Beefing Up Cyber Security Loopholes

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If combating cyber crimes, ethical hacking, exposing plausible security threats, detecting and deleting malware is one among you passion, you must think and act to become a cyber security expert, says Amlan Mishra, Ethical Hacker, DingUni

Times have changed and technology is changing at a very fast pace too! With our increasing dependence on Information Technology and Information Systems, cyber literacy and awareness are the high priority areas of being in the prime focus of any growing organization today.

In a survey conducted by EY’s 16th annual Global Information Security, it was a shocking revelation that many organizations remain trapped by the hackers and are not even aware that they have become victims of cyber attack! Such attacks are proliferating with a quantum jump in terms of volume and sophistication.

The damages caused by such attacks could be staggering! The irrevocable repercussions could be financial or reputational or both!

Hence if an organization wants to safeguard its future, information security and cyber-security must remain a top priority in the agenda of the top honchos.

Alarming facts and figures-

  • Manifold undetectable threats- Out of the 1,900 organizations surveyed for this study, 59% cite an increase in external threats in 2012-13.
  • Complacency of organizations- 43% of respondents opine that their company has enhanced the budget allocations towards information security. However, the IS professionals themselves find insufficiency in resources to meet the threats.
  • Synchronization – Only 1 in 10 of the organizations, surveyed have monthly Cyber-security briefings to the board. In order to tackle with this increasingly devastating menace, the organizations’ business interests must run in sync with the IS teams.
  • Cyber-security risk management- Alignment of cyber-security strategy to the risk appetite and the overall risk environment. 62% of the organizations surveyed had lacked it.
  • Capacity augmentation- Organizations should spend more on innovation. Organizations ought to spend less on operations and maintenance, and more on investigation and innovation. As of now, only 14% of Cyber-security spending goes on security innovation, despite the rapid evolution of hacking techniques.
  • Response to Nascent technology - New developments in technology like ‘big data’ and ‘bring your own cloud’, ‘in-memory computing’ and ‘Internet of Things’ are going to mean new threats. Companies need to act and rather than spending too much time and resources dealing with threats in current technology, they may find themselves exposed to the rapidly changing technological advancements.

Today hackers are getting all the more organized and sophisticated! As a grave matter of concern, many recent cyber attacks have involved the electronic siphoning of funds. And not just that, a well planned cyber attack could go a long way in posing a significant reputational risk! Cyber-security in today’s date therefore must remain a matter of permanent focus.

Cyber criminals are constantly on the lookout to take advantage of new loopholes and weaknesses in corporations. Thus, organizations can’t ever completely fix cyber-security within a deadline.

With continued attention towards strategic alignment, restructuring and responsiveness to change, organizations could be better prepared and protected against attacks for future so that they can aim to recognize and counter threats before they appear.

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Punyatoya Panigrahi

Cheerful,effervescent and ebullient!! Formerly employed with TCS and currently pursuing PGDM in HR and Marketing at International Management Institute, Bhubaneswar. She loves travelling, freelance writing, anchoring and nature tracking.

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