You can’t spend your way into a strong security posture. Being secure involves integrating tools, policies, people, and budgets. Getting secure will absolutely require some expenditure of cash. How much is the right amount? The answer depends on each organization’s unique security needs. In general, though, the best practice is to assess the potential financial impact of an incident (data breach cost) and weigh it against the cost of staying secure through breach prevention. Figuring this out can be a bit challenging, but it can be done.
While the modern business world becomes ever more digital, the need for insurance remains consistent across time. Lloyds of London, for instance, dates to the 17th century, building a global reputation for meeting the ever-changing requirements for insurance.
Unlike the 17th century, however, today’s demand is for cyber insurance.
With digitized business processes and data migrating to the Cloud, IT security is the biggest challenge organizations face, with a need to defend against data theft and other cyber-crime in an increasingly digital economy.
A security audit is something that every single company with an internet connection, and that handles customer/individual data should be concerned with. Without elaborating more than necessary, recent regulations makes it, if not mandatory, at least strongly recommended to audit your IT security to ensure compliance.
Outsourcing of security is on the rise. The MSSP business grew into a $9 billion category in 2017, and Gartner reports that over 50% of organizations will be outsourcing some or all of their security work to Managed Security Service Providers (MSSPs) by next year.