Cybersecurity News

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 When looking at the cyber technology market over the past 15 years, it is evident that the catalyst for cyber evolution was Y2K. Prior to the Y2K frenzy, “cybersecurity” was masked in the systems engineering function, and external threats consisted of hackers looking to leverage free computing capabilities with very little focus on information/data access or network destruction. 

 With the nature of security quickly evolving to encompass both physical and cybersecurity at its very core, software manufacturers and security experts are finding themselves in a precarious situation – balancing between what is required and what is needed. 

No operational discussion can start without a look at budgets, and how organizations plan for, and procure, cybersecurity services and solutions. And who is responsible for that budget?

 JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the bank will probably double its $250 million annual computer-security budget within the next five years. 

From an executive-level perspective, the greatest shift in cybersecurity relates to the focus and the responsibility – moving from strictly an “IT issue” to one of a business function. Look no further than the Target breach and the subsequent resignations of the company’s CEO and CIO to see how cybersecurity has escalated to the C-suite. This was unprecedented 15 years ago, when the primary cybersecurity role of IT was information assurance. So why has the philosophy changed?

 A cyberattack on JPMorgan Chase & Co., first announced in July, compromised information from 76 million households and 7 million small businesses.

Companies have encouraged their workforces to be effective regardless of their location or the time of day, making wireless Internet connectivity the latest lifeblood of workforce productivity. These gains have been accomplished primarily by embracing Wi-Fi, which is not without added risk. Cyber spies and criminals have successfully targeted wireless networks for years, which in turn, requires increased vigilance both when deploying Wi-Fi networks and when training our employees to safely use Wi-Fi.   

 While cyber insurance adoption is on the rise, only 26 percent of companies have policies today, according to a study on data breach preparedness from Experian and the Ponemon Institute. 

As your enterprise virtualizes and leverages cyber technology to speed productivity, the incidence of cybercrime will, of course, increase. Similarly, as your employees’ behavior, as consumers, drives the technology they use (BYOD), the cybercrime cat will continue to be let out of the bag.