Cybersecurity used to be the dominion of IT departments, giving cybersecurity professionals little reason to interact with other departments in an organization. Nowadays, all of that is changing.
Due to an increasing reliance on technology, users are getting too comfortable when it comes to entrusting sensitive information to computer systems. Some companies often deny any possibility of falling victim to a cybercrime—until the moment a cybersecurity breach takes place and, by that time, it will be too late to recover from the damage.
Small- and large-scale data breaches illustrate how cyber attacks on businesses hit not just IT departments, but also entire organizations. Security risks, after all, are business risks.
The consequences of a data breach can have long-lasting effects:
It has the potential to disrupt an organization. A breach can take its toll on the structure and operations of a company. Depending on the type of security breach or the magnitude of the incident, both employees and executives may be held responsible, or worse, forced to resign.
We have witnessed this many times—more often, in the finance, retail, and government industries where sensitive information is commonly found. For instance, back in 2017, Equifax had lost its CEO after a 143 million customer data breach. Target’s former executive had experienced the same fate after a 2013 breach that exposed millions of credit and debit card accounts, along with other personal details amounting to 70 million.
It dents a company’s reputation. Companies are expected to take full responsibility for the information in their possession. After all, security is one of the key drivers of reputational risk.
One breach can be unfortunate at best, but repeated incidents may be indicative that a company does not have a good security program in place and that breaches may likely happen again. Unfortunately, tarnished reputations are exceedingly difficult to salvage, and some companies do not recover from the disgrace.
To prevent this, many of our clients approach us for email, web application, and endpoint protection, as well as vulnerability assessment, which helps identify what kind of cybersecurity breaches may come their way.
It affects the bottom line. By 2021, the cost of cybercrime to businesses will rise to six trillion dollars per annum. That is a heavy price to pay for any enterprise, no matter how large.
How can information security breaches cost businesses that big a sum? Simple: Such adverse incidents affect a company’s reputation, which in turn affects consumer trust. A diminished trust results in a low financial standing through lost revenue, lawsuit settlements, and other legal fees.
We can attest to this, as a client of ours had approached us after a ransomware attack, which affected the business not just once, but twice last year. Through Discovery Workshops, we were able to identify a range of solutions that could fortify their network and endpoints, without them having to break the bank after experiencing a dent in revenue and operations.
Regardless of how far a cybersecurity breach reaches, the impact will always be negative. As a trusted business advisor, we at Globe Business, recognize that every enterprise needs protection, especially in an interconnected environment. This is why our cybersecurity products and services are designed to take defenses to the next level.
We offer three main solutions to choose from:
- Our Advanced Security Operations Services provide Security Information and Event Management, Incident Response, and Threat Intelligence. Our tools help companies get an idea of who are most likely to attack the organization, what their motives are, and how they plan to execute the attack. Information such as these will be critical in putting together a defense strategy.
- Our Compliance and Assessment Services detect breaches, threats, and vulnerabilities as early as possible and simulate real-life attacks, so that companies know exactly where they need to beef up security.
- Finally, Application Security allows companies to guard their proprietary data and other sensitive information. It ensures that web applications are compliant with industry regulations and that emails across the organization, in all environments, are secure from attacks.
Cybersecurity is a core element of digital transformation, which is why we proactively take steps to protect our network and provide businesses with best-in-class solutions. With these products and services, enterprises can rest assured that their data and operations will remain safe—even as cyber attacks continuously evolve.
Interested to learn more about our products and solutions? Arrange a consultation with a Globe Business Advisor today.
Senior Vice President - Globe Business
Peter Maquera is the Senior Vice President for Enterprise Group at Globe Telecom Inc. He has significant experience in building and transforming companies, from early-stage development to market leadership. He has been with Ayala Group for many years and has held senior executive positions across various industries including business process outsourcing, IT, real estate and finance.
Deloitte: Global Survey on Reputation Risk. Accessed August 18, 2018.
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Morgan, Steve. "Cybercrime Damages $6 Trillion by 2021." Cybercrime Magazine. 7Last modified October 16, 2018. https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016.
O'Connor, Clare. "Target CEO Gregg Steinhafel Resigns In Data Breach Fallout." Forbes online. Last modified May 05, 2014. https://www.forbes.com/sites/clareoconnor/2014/05/05/target-ceo-gregg-steinhafel-resigns-in-wake-of-data-breach-fallout/#6f4cfded5dfd.
Puzzanghera, Jim, Michael Hiltzik, and David Pierson. "Equifax CEO Steps down after Data Breach; He'll Still Get $18-million Pension." Last modified Los Angeles Times online. September 26, 2017. http://www.latimes.com/business/la-fi-equifax-ceo-20170926-story.html.