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Costs of cybercrime $ 2,900,000 per minute, and the largest companies pay $ 25 a minute for cybersecurity breaches.
If cybercrime were a country, it would rank third among the world’s economies – after the United States and China – with an expected total economic loss of $ 6 trillion. worldwide by the end of 2021.
To combat these attacks, companies form cybersecurity partnerships, collect cyberattack information about potential vulnerabilities or suspicious activity, and share it with each other.
The creation of these partnerships has become so common that tech giants like Microsoft, HP, Cisco, Airbus and many others have banded together. There has also been an ongoing dialogue regarding the benefits of cybersecurity partnerships, with the Chief Information Security Officers (CISOs) of partner companies at the forefront of the conversations.
Build a secure partnership
A strategic relationship between CISOs and cybersecurity is essential. It enables organizations to prevent, respond to, and recover from incidents, avoiding serious and costly business disruptions.
Here are five things CISOs should focus on when it comes to securing the long-awaited cybersecurity partnership.
1. Cyber security should be on board agendas: The meeting room is not usually the first place that comes to mind when thinking about cybersecurity. But, as she gets more involved in cybersecurity, challenges start to emerge and strategies become more effective.
The CISO should communicate and educate on the importance of having a cybersecurity program with peers and stakeholders in all business units. After all, they serve as an essential support for driving strategic initiatives.
2. Invest in building a strong cloud security architecture: Most cloud service providers include storage, security, compliance, trust, and data protection services associated with the cost of the cloud hosting platform.
However, since most events occur due to the lack of an appropriate security plan in the enterprise, organizations should have a solid strategy for a risk management framework, secure cloud architecture, security governance and skills expertise in the cloud.
3. Building a borderless security system: Every day, teams work remotely and more often than ever from locations around the world. Public clouds, untrusted devices, and unsupported networks make it difficult for IT to secure their sensitive data.
So, in an age when an entire business can be run from a kitchen table or living room sofa, borderless security or remote surveillance is the best way to keep your internet infrastructure secure. . An CISO should leverage it as part of their cybersecurity partnership.
4. Upgrade your enterprise security architecture: With the changing dynamics of security and the move to the cloud, organizations no longer have the ability to stay idle. As CISOs prepare for the future, they are adopting cloud-based solutions that will integrate securely into their business environments.
As a result, the security team is reinventing itself to support modern cloud solutions while ensuring automated and continuous compliance.
5. Invest in innovation: Cyber attacks have evolved and are now more sophisticated. Threats include advanced technologies such as denial of service, malware, phishing, cryptojacking, and zero-day vulnerability exploits.
CISOs need to invest in emerging cybersecurity technologies to stay ahead of cybercriminals. These solutions include AI and deep learning, user behavior analysis, blockchain, next-generation breach detection, and trustless networking.
The need for partnership with internal and external security providers
The security industry is in its early years of maturity. CISOs can either choose to be part of this maturation or ignore it. Security as a service is no longer an advantage; it is now essential.
The dramatic increase in cyber attacks means that security professionals like an CISO must go beyond traditional perimeter defenses to protect today’s businesses.
There are also other needs.
1. Societal standards
Data protection is becoming increasingly difficult for businesses to achieve, given the grip of democracy. The more democratic a society, the more open and interactive it is while being accessible. Therefore, protecting critical infrastructure, in this case, becomes a challenge.
2. Unique frames
When it comes to cybersecurity, a business needs to consider critical infrastructure, operational technology, and IT systems. All of them have unique settings and vulnerable points. The presence of these frameworks means that a company cannot implement just one type of security system, but will require unique security frameworks. Therefore, companies participate in partnerships to strengthen weak points.
These business-to-business partnerships are generally of two types. One is made up of operational alliances such as Cyber Threat Alliance, Global Cyber Alliance, etc., while the other type is known as normative alliances. The cybersecurity CISO is more influential in the case of operational alliances. Indeed, the IT teams, under the direction of the CISOs, will collect information on cybersecurity threats.
Another typical example of operational alliances includes the Cybersecurity Tech Accord in which Microsoft is a pioneer, along with other technology companies. This group aims to create a safer online world by fostering collaboration between multinational companies.
Cybersecurity CISOs will continue to be a relevant component of a business. By creating partnerships, an CISO can coordinate and manage the company’s efforts in combating cyber threats.