State of Cybersecurity and GlobalCSA

SANTA CLARA, CA / ACCESSWIRE / February 10, 2021 / Businesses are increasingly leveraging digital transformation to survive in a dynamic and unpredictable environment. Enterprises are integrating digital technology in all business areas to enhance profitability and efficiency.

Today, there are more than 4 billion internet users, approximately 1.8 billion websites, and more than 337 billion GB worth of internet traffic, half of which is generated through mobile phones.

Overall, digital transformation enhances data collection, improves resource management, provides data-driven customer insights, boosts customer experience, reduces costs, and increases profits. Despite benefits that come with wide technology adoption, organizations and individuals are at risk of cyberattacks.

A Look into the Current State of Cybersecurity

1. Digital Transformation Expands the Attack Surface

I do not mean to beat a dead horse, but many organizations adopting technologies like cloud services do not always do so in a coherent manner. With providers like AWS, Google Cloud, and Microsoft Azure, it’s a breeze to acquire cloud servers in seconds, all by yourself. Ninety percent of companies are now using some type of cloud service, with 77 percent of enterprises running at least one application or a portion of it in the cloud. An organization employs more than 1000 different cloud services on average. At the same time, more than half of organizations store confidential data using cloud technology.

Unfortunately, the unplanned acquisition of such cloud resources has become a nightmare for security experts, who lack visibility in the process. Indeed, cloud services contain systems and information that can expose a business to attacks in case of misconfigurations-besides, lack of visibility results in undetected vulnerabilities that hackers exploit to steal crucial data.

2. Worsening Cybersecurity Skills Shortage

Apart from the expanding attack surface, the cybersecurity skills gap is widening. Recent data reveal that the skills shortage issue impacts 70 percent of organizations. With a small security team, businesses must deal with long-standing open jobs, increased training or junior staff, and an inability to utilize security technologies to their full potential. The estimate for the additional trained staff needed to close the skills gap is approximately 4.07 million professionals worldwide.

There is an acute shortage of security professionals, such as application security specialists, cloud security specialists, and security analysts. With increased migration to the cloud, massive demand for software products, and continuous shift to remote work, the worsening skill shortage is discomfiting.

3. Growing Enterprise’s Cybersecurity Spending

Enterprises’ spending on cybersecurity continues to grow, defying the pandemic-driven economic downturn impacting global IT budgets. Last year, many businesses entered situations where they needed to respond, including making wise decisions on their resources to remain afloat. Even though they revised budgets, cybersecurity still remained a top priority.

Undoubtedly, the coronavirus crisis created new opportunities for cybercriminals. Experts predicted that 70 percent of organizations would increase cybersecurity spending following the COVID-19 pandemic. By the same token, around 55 percent of major organizations will boost their investments in automation solutions, smart analytics, and artificial intelligence that improve defense mechanisms. Worldwide spending on cybersecurity will reach 133.7 billion US dollars in 2022, and the global cybersecurity market size is forecasted to grow to 248.26 billion US dollars by 2023.

4. Increasing Cyberattacks

The current COVID-19 pandemic has presented new components to the cybersecurity equation, bring forth a cyber pandemic. The increased shift to remote work exposed weaknesses in employee awareness and company networks. Cybercriminals leveraged phishing and other attacks to target companies.

Mostly, the prevalent cyberattacks include malware attacks, denial of service (DoS), distributed denial of service (DDoS), man-in-the-middle (MitM) attacks, phishing, password attacks, and SQL injection.

A study quantified the near-constant rate of hacker attacks on computers, revealing that a data breach incident occurs every 39 seconds on average. Security experts predict cybercrime-related damage to hit 6 trillion US dollars annually by 2021.

5. High Costs of Data Breach

Currently, data breaches and security incidents are becoming increasingly costly. US organizations face high costs, with an average of 8.19 million US dollars per breach, up 5.3 percent in 2019. The average total spending on an insider threat incident, including monitoring, escalation, incident response, containment, investigation, and remediation, also increased from 513,000 to 756,760 US dollars.

Apart from direct incident response costs, companies suffer regulation violation costs. The cybersecurity field is now driven by a complex regulatory landscape that varies from state-to-state, and country-to-country. Marriott and British Airways spent approximately 100 million US dollars each after falling foul of GDPR.

In addition to noncompliance costs, 40 percent of a data breach’s average cost stems from lost business, including high customer turnover, lost revenue due to system downtime, and the new cost of acquiring business after reputational damage.

Partnering with a Managed Security Service Provider (MSSP)

As the drive towards digital transformation continues to gain momentum, there has never been a more significant time for organizations to pause and reflect on their cybersecurity strategies. In the thick of it, businesses can partner with managed security service providers who have become an invaluable resource for companies that want to enhance their cybersecurity posture but lack the resources to build a competent cybersecurity team internally.

An MSSP delivers extensive cybersecurity knowledge and experience in network, cloud, and application security issues that most businesses lack. Without a doubt, an MSSP team possesses current and advanced security knowledge than an in-house team.

On top of that, MSSPs deploy security tools that in-house security teams are not familiar with. In effect, the service providers are better positioned to improve an organization’s ability to detect and respond to prevalent and emerging cybersecurity threats.

Using MSSP services means that an organization does not have to hire in-demand security human resources, buy, deploy, and manage security tools or keep up with dynamic security changes and shifts in the threat landscape.

Getting Started with GlobalCSA

Businesses can contract GlobalCSA to free their in-house IT teams for value-driven projects. GlobalCSA is fully aware of the importance of cybersecurity in an economy and understands different security concerns that enterprises and users face. In effect, the company offers advanced cybersecurity services for complex and frequent cybersecurity threats.

Partnering with GlobalCSA empowers a business to design and incorporate reliable security solutions into their infrastructure to support their enterprise business strategy. The MSSP provides visibility, automation, and innovative capabilities to protect and help businesses grow securely.


SOURCE: Globesca Inc

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