Redefining Cyber Security Approach in 2020

Key IT decision-makers at large corporations in the US and around the world are investing heavily in cyber and stress-security software along with data storage being cornerstones of today’s cyber security policies.

Many companies also have to deal with misconduct from employees and by enforcing strict regulations. All in all, constant investment in advanced technologies and communication is shaping cyber safety strategies along with cyber security solutions. Let’s see how large companies worldwide are dealing with such issues!

Statistical finding

• More or less 84-percent is given to the security software required by companies with data backup taking 81-percent of the critical cyber security elements.
• Phishing scam attacks have risen to almost 57-percent as faced by large companies and more frequent form of cyber threat.
• Priority to strengthening and regulating the policies is around 85-percent whereas actual implementation is around 66-percent.
• More than 52-percent agree to keep their cyber policies moderate/neutral as compares to the 47-percent who prefer keeping it stricter and more ominous.

The above statistical findings are the grounds on which to further the research on how large corporations are redefining web security in 2020 and plan to address the threats.

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An example of large companies in the US

A recent survey has revealed that around 94-percent large businesses in the US have redefined their cyber security policies and are holding to it. Almost 87-percent of these introduced these regulations around three years back. Compared to the two-third companies around the world, some of the best examples of cyber policies are organizations in the US.

More focus on software requirement & data backup

With 84-percent being given to security software and 81-percent to data backup, the increased concern is towards detecting scams that have taken 79-percent and around 78-percent on actual reporting of security incidents.

Phishing scams looms larger than ransomware

Since last year, more or less 57-percent IT decision-makers reported their companies received more phishing scam attacks as compared to the recent ransomware. Among these, email phishing is the most common security threat and consistent in 2020 as per the recent research.

More than 200 website managers claimed email phishing is affecting their sites in a pessimistic way with respect to the services and overall performance.

You’ll find it surprising that only 21-percent reported against ransomware, however; the scope, frequency, and attention to these are far greater than phishing.

During the first and second quarters of 2020, reports of multiple global ransomware attacks drew the attention of international media especially the WannaCry incident to hit the NHS followed by six continents.

The worldwide damage in the wake of the cyber threat has been estimated to more or less $8-billion. Although these large-scale ransomware attacks affected few businesses in the US, they did motivate others to strengthen their web defenses and redefine cyber security policies.

Communication & compliance standards prioritized

More businesses introduced such policies that are focused on communication and training as compared to actual implementation. Communicating the policies to employees is more significant and a primary means to oversee enforcement as realized by almost 85-percent organizations.

With this, only three-fourth of the 79-percent monitor compliance standards, and around 77-percent actually train their employees. When companies focus on communication, compliance standards and training, two key concerns are addressed;

• The evolving cyber threat landscape and
• The internal risk posed by employees

The escalating Cyber Security threats

Much like technology, cyber threats also evolve that heightens the chances of attacks. One of the most effective ways to counter recurrent threats is updating the security platform and effectively communicating policies among the staff

Employees being a threat

Employees are liable for the major security of almost every company and in the end; it all comes down to humans since they’re likely a threat to both internal and external security. While most of this is tied to personal biases, a disgruntled and grudged worker raises the more alarming situation

Conclusion

In order to bring a balance to cyber security, IT personnel need to adopt a moderate approach that’s neither too strict nor too soft with room for adjustment as per the scope of the threat.