Paladion, the cyber security company today stated that the businesses in the region are deeply concerned about their security, despite invested heavily on technology to ensure better business performance. The Co-founder, Chairman and CEO at Paladion, Rajat Mohanty explains that “both compliance and security teams often approach their CFOs to set aside budgets required to strengthen the companies’ security and compliance programs,”
Analysts at Gartner said that enterprises in MENA are now realising that merely adopting preventive strategies is not enough, and they are beginning to focus on detection and response approaches to improve the security posture of their organization.
Indeed, large organisations in MENA are investing in building out security operations capabilities either in house or by leveraging external services offered by managed security services providers (MSSPs). Organisations surely need to spend more on detection, but not at the expense of blocking known threats. This requires enterprises to relook at their people, process and technology strategies around information security.
According to Gartner, in 2017, more than half of the network attacks targeting enterprises will use encrypted traffic to bypass controls, up from less than 5% today. In addition, through 2018, more than 40% of state-sponsored attacks will have the source nation misidentified by the target. Also, 99.9% of attacks will be based on product vulnerabilities that were known of for at least a year.
Apart from determining the likelihood of the threats exploiting the vulnerabilities, enterprises also need to generate a risk-list, with high impact risk at the top and low impact risk at the bottom and everything else in between. Once the list is in place, the CISOs, CFOs, CEOs and all other C-suites need to congregate and belt out solutions and determine the cost of all risks.
“Continuous evaluations and re-evaluations of risks that a company faces, is a good practice. Although time, energy and commitment are some of the most important pre-requisites for such practices, one has to agree that ongoing vigilance has its own rewards. Apart from mitigating huge business costs, it also saves the companies immense reputational damage that could stem out of data breach,” concluded Mohanty.
