10 Jun

Why are executives underinvesting in cybersecurity, even when they are the most vulnerable?

(Threatcare) Cybersecurity is an industry unlike any other; hackers are quickly evolving creatures, and many times you may not even know a hacker or their malicious software is in your company’s network — until its too late. Often, people think of cyber security as a “fortification process” of firewalls and turrets, or they may fall into the trap of believing that because no attack (that they are aware of) has happened yet, there’s no need for further investment. There is a very real problem with executives underinvesting in cybersecurity, even if it’s required for cybersecurity compliance requirement purposes.

The return on investments (ROI) is notoriously difficult to measure, and that can complicate the choice to invest in cyber defense. Regardless of whether you’re talking about training staff or an authentication manager, the challenge of quantifying what financial benefits a company will reap from these endeavors remains. In industries like health care, the financial cost of a data breach at least comes with a set penalty. However, this is actually only a small part of the ROI, even for that industry; there are many other facets of cybersecurity and the threats the industry fights against to take into account.

Cybersecurity is a rapidly changing world. Not only is it hard for organizations to keep up with increasingly sophisticated threats, it is hard for the industry itself to estimate what the potential success rate of an attack may be – or what the cost of a successful attack may be.

Especially as a new and growing industry that many people know little about, the true ROI of cybersecurity can be elusive to even the most competent executives. Executives underinvesting in cybersecurity can be worse than they could have ever imagined after a significant attack.

Marcus J. Carey, the founder of Threatcare and renowned cyber defense expert says, “Many executives fail to understand the actual impact of a breach. They don’t have a good way to understand the losses that can occur when they’re hacked. Quantifying digital loss to financials is quite a hard thing, and even the best struggle with it.”

“Ideally, executives would be able to factor in the cost of a security control, versus the loss they will incur — when they are breached, he added.”

Personal judgement is what many people rely on when making decisions regarding cybersecurity. New insights have shown that the thought processes many individuals rely on for making choices when it comes to security may not hold water in this budding industry. One of the key themes is that many individuals view cyber security as a finite process, like putting a lock on a door. But that’s not really the case; as mentioned before, cyber defense and the threats it protects against are both constantly evolving. As soon as you close one door, hackers are coding their way through another. Hopefully the future will bring an end to the trend in executives underinvesting in proper security.

Threatcare is the leader in proactive cyber defense. Threatcare’s platform allows organizations to discover and mitigate risk — because everyone has a right to know if their network is secure. 

 

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