Cybersecurity In 2017: Recruitment Is The Key

2017 will be an important year for the cyber-security industry, as it aims to bounce back from a year filled with some of the biggest cyber-security attacks in recent history.

Throughout 2016, the average cost of data breaches saw a significant increase, and the mounting frequency of cyber-attacks has forced businesses of all sizes to view them as inevitable instances.

The past year has taught us a harsh lesson in the importance of recruiting more professionals with an expertise in online security as we head into 2017.

McAfee’s Center for Strategic and International Studies estimates that there will be two million unfilled job positions in the cyber-security sector within the next two years. As such, companies can no longer afford to forgo the investment in improving their cyber-security practices.

Data Breaches Are an Issue of “When”

This year has shown us that no company is safe from a data breach, as some of the biggest names in the online world have suffered from devastating cyber-attacks. Verizon, Dailymotion, Snapchat, Yahoo and Adult Friend Finder are just a few of the brands that have had their data compromised by hackers, while the ongoing ransomware epidemic continues to affect 20 percent of international organisations.

With data breaches becoming more common among the biggest brands in the world, investing in cyber-security is as much as about preventing cyber-crimes as it is about dealing with the fallout of these incidents. Security experts advise business owners to view data breaches as inevitable. As such, the online security departments at any size company should be as concerned with damage control as they are with taking preventative measures against cyber-attacks.

The Cost of Data Breaches

With data breaches increasing in both scale and frequency, the average cost of a data breach has risen by 29 percent over the course of the past three years to $4 million. Another factor that has contributed to increasing costs is the nature and cause of cyber-security attacks, as half of all breaches resulted from malicious attacks, which cost more to remediate than cyber-security issues that have resulted from other causes such as employee negligence.

The Importance of Filling Cyber-Security Positions

The average cost per record breached is $158, but it ranges significantly per sector with healthcare records costing $355 and retail records costing $172, according to a report by IBM. To help mitigate these rising figures, businesses are enlisting in cyber-security professionals.

Appointing a chief information security officer has helped companies save $7 per record from data breaches, while investing in a business community manager saves $9 per record. Using of comprehensive encryption systems and compiling an incident response team have saved businesses nearly $30 per record.

These figures serve as proof that having a comprehensive cyber security plan not only helps to keep companies safe from data breaches in the first place; it also drives down the recovery costs of cyber-attacks when they do occur.

Investing in the Development of Cyber-security

There is a significant shortage of talent in this sector, with only a small percent of IT professionals specialising in cyber-security. As the cost and frequency of breaches continue to increase, companies are learning the value in investing in the improvement their cyber-security systems. In addition to enhancing network protection practices, this also means making a greater effort to train and recruit professionals with specialised knowledge and skills.

Companies can look at the example set by Barack Obama’s 35 percent increase in spending on cyber-security. As part of his Cybersecurity National Action Plan, $62 million will be used to fund scholarships for students pursuing careers in cyber-security and invest in the establishment of educational programs that will ensure professionals in this field have the necessary expertise to help prevent cyber-attacks and deal with their effects on organisations of all sizes.

By placing a similar emphasis on recruitment and training, business owners can strengthen their cyber-security practices to keep their sensitive data safe and prevent their companies from falling victim to cyberattacks. There are plenty of options, including sponsoring cyber-security scholarships and sending their own IT staff to pursue additional qualifications in the field.

As cyber-crime continues to affect more organisations in various sectors, breaches should be considered unavoidable. So, the importance of expanding the cyber-security workforce is a crucial lesson to take with us into 2017.

Business owners can no longer afford to neglect the online security needs of their companies and their customers, and investing in recruitment will help to protect organisations across a wide range of sectors from cyber-attacks and their resultant financial consequences.

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