Do You Have a Cyber Security Policy in Place?
August 22, 2016 | Identity Thefts, Secured Configuration, Big Data
Investments on New Technologies is Fine but Risks Mitigation Policy Equally Vital
Hacking of trading algorithms, stealing IPs of a drug company, denial-of-service attacks on vehicles run by artificial intelligence-- these are some of the instances that typically come in mind when we think about growing crimes in our cyberspace. There is no denying that these technologies remain extremely vulnerable to attacks; however, crimes like data-breach and identity thefts—although they might not sound as sensational as attacks on ‘algos’ or bitcoin exchanges—inflict more losses to businesses every year compared to any other form of IT related attacks.
Incidents such as identity thefts and data breaches are rising because organizations, unfortunately, keep a very lax policy towards data protection; a situation exploited by malicious insiders or external malefactors. In other words, attacks are rising because companies are not yet ready to identify and take a necessary course corrections to mitigate vulnerabilities.
Indeed, while companies are spending a huge amount of money on latest technologies to streamline operations, investments on solutions that help mitigating information systems related risks remain abysmally low.
In Britain alone, two-third of the biggest companies came under cyberattacks last year, according to a government survey. But shockingly out of these companies surveyed, a mere third had formal drafted cyber security policies, while only 10% had a risk-management plan in place, the Financial Times cited.
What companies are failing to realize is that as evolving technologies and data start to intersect with each other in the age of ‘Big Data’ analytics, risks of losing sensitive data to thefts have risen sharply.
While technologies such as big data and 3D Printing is transforming the way businesses we do, lack of investments on Secured Configuration Management and Identity and Access Control solution is making companies increasingly vulnerable to frauds.
ARCON is a leading enterprise risk control solutions provider, specializing in risk-predictive technologies. ARCON | User Behavior Analytics enables to monitor end-user activities in real time. ARCON | Privileged Access Management reinforces access control and mitigates data breach threats. ARCON | Secure Compliance Management is a vulnerability assessment tool.
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