The Need for Cybersecurity Policies

Friday August 11, 2017Print Page

Worldwide spending on cybersecurity is predicted to exceed $1 trillion for the five-year period from 2017 to 2021. Cybersecurity Ventures predicts global annual cybercrime costs will grow from $3 trillion in 2015 to $6 trillion annually by 2021, which includes damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.[1]With the growing complexity and presence of technology, the cost to protect important company information and information assets has also increased.

Many businesses found identifying a starting point to safeguard against cyber criminals to be a challenging task. Putting cybersecurity policies in place represents the starting point that your company needs.A policy is an entity’s stance on a matter – Cybersecurity policies are an entity’s stance on cybersecurity. Cybersecurity policies represent management’s strategy to establish an information risk management regime that identifies the security risks it faces and the standards for dealing with those risks.

The following are some of the most important benefits cybersecurity policies provide:

  • Mitigating risks
  • Protecting an organization from malicious external and internal users
  • Contributing to an organization’s goals
  • Outlining measures
  • Promoting compliance with industry and international standards

Wilson Consulting Group will help you to reap these benefits.

Since 2011, small businesses have experienced a dramatic increase in cyber-attacks. Cyber-attacks have increased from 18% to 43% in 2015,as published by Symantec’s 2016 Internet Security Threat Report. According to Trustwave, “80% of small businesses that suffer a breach go out of business after 18 months[2].”It is believed that most small businesses do not have sufficient resources to develop and implement cybersecurity policies that meet best practices and standards necessary to survive in today’s technological landscape. “Many small companies are not in a position to have a dedicated IT department, and many either outsource IT functions or assign such duties to an employee with other responsibilities—often the owner him/herself. In fact, the number of business owners who personally handle IT support appears to be on the rise.” Todd McCracken, President of the National Small Business Association, confirms on the subject at the Small Business Committee’s hearing in Washington on April 22, 2015[3].

Wilson Consulting Grouptakes a holistic approach to cybersecurity and provides solutions to businesses of all sizes. We help businesses reduce cybersecurity risks by developing and implementing relevant policies. We have a proven track record of assisting businesses across various industries such as, but not limited to the following: Financial and Banking, Higher Education, Health Care, Retail, and Government Entities. We have a solution that is just right for you and your business.Our Plan, Policies and Procedures Development Services will help you ensure that your policies are comprehensive and compliant with national and international standards.

[1]http://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/

[2]https://www.trustwave.com/Services/Compliance-and-Risk/PCI-Services/PCI-for-Small-and-Midsized-Businesses/

[3]https://smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=398099