This Black Friday saw a notable shift from in-store shopping to online bingeing with online retail sales breaking records. In fact, continued demand was so high that some retailers experienced problems on Cyber Monday because of huge volumes of traffic hitting their sites.
While traffic spikes highlight the need to accommodate fluctuating demand through cloud and data services, they also underscore the importance of cybersecurity to anticipate risk and respond to problems in real time. According to Forbes, the worldwide cybersecurity market is expected to be as large as $170 billion by 2020. It also reports that cyber attacks are already costing businesses as much as $400 to $500 billion a year.
The C-Suite is taking note – especially in the wake of recent high-profile breaches. An IBM Center for Applied Insights study found that support for cybersecurity initiatives is rising, with 88 percent of Chief Information Security Officers (CISOs) reporting that their budgets have increased.
CISOs also report that they’re moving beyond a compliance-based approach of “checking the box” that may not necessarily address real threats.
The trump card is the customization of cybersecurity frameworks. While CISOs have always used standard frameworks like NIST or COBIT, the true value comes from customizing frameworks to determine risk and prioritize threats and investment in security initiatives.
In addition, CISOs are finding that these customized frameworks serve as a compelling communication tool to relay cybersecurity strategy to the boardroom, making it more consumable across organizational silos. What’s more, frameworks are an effective way to determine clear implementation plans for rollout of security controls by IT and Security teams.
While there is no accounting for the unknown, with the help of frameworks, CISOs are arming themselves to safeguard against cyber attacks.
For more CISO insights on getting cybersecurity strategy right, see the study “From Checkboxes to Frameworks”.
Previously published on IBM Center for Applied Insights, December 10, 2015.