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Preventing cost and protecting reputation: cybersecurity solutions for 2021

April 06, 2021

Preventing cost and protecting reputation: cybersecurity solutions for 2021
 
powered by Sounder


Cybersecurity threats continue to escalate as bad actors take advantage of the pandemic.
 
Organizations recognize the role cybersecurity plays in their business operations, but many require a deeper understanding to put in place effective security measures that mitigate risk.
 
In this episode of B2B Tech Talk, Travis King talks with William Chip Crane, cloud and cybersecurity leader at IBM, about remote infrastructure, data breaches and cybersecurity solutions.
 
They also talk about:
  • How IBM is addressing the increased impact of remote work
  • The impact of a data breach and the associated cost centers
  • Cost prevention measures and reputation protection 
  • The future of technology


How IBM is addressing remote work impact

IBM is approaching remote work security with a holistic balance approach. Firstly, they’re working toward offering SaaS solutions, which will allow security professionals to be focused on using their tools instead of maintaining them.
 
Secondly, because of IBM’s Red Hat acquisition, they’re able to work on modernized environments. Security has become myopically focused on the single container, but helping address a hybrid environment across multiple clouds and on-prem in a secure and cost-effective way is the future of work.


The 4 cost centers

It’s imperative to understand and properly assign costs associated with data breaches. The 4 cost centers are:
 
  1. Detection and escalation
These are activities that enable a company to detect and report the breach of personal data. Costs include forensic and investigative activities, assessment and audit services, and crisis team management and communications.
 
  1. Lost business
These are activities that attempt to minimize the loss of customers and the estimated number of target customers as a result of a data breach. This cost component includes reputation losses and diminished goodwill. Because of this, lost business has potentially the most severe financial consequences.
 
  1. Notification
These are activities that enable the company to notify data subjects through various media that personal information was lost or stolen.
 
  1. Ex-post response
This encompasses communication with breach victims to help them minimize potential harms and other assistance, such as credit report monitoring or establishing a new account.
 
To avoid or mitigate these costs, businesses need to know how to prepare plans to address potential security threats. As we move to remote work and push more and more business online, cybersecurity awareness becomes critical.


Preventing cost and protecting reputation

Cyber insurance covers the cost of some components of the ex-post and notification cost centers, but it cannot contribute to repairing brand image.
 
To protect their reputation, organizations can start to firm up how they handle their entire cybersecurity platform, starting with understanding what a breach response means and then integrating one into their preparedness plan.
 
When a business engages with IBM for consulting security expertise, they gain access to a full suite of capabilities that can help them extend protection from the back office to the front office. IBM also helps ensure it’s all integrated and coordinated end to end across the enterprise.


The future of technology

In the near future, businesses will continue to see the rise of ransomware attacks. Furthermore, they’ll see attackers leverage cloud cycles more and more.
 
To counter these risks, businesses have to look at an orchestrated security approach.  They should consider having fewer tools as they search for efficient ways to get reliable data that’s been integrated and validated with credible systems, have an elastic security that can protect data wherever it sits, and authenticate and authorize people wherever they are.