Ivey Publishing
Rebooting Cybersecurity
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4 pages
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Ivey Business Journal
The rate of cyber breaches at organizations in Canada is relatively low. Yet this has created a false sense of security, leading to delayed discovery and response along with other serious consequences for companies. In Canada, the average organization faces 96 targeted attacks each year, a third of which result in a security breach. And yet most Canadian companies do not have effective technology to monitor for cyberattacks. Companies also tend to focus on risks and outcomes that have not kept pace with threats. Despite hacker success, Canadian organizations are confident that they are managing cybersecurity correctly. There is still too much emphasis on compliance and passing audits conducted within the business. The following steps can help organizations deal with the high-impact cyber threats they face: 1) define cybersecurity success; 2) pressure-test security capabilities the way adversaries do; 3) protect from the inside out (e.g., limit internal access to key information); 4) make security everyone’s job; 5) lead from the top; 6) build on past lessons; and 7) invest to innovate and outmaneuver. As their digital security strategies mature and new solutions emerge, Canadian organizations that tie cybersecurity efforts to real business needs will gain a more justifiable confidence in their ability to deal with cyber threats.
Information Systems
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