO of 2-sec and director of the Information Systems Security Association international board, said it is difficult to determine the right amount of money to spend on data protection.
"Spending on security is not like buying a piece of software, or entering into an outsourcing arrangement where the return on investment is easy to measure," Holman said. Understanding the cyber threat landscape can help businesses determine how big their risk is.
In 2014, large businesses spent an average of $10.8 million on cyber security; however, SMBs cannot afford such a large spend and should allocate their budget towards a solution that best serves their needs. Working Links CIO, Omid Shiraji admitted that his company can't invest a lot of money in cyber security, so he focuses his resources on data recovery.
"What you must make sure as a CIO is that you have the best possible recovery procedures, business continuity processes, and crisis management approaches," Shiraji said.
What should a business do in the event of a data breach?
Organizations need to be prepared to respond quickly if they experience a data breach. According to Intralink's enterprise collaboration blog, the first thing a business should do once the breach has been discovered is notify the IT, finance and HR departments immediately.
The business also needs to gather evidence and contact external parties like law enforcement and crisis management teams. It is important that the company conducts a thorough investigation to determine what information has been compromised.
Businesses should have a disaster preparedness plan that outlines business continuity and disaster recovery steps to be taken immediately following a breach. The plan should also include key contacts within the organization, media response management, and a crisis communication team as well as RPO/RTO initiatives. By having a detailed plan in place for handling cyber attacks, businesses will be much better prepared to handle the situation quickly and effectively.
If your businesses wanted to learn more about responding to data breaches, contact Pinnacle of Indiana today.
Join us on July 16th for a Disaster Preparedness Workshop where we will guide you through how to create a disaster preparedness plan for your organization following the National Fire Protection Association (NFPA) 1600 standards used by the US Department of Homeland Security.
Keynote speaker and FEMA (Federal Emergency Management Agency) Representative, Kimberly Phillips will address the importance of disaster preparedness and how businesses can be affected in the event of disaster. Phillips is one of ten FEMA private sector liaisons in the United States. Her region spans six Midwestern states, including Indiana and Michigan.
This workshop is geared towards small and midsize business leaders interested in learning about disaster preparedness planning for their organization.
The workshop will provide insight on:
- Program management
- Preparedness goals and objectives and
- Proper resource and communications management
Each participant will receive a Disaster Preparedness workbook to help analyze the current risk level of their business and determine which areas will be most impacted in the event of disaster. The workbook will provide guidelines to effectively develop a comprehensive disaster preparedness plan.