As we rapidly approach the end of 2016, most organizations are in the midst of finalizing their 2017 plans. Year-end planning typically focuses on traditional areas such as sales projections, budget requirements, and product development initiatives. One area that may be overlooked is cyber security risk management planning. Organizations (regardless of size) across all industries are being successfully targeted by hackers on a daily basis. The effect of a data breach on your organization can mean lawsuits, fines, damage to your brand and reputation, and significant financial costs associated with analyzing and recovering from the event. Executives can no longer afford to not include cyber security risk management planning as part of their end of year planning efforts. Data breaches are a major risk to any organization that possesses sensitive data, such as employee or client records, and who use technology. Some things to consider as you perform your end of year planning and get ready for 2017:
- What are the unique cyber security threats and risks that my organization could face in 2017? These might include business email compromise, ransomware, spear phishing, or maybe a malicious insider stealing information.
- Have you performed a cyber security risk assessment to establish a baseline of your organization’s unique vulnerabilities and gaps in security? It is virtually impossible to allocate resources effectively without knowing not only the vulnerabilities but also the priorities and context associated with them.
- Have you implemented the appropriate technology, policies, and employee training to minimize the likelihood and impact of your unique threats and risks? Development of an integrated security program is important to ensure that you are investing in a strategy that provides the maximum benefit in the most efficient way possible.
There is a lot to consider when developing your organization’s 2017 cyber security risk management strategy and ensuring that it is integrated with the overall plan. Cyber security threats present some of the most significant risks that organizations have faced in years. The level of sophistication and persistence of hackers means that organizations could face a catastrophic event that jeopardizes their very existence. Organizations that understand this new reality and plan accordingly will have a competitive advantage over their peers.
For more information on creating a cyber security roadmap, see our case study HERE or feel free to CONTACT US.
