Business Journal Ask the Expert Column – June 2020

As much as you try to plan for the future, there will always be unexpected events. Throughout every successful leader’s career, they have encountered and navigated through countless unpredictable circumstances. Having the ability to develop and act upon various plans and honing the muscle memory of entering into crisis situations and performing under pressure is the hallmark of an unwavering leader. The current global pandemic has presented an opportunity for cyber criminals to deploy ransomware and extort corporations for millions of dollars. A dynamic CEO will be able to execute on the contingency plans regarding the financial crisis which includes ensuring cybersecurity is at the forefront of investment in order to protect the corporation during their fight for survivability.

A lot of change has occurred since the beginning of the year. You may have had to reevaluate numerous plans and procedures. Decision making is in full swing, and you have to take into consideration the uncertain times and how it will affect the upcoming fiscal year. The ability to execute on your cybersecurity strategy may very well determine whether you survive. All leaders must have a thought-out plan for this new reality as cyber criminals continue to develop new nefarious tactics.

These uncertain times bring fear. Fear is what most cyber criminals will exploit to try to persuade corporations to pay the ransom to avoid negative publicity. You need to coach and train your organization to understand the risk possibilities it faces and why. Your employees are the most vulnerable during this time because it only takes one click for your organization to face great danger and potentially close your business. To avoid a cyberattack, make sure you invest your time and money in a cybersecurity strategy for your organization. The investment in your cybersecurity plan will pay dividends when it saves your organization from paying a ransom and issuing privacy disclosure notifications to your clients.

When you budget for cybersecurity, it is generally best to engage with a trusted cybersecurity advisor who will work with your internal staff to develop a strategic plan. We also recommend avoiding the latest marketing material or fodder or falling prey to an aggressive sales team describing futuristic technology features. Engaging with unbiased cybersecurity professionals will enable you to evaluate your organization’s risk profile, understand the cost associated to protect your environment and present a plan for your specific organization.

SpearTip recommends your cybersecurity budget to include the following:

  1. A 24/7/365 Security Operations Center (SOC) to stop cyber threats at any time
  2. User Behavior Monitoring to protect your weakest link, your employees
  3. Malware Prevention to prevent intrusions and ransomware
  4. Threat Intelligence to continuously monitor the dark web
  5. Cloud SIEM (Security Information Event Management) to correlate data across your IT environment
  6. EDR (Event Detection and Response) to gain advanced visibility onto computer systems regardless of location
  7. Managed Incident Handling to ensure when an event happens it is properly responded to

Your organization may be facing challenging situations today, and it is best to take proactive steps to prevent a cyberattack for not only your organization, but also for your clients or business partners. Having a robust cybersecurity plan secures your environment for the future and ensures reliability and trust within the organization.

For more information on how to budget for cybersecurity, feel free to email [email protected], subject line “Ask The Expert” or visit speartip.com.

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