The threat of cyber attacks has become an everyday business reality.
But when it comes to the assessments of cyber threats, costs and who’s responsible for a breach, C-Suite executives and IT Decision Makers (ITDMs) are not on the same page, according to a recent survey.
The global survey conducted by cyber security and intelligence solutions firm BAE Systems found some serious disconnects including:
· C-level executives estimated the cost of a successful cyber attack at $11.6 million, while ITDMs averaged out at $19.2 million.
· 80% of the executives surveyed in the U.S. believe cybersecurity to be a significant challenge facing their business, while only 50% of ITDMs agree.
· Both groups placed the responsibility for a cyber attack succeeding on the shoulders of the other group.
There is one area of agreement between the key groups, 60% of C-Suite executives and 66% of ITDMs think their businesses will be targeted for a cyber attack in the next 12 months.
To reduce the disconnects and ensure effective cyber risk management organizations should implement best IT security practices, according to experts.
According to Colin McKinty, VP of Cyber Security Strategy, Americas at BAE Systems, best practices include:
· Educate all groups, including employees, to understand their organization’s cyber exposure and how attackers can exploit information they gather from reconnaissance efforts to craft targeted attacks.
· Introduce a forward looking, strategic approach to cyber defense to deal with the reality of the likelihood of cyber attacks. This strategy must capture an appropriate balance between tools, people and processes. There is no silver bullet when it comes to protecting critical assets.
Read more about best practices at Harvard Business Review (subscription may be required).
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