As the world becomes increasingly digitized, the importance of stringent cyber security measures continues to grow and evolve. Every day, new tools, systems and software are being developed to protect critical data – and steal it.
For many companies, transitioning to new systems or updating old ones often creates new vulnerabilities, as critical business data needs to be transferred, assessed and managed. With data constantly in-flux, and cyber security top-of-mind, CIOs are looking to integrate more robust security protocols, while assembling dynamic teams to protect businesses from looming threats.
Challenges Facing CIOs Today
Cyber security poses a significant, multi-stage challenge for CIOs today. The shortage of skilled talent and lack of funding, combined with ever evolving cyber threats and increasingly complex digital regulations all make it challenging for CIOs to threat-proof their organizations. To overcome these challenges, CIOs need to understand the importance of investing in the right infrastructure, processes and people needed to navigate the harsh cyber security landscape.
Distributed Workforces —Since theonset of the COVID-19 pandemic, the rise of distributed workforces has added a new layer of complexity to organizational security and data management. CIOs have been tasked with providing the technological infrastructure necessary to support remote work, including secure virtual private networks (VPNs), more powerful cloud computing solutions, and virtual collaboration tools and platforms. These dynamic solutions are essential for managing and securing remote data and devices, as well as providing support to employees who may be working in different time zones.
Talent Acquisition —One of the most significant challenges facing CIOs today is the shortage of skilled talent in the cyber security industry. As technology evolves, cyber security job requirements continue to change as well, requiring more certifications, higher education and more experience to take on critical day-to-day tasks. As a result of the limited talent pool and demand from a broad range of clients, available talent that meets the hiring criteria often comes at a steep cost. This talent shortage can force CIOs to settle for candidates that may not have the proper credentials, or overpay for the skills needed, putting further stress on the IT budget.
Funding — As with any business, there are only so many dollars to go around. Cyber security often gets overlooked in favor of other more customer or sales facing departments, along with more innovation-based initiatives. For example, it’s reported that on average, only 10% of organizational funds are allocated to cyber security, while an overwhelming 20-25% of budgets are spent on Cloud-Based Software. Improperly or sparsely investing in cyber security can leave organizations vulnerable to cyber-attacks, which can result in critical data breaches or data extortion affecting the organization’s reputation, customer retention and their bottom line.
Threat Modeling —Businesses face a range of internal and external cyber security threats. Internal threats can come from employees who inadvertently compromise the organization's information systems. Whether it’s falling for phishing scams, leaving accounts logged-in and unsecured on public networks, or sharing account information -- employees can unintentionally put their organizations at risk.
Externally, cyber-attacks from hackers, malware, and trojan horses can infiltrate a database directly. Threat modeling is essential for understanding where these potential threats originate from and how to mitigate them from the offset. Threat modeling helps CIOs identify potential threats, assessing their likelihood and impact, while implementing specific controls to prevent them. This is often done by performing a top-down assessment of potential weaknesses in a security model and how they can be exploited by outside sources. Once assessed, organizations can then implement the proper training internally to prevent future breaches.
Regulations — There are a number of data privacy regulations that organizations must comply with in the US and globally, such as the California Consumer Privacy Act (CCPA), the Global Data Privacy Act, or the Federal Risk and Authorization Management Program (FedRAMP). These regulations require that organizations have a certain base level of cyber security, while ensuring customers remain aware of what data is being taken from them, in addition to how the data is used. Compliance with these regulations requires a significant investment in the proper cyber security infrastructure and processes -- in addition to keeping legal counsel on staff readily available to ensure compliance.
Resolvit Safeguards Sensitive Systems & Data
Without the right talent, proactive security measures and optimal funding in place, sensitive data and critical systems can be compromised. With the threat of prolonged downtimes, data breaches and system malfunctions growing at an accelerated rate every day, CIOs need critical support now, more than ever to safeguard their organizations.
At Resolvit, we build and support comprehensive cyber security solutions that help organizations protect their IT systems and applications. We provide premium teams of experienced professionals that identify, plan for and mitigate cyber security risks, while ensuring organizational governance, risk and compliance that reduces enterprise risk.