How Declining Confidence in Cybersecurity Opens the Doors for Change

Cybersecurity is an area of open opportunities for enterprises and startups to collaborate

Enterprises are feeling the pressure of consumers wanting full control over their data.

The National Association of Corporate Directors found that only 37% of board members feel confident that their company is properly secured against a cyberattack. This number is down 5% from last year.

The lowering confidence in cybersecurity preparedness may be related to the spate of cybersecurity breaches in the past year, with the likes of Uber, Equifax and Verizon Wireless all falling victim.

This tense environment around the subject of data protection and cybersecurity means a big opportunity for enterprise innovation.

Open innovation is the best way for large corporations to find solutions to their innovation needs. For cybersecurity, that means red team testing multiple cybersecurity solutions in parallel and comparing their performance.

Cybersecurity Threats Inside an Organization

Internal cybersecurity incidents are a serious issue, as recent data from IBM and the Ponemon Institute found that the average cost of a data breach in 2017 was over $3.5 million. A recent study found that employees can be discouraged from unsafe practices, including clicking on unfamiliar links or using poor passwords, by providing relatable messages with clear and easy to follow options for improving their security habits.

The authors suggest that many people are unaware that they are actually putting their company at risk, and have less of a stake in acting more safely because the data isn’t theirs. So the first step is to give employees a reason to care, before providing them with clear instructions for improving their habits.

According to IBM and the Ponemon Institute, the average cost of a data breach in 2017 was more than $3.5 million. Click To Tweet

Greater awareness can go a long way to ensure that these messages are delivered at the right time. For instance, the University of Delaware recently highlighted how people would be less secure after a holiday, especially if it’s accompanied by poor weather. This could entail using weaker passwords or accessing unapproved software.

Partnering with Startups for Open Innovation

There are also considerable opportunities to partner with external companies who specialize in cybersecurity.

Thierry Olivier, Head of Information Systems Security for Societe Generale Group said:

“Today, banks – and large businesses in general – cannot go it alone when addressing technological changes … We have identified startups that appear interesting, which can provide solutions to the challenges that we are working on.”

Airbus has attempted to get in at an even earlier stage by partnering with Cardiff University to create the The Centre of Excellence in Cyber Security Analytics. The facility will conduct world-leading research into areas such as AI and machine learning to help the company better detect potential cyberattacks.

Now Is the Time to Act

A recent Accenture paper revealed that the average company suffers 130 security breaches per year, with each internal breach needing 50 days to recover. It costs companies $11.7 million per year, which is a 62% increase in the last five years.

According to Accenture, the average company suffers 130 security breaches per year. Click To Tweet

They’re statistics that underline the increasing complexity of modern corporate IT systems, and the inherent challenges this presents to IT managers. Given the rapidly changing face of enterprise IT, it’s essential that companies innovate to ensure their security systems adapt at a similar pace.

“As this research shows, making wise investments in innovation can certainly help make a significant difference when cyber criminals strike,” Kelly Bissell, managing director of Accenture Security said upon publication of their report.

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