Malware attacks have begun hitting the corporate bottom line and showing essential losses in quarterly earnings reports. Furthermore, these attacks have come after more than two decades.
Maersk, a shipping firm, recorded a third-quarter deficit in 2017 of around $200-$300million. Apparently, the company was hit by ransomware WannaCry in May. Coincidentally, a few weeks later the pharmaceutical firm, Merck, was struck by NotPeya and recorded a quarterly deficit of about$200 million while FedEx’s secondary TNT reported $300 million regarding losses.
As a result of the “outbreak” last spring, many organizations are today taking a keener interest in their current security and thus may offer a hopeful future.
The need for more professionalism in cybersecurity
The Chairperson and Chief Executive Officer of Tenable, Amit Yoran, highlights that it is because of the high profile character of these circumstances and exploits that business persons plus the organizational authority are focusing more on what is taking place in cybersecurity.
He further adds that all these events are pushing for more professionalism in their industry, which they have never seen before.
Yoran also argues that the 2017 Ransomware attacks needed not to be so awful. He says that the union of WannaCry and Petya is a face palm moment. He comments, “It’s all so typical of our industry. All this is very original stuff. It’s been around for quite a while….”
A positive impact
Not only did the attacks have a damaging effect on some firms, but also a positive result on others. Yoran also says that today, Boards of Directors would be inconsiderate to ignore the cyber risk to the extent that they bank on technology which pretty much every firm does.
Amit observed that some companies are currently going an extra mile with a security vendor.
By asking the vendor how the firm can control their security program in a better and enhanced manner. Moreover, these organizations need metrics, and they also want to know what they can do best without having to put the company on the line.
The main components of business risk today are technology risk and cyber risk. These words hail from Yoran who also notes that if they will be accepting that enterprise risk, then they would need to develop their practices around cyber. He lays bare the fact that it has become a trend which has begun to evolve their industry faster as compared to how it was in the past.
Is cybersecurity any better today?
According to Yoran, if somebody is focused and you have a funded advisory whose significant focus is on intent with any mode of skill, then it is a possibility that they are going to enter your environment.
As a result, there are several questions raised by him such as: how do you increase the bar at such a point? How do you make it more complicated for them? And how do you lessen your time to detection?
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Therefore, given all this, one question remains; is cybersecurity any better today?
On a broad basis, things are quite better. The risk today is great though, since organizations rely so much on technology more than they have before. It is essential to point out that core processes and inventions are getting more and more complicated and interconnected. Surely, complexity is the security’s enemy.
Apart from the above, threats are becoming more and more persistent. Furthermore, the threat actors are even more aggressive. However, light exists at the end of the tunnel since the path to improvement is here, driven mainly by an outside influence.