Are you aware of why is cybersecurity risk management complex and what are the reasons? Let’s discuss each reason in detail.
So, read on to learn more.
Overview Why Is Cybersecurity Risk Management Complex
Businesses are focused on offering competitive products and services to their customers. To achieve this, they rely heavily on technology.
For example, a business that produces automotive parts uses advanced machinery and robotics for production. In addition, they can connect those machines to a computer network for inventory management and other tasks.
As a result, the company’s networks are exposed to a high volume of traffic from employees and thousands of other computer systems. This has increased the risk of cyber-attacks.
The risk is significant since a cyber-attack can have serious adverse effects on the company’s assets such as revenue and reputation.
However, many businesses do not pay attention to cybersecurity risks because they see it as a low priority. Instead, they focus on more pressing issues such as revenue generation and market share.
Hackers have been conducting cyber-attacks for several years. The first cyber-attack occurred in the 1980s.
Now, hackers use advanced tools and techniques to perform cyber-attacks. On the other hand, cybersecurity technology is also advancing. For example, security companies are deploying advanced tools and techniques to detect and prevent cyber-attacks.
In summary, there is a growing number of cyber-attacks while cybersecurity technology is also advancing. As a result, businesses are facing complex cybersecurity risk management challenges.
Why Is Cybersecurity Risk Management Complex – The Challenges
Let’s discuss each challenge in detail.
#1. Many Cyber-attacks Occur Without Being Detected
Hackers use advanced tools and techniques for generating cyber-attacks. For example, they can use malicious software such as ransomware and keyloggers.
Ransomware is a type of malware that encrypts data on the targeted computer. Then, it demands a ransom for providing the decryption key.
A keylogger is a type of malware that captures the user’s keystrokes. It can steal passwords or other sensitive information.
In addition, hackers can use social engineering techniques to trick users into downloading malware on their computers.
#2. Cyber-attacks Can Cause Highly Damaging Effects to Businesses
Many cyber-attacks result in highly damaging effects. For example, hackers can steal sensitive company data including intellectual property and product development plans.
However, they can also use the stolen data to conduct additional cyber-attacks. For example, they can use the stolen data to conduct cyber-espionage attacks.
Moreover, hackers can steal sensitive personal information such as credit card numbers, email addresses, and telephone numbers. Then, they can sell that information on the Internet or use it for other criminal activities.
#3. Cost of Cybercrime Is High
One of the challenges of cybersecurity risk management is that it is expensive. The cost of cybercrime can be very high. For example, a ransomware attack can result in a big loss of revenue.
#4. Cybersecurity Risks Are Growing
A cybersecurity survey conducted in 2015 showed that more than 91% of all businesses have experienced some form of cyber-attack.
Moreover, the number of cyber-attacks is growing. According to the 2016 Cyberthreat Defense Report, the number of cyber-attacks increased by 27% in 2016 compared to 2015.
Conclusion
Cybersecurity risk management is complex because the number of cyber-attacks is growing. Moreover, hackers are using advanced tools and techniques to perform their attacks. As a result, you need to use advanced tools and techniques for cybersecurity risk management.
