Prioritizing cybersecurity to better serve customers
Technology has an important role to play in the fight against cybercrime, but so does culture. As Sally Eaves, Emergent Technology Chief Technology Officer and Global Strategy Advisor, explains, “Some 98 percent of cybersecurity threats, irrespective of sector, can be largely negated through the application of basic cyber hygiene standards.” With the global cost of cybercrime expected to surpass $10 trillion annually by 2025, that is the reason for companies to protect their assets through both technological and cultural change.
Proactive security strategies to defend essential industries
Technology is already playing a huge role in making energy systems more intelligent, reliable, and sustainable. To increase access to data while also keeping it secure, organizations must pursue digitalization strategically. As traditional IT solutions become connected to the Internet of Things, there is a risk that cybercriminals will find opportunities to access important data. In the energy industry, this is no small matter. People, property, and the environment depend on the proper operations of this vital sector.
As Eaves puts it, “Surely today we should be talking about the cost of inaction and the cost of insecurity—especially in such a pivotal sector as energy.” Eaves says that getting the foundation right is key. For example, organizations have recently started designing cybersecurity systems with Zero Trust architecture, which is a great way to protect assets without devoting extra people to the effort.
Eaves lays out an incredibly complex landscape for energy companies to navigate, one that includes skills and alignment, system integration and visibility, tool sprawl, and integration with external environments. “The criticality of trusted partnerships to navigate the complexity comes center stage,” says Eaves. For maximum effect, cyber solutions must be simple for teams to use.
Using AI to increase the efficiency of security operations
Data breaches reached a record cost of $4.35 million in 2022, so the value of cybersecurity has never been greater. The financial services industry is innovating to deliver that value to its customers without overburdening staff. “AI and machine learning are also making significant contributions to the efficiency, retention, and engagement of staff, particularly given that cybersecurity specialists are scarce and in high demand,” says cyber expert Nick Bilodeau, Executive Director at Quantum.
Yet innovation must go beyond technology. “The one area that often doesn’t get as much attention, but is critical in cybersecurity, is the human element,” says Bilodeau. Even nontechnical professionals must become cyber literate so they can identify threats and keep information secure. Role-based training tailored to the specific responsibilities of each position is one promising trend that is catching on across the financial services sector.
Taking a holistic approach to cybersecurity
Manufacturers were asked to weather a storm in the early 2020s, and cybercrime only adds force to the remaining headwinds. Companies might be tempted to adopt an incremental approach as they confront challenges on many fronts. Yet it’s much better to design cybersecurity systems from the start than to retrofit existing solutions.
Scott Luton, a thought leader focused on manufacturing and supply chains, notes that while some risks are sector specific, many affect all businesses. That means that manufacturers need to have a plan to detect, mitigate, and remediate a wide range of cyber threats. And organizations must guard their networks by accounting for the policies and plans of their supply and delivery chain partners.
Many manufacturers are also improving their security postures by migrating to the cloud. Because cloud systems are distributed, they’re more resilient than traditional mainframes. Cloud systems also help organizations ensure that they have backups. With advanced AI tools, Zero Trust architecture, and cloud infrastructure in place, manufacturers are taking a holistic approach to cybersecurity.
Advancing toward the future of cybersecurity
The cybersecurity systems of the future are likely to incorporate both modern technology and new mindsets. As Jose Razo, Senior Technology Specialist at Microsoft, puts it, “Not only do we try to predict what is going to happen, but we also educate people from the very beginning to have a security mindset.” By combining predictive tools and employee education, companies are forging ahead of cybercriminals.
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