By Fred Kost, Global Multiplatform Vice President, Security and Analytics, Oracle
Today, cyber attacks represent one of the most daunting challenges any business can face.
A new study from the University of Maryland estimates that a cyber attack occurs every 39 seconds, cybercrime would cost businesses an estimated $ 10.5 trillion per year globally by 2025, according to Cybersecurity Ventures placing cybercrime at the top heart of the greatest transfers of economic wealth in history. . This cost isn’t limited to large enterprises: the global average cost of a data breach is $ 3.9 million for SMBs.
Given these challenges, organizations of all sizes need to take a close look at security and its impact on business sustainability.
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Business sustainability – and the issue of trust
Sustainability, at its most basic level, means the ability to “go on long”. In business, this generally applies to an organization that takes responsibility for its activities and their impact on people and the environment. With businesses increasingly fueled by technology and data when their computer systems fail, or data is lost or becomes unavailable, this can have a major impact. Customers fail to get orders, suppliers don’t get paid, and personal data can fall into the wrong hands, impacting trust.
As in any relationship, trust is crucial. It is the foundation that enables an organization to take responsible risks and, if mistakes are made, to recover from them.
Security challenges only increase
Another problem is that cyber attacks are increasing rapidly; not only in terms of number but also of complexity.
Data loss caused by breaches and cyber attacks against organizations, governments and individuals reached record levels in 2020. According to Wipro’s âState of Cyber ââSecurity Reportâ, cyber attacks increased by 47% while 70% of companies were confronted with terminal hygiene problems. partly because of the rise of remote working.
While the application of technologies such as cloud, machine learning (ML), artificial intelligence (AI) and 5G bring many benefits to individuals and businesses, their use also increases the sophistication of threats; there is also greater tactical cooperation between hacker groups and state actors.
So, you might be wondering, what should businesses do?
Smart and reliable security: the key to building a sustainable business
To combat increasingly sophisticated threats, there are smart new security tools that use cloud services and new artificial intelligence (AI) and machine learning (ML) applications that go beyond malware protection.
For example, security automation, frequently offered in next-generation clouds, can reduce the time and resources required to manually manage user access, while also reducing human error.
Advanced analytics capabilities, using AI, allow organizations to quickly identify and respond to security issues, helping organizations better protect themselves against cyber attacks.
However, it should be noted that systems are often breached not because there aren’t enough security tools, but because some vendors have made security too complex by not integrating it into their software. and their material. For example, but setting security settings to always and requiring data to be encrypted and security tools should be easier to scale by being automated and taking advantage of AI and ML. This is the bar to be expected from the industry.
The era of “zero trust”
A different approach is also needed.
Today, standard network security posture focuses on stopping threats from outside the network perimeter through firewalls, VPNs, passwords, or other access controls. As the use of cloud services grows, this creates new potential for compromised or stolen credentials of a privileged administrator or application, leaving data vulnerable to theft from within the network.
A âzero trustâ approach is needed to meet these challenges and protect sensitive data.
Here, no one is trusted by default from inside or outside the network. Verification of each user trying to access each individual corporate resource is required, with users and their access rights granted to systems, networks and data on a per connection basis.
Security in the cloud: who is responsible?
Another obvious problem that many organizations face remains the issue of shared responsibility for security in the cloud. According to Oracle and KPMG’s 2020 Cloud Threat Report, while 96% of IT pros were aware of the shared responsibility model of cloud security, only 8% fully understood the shared responsibility model for all types of cloud services.
Part of the challenge is due to today’s hybrid multi-cloud world, where organizations work with multiple infrastructure and software cloud providers, each with their own version of the shared responsibility model. This can lead to a lack of clarity on who is responsible for what, leading to the risk of misconfiguration, software vulnerabilities, human error, and process redundancy.
While cloud security is a shared responsibility, some vendors are taking greater responsibility for the systems and data that run their customers’ operations as well as their own. Set a benchmark that demands safety-focused design principles. These should focus on providing integrated security controls, including isolated network virtualization and strict segregation of duties, complemented by services that offer permanent encryption and continuous monitoring of user behavior.
In short, putting safety and security at the forefront when considering a sustainable business is essential to ensure the sustainability of the business and to build trust – and that requires taking a holistic approach that brings together best practices in terms of tools and approach, to protect critical data assets.
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