Why a Cybersecurity Compliance Program is Necessary for Every Business

As a leader, you are responsible for ensuring that your organization’s data remains secure and protected from cyber threats. In today’s digital age, data breaches are a common occurrence, and the costs associated with them are staggering. Cyber-attacks can result in the loss of millions of dollars, loss of customer trust, and reputational damage that can take years to recover from. This is why a cybersecurity compliance program is necessary for every business.

According to a report by IBM, the average cost of a data breach in 2020 was $3.86 million, highlighting the dire financial consequences of inadequate cybersecurity. Furthermore, a study by Ponemon Institute found that 67% of surveyed companies experienced a significant loss of customer trust after a data breach. These statistics underscore the necessity for stringent cybersecurity compliance programs in today’s digital businesses.

In this post, we’ll explore the reasons why your business needs a cybersecurity compliance program and why you should make it a top priority.

Privacy Compliance Regulations are Becoming Stricter

With the increasing sophistication of cyber-attacks, governments and regulatory bodies are becoming more strict when it comes to cybersecurity compliance. This means that organizations are required to implement more robust security measures to protect their data. Compliance regulations, like the GDPR, CCPA or PCI DSS, have specific requirements that must be met to avoid penalties and fines. These cybersecurity compliance programs are designed to keep your organization in compliance with these regulations and to ensure that your data is fully protected.

According to the Cybersecurity Insiders’ 2020 Cybersecurity Compliance Report, an alarming 90% of organizations felt vulnerable to insider threats and data breaches. Furthermore, the EU’s General Data Protection Regulation (GDPR) has brought about stringent measures, with non-compliance penalties reaching up to €20 million, or 4% of annual global turnover – whichever is higher. In the US, non-compliance with the California Consumer Privacy Act (CCPA) can result in fines of up to $7,500 per record for intentional violations. The Payment Card Industry Data Security Standard (PCI DSS) compliance statistics reveal that only 27.9% of organizations maintain full compliance, highlighting the need for a cybersecurity compliance program to meet these regulatory requirements.

Furthermore, according to a survey by Verizon, businesses that are fully compliant with the PCI DSS framework significantly mitigate the risk of data breaches. The report states that among organizations that suffered data breaches, over 80% were not compliant with PCI DSS at the time of the breach. This compelling statistic underscores the crucial role that a cybersecurity compliance program plays in safeguarding a company’s sensitive data.

Additionally, a study conducted by the Global Cyber Alliance indicates a close correlation between cybersecurity compliance and a reduction in cyber attacks. The study found that organizations implementing compliance controls reduced their cyber risk by nearly 50%. This further emphasizes the effectiveness of a properly implemented cybersecurity compliance program in protecting businesses from cyber threats.

Protect Your Data and Reputation

Data is one of your organization’s most valuable assets. A data breach can result in the loss of confidential data, such as customer information, employee data, and intellectual property. This can seriously damage your reputation and customer trust and result in significant financial losses.

The 2020 Cost of a Data Breach Report by IBM indicates that the average total cost of a data breach is $3.86 million. Moreover, the report also highlights that companies that experienced a mega breach, where 1 million to 10 million records were exposed, could experience total costs of up to $50 million. Data breaches can also lead to customer churn. According to the same report, businesses in the U.S. that lost less than 1% of their customers due to a data breach faced an average total cost of $2.67 million, while those that experienced a customer churn rate greater than 4% faced an average total cost of $5.74 million. These numbers make it clear that the monetary and reputational costs associated with data breaches can be detrimental to any organization, further underscoring the importance of having a robust cybersecurity compliance program in place.

A cybersecurity compliance program ensures that all data is protected by implementing proper security controls. It creates a secure environment that reduces the risk of data breaches and demonstrates to your customers and investors that you take their data security seriously.

Prevent Cyber Attacks

A cybersecurity compliance program is designed to prevent cyber attacks from happening in the first place. It identifies vulnerabilities and mitigates them before they can be exploited by hackers. It ensures that all employees are aware of potential threats and know how to respond to them. It also includes a disaster recovery plan in case of a breach.

According to a recent report by the Ponemon Institute, 77% of the organizations surveyed stated that they wouldn’t be able to recover from a cyber attack due to the lack of a proper incident response plan. This alarming statistic emphasizes the significance of having a cybersecurity compliance program that includes a solid disaster recovery plan. Moreover, a study by Verizon found that 94% of malware was delivered via email, suggesting that employees, often unknowingly, play a major role in the occurrence of a security breach. This underscores the need for continuous employee awareness and training on cyber threats, a key component of any comprehensive cybersecurity compliance program.

Mitigate Financial Risks

A data breach can result in huge financial losses. The costs associated with a breach include legal fees, fines, IT costs, and a loss of revenue due to reputational damage. A cybersecurity compliance program can help mitigate these risks by implementing proper security controls, conducting regular security audits, and creating a plan for disaster recovery.

The financial impact of data breaches is staggering, and businesses without a proactive cybersecurity compliance program find themselves particularly vulnerable. The 2020 Cost of a Data Breach Report by IBM found that the average total cost of a data breach increased from $3.54 million in 2006 to $3.86 million in 2020, indicating a growing financial threat. Furthermore, the report revealed that companies took an average of 280 days to identify and respond to a data breach, further amplifying the costs involved. The annual study by Accenture also supports this, showing that the cost of cybercrime for companies has increased by nearly 30% over the past seven years. This upward trend in the financial implications of data breaches strongly emphasizes the need for businesses to invest in a robust cybersecurity compliance program.

Stay Ahead of the Competition

With the increasing threat of cyber attacks, more and more businesses are investing in cybersecurity compliance programs. This means that customers are becoming more savvy and are more likely to choose businesses that prioritize data security. A cybersecurity compliance program can give you a competitive edge by demonstrating to potential customers that you take data security seriously and that you’re committed to protecting their data.

Research supports the importance of customer trust in maintaining a competitive edge in business. A study by PwC revealed that 85% of consumers will not do business with a company if they have concerns about its security practices. This is further supported by a study conducted by Cisco, which found that 32% of customers stopped doing business with companies due to data breaches. Additionally, a survey by Experian found that 66% of adults claim that they would be unlikely to do business with organizations responsible for exposing financial and sensitive information. These statistics illustrate customers’ growing awareness and concern over data privacy and the significance of cybersecurity compliance in maintaining customer trust and competitive advantage.

In Conclusion

Implementing a cybersecurity compliance program is essential for every business. It protects your data, your reputation, and your finances. Compliance regulations are becoming stricter, and cyber attacks are becoming more sophisticated, so it’s more important than ever to ensure that your organization is protected by a robust cybersecurity compliance program. By staying ahead of the competition and demonstrating your commitment to data security, you can gain the trust and loyalty of your customers and protect your business from cyber threats.

 

 

References

  • Ponemon Institute. (2020). Cost of a Data Breach Report. Link
  • Verizon. (2020). Data Breach Investigations Report. Link
  • Accenture. (2020). Cost of Cybercrime Study. Link
  • PwC. (2020). Global Consumer Insights Survey. Link
  • Cisco. (2020). Cybersecurity Series 2020. Link
  • Experian. (2020). Data Breach Industry Forecast. Link

Remote Management System Deployment: Beware of the Security Risks

Remote management systems have evolved into a valuable tool for IT professionals, enabling remote access, monitoring, and management of their organization’s IT infrastructure. However, as with any technology, they come with inherent risks. Deploying remote management systems without considering the potential security issues can lead to disaster, ultimately undermining the benefits of remote access. In this blog post, we will explore security considerations that every CIO, CISO, and IT Director must keep in mind when deploying remote management systems.

Comprehensive Security Policy

Before starting the deployment process of remote management systems, it is important to have a comprehensive security policy in place. A comprehensive security policy should include the security measures that will be implemented to safeguard your organization’s assets. The policy should also define the roles and responsibilities of each member of the IT team, and specify the security controls in addition to the access controls that will be in place. By having a detailed security policy, you will make sure that the remote management system is deployed in a secure manner.

According to the Verizon 2020 Data Breach Investigations Report, over 70% of breaches were perpetrated by outsiders, and a significant 45% of those breaches featured hacking. Among those incidents, 37% exploited vulnerabilities in virtual private network (VPN) services, which are a common component of remote management systems. Moreover, a study by Ponemon Institute found that the average cost of a data breach in 2020 was a heart-stopping $3.86 million. So, when we’re discussing comprehensive security policies, we’re not just setting the rules for a game – we’re talking about a potential multi-million-dollar rescue operation.

Secure Communication Channels

Remote management systems operate using a network connection. Therefore, it is essential to use a secure communication channel to prevent unauthorized access. Encryption is the standard method for encoding messages so that only authorized parties can read them. Encryption can also protect against man-in-the-middle attacks by securing communication channels with secure protocols like SSL, TLS, and SSH. So, let’s make no bones about it, failing to encrypt your communications is like leaving your front door wide open with a giant neon sign that reads “Free Stuff Here – No Need to Knock”.

Encryption isn’t enough though. According to data from the 2021 Cybersecurity Report by Check Point Software, encrypted attacks, where threat actors hide their exploits in encrypted traffic, have seen a stark rise of almost 50% in the second half of 2020. The report also reveals that SSL/TLS encrypted attacks accounted for 23% of all attacks in 2020. Furthermore, the 2020 Trustwave Global Security Report indicates that a massive 20% of cyber attacks targeted Secure Shell (SSH) protocols. IT organizations need to be smart about how they handle encrypted traffic, especially in remote locations with less sophisticated network firewalls.

Access Control and Authorization

Access control is a fundamental aspect of any security policy. The access control policy for remote management systems should be based on the principle of granting the least privileges. According to the Microsoft Security Intelligence Report, in 2020, over 70% of breaches involved privilege misuse. Furthermore, a survey by Centrify revealed that 74% of respondents whose organizations had been breached acknowledged it involved access to a privileged account—these are the keys that unlock access to systems and sensitive data. Granting the least privileges means that users are given only the permissions they need to perform their duties, reducing the risk of unauthorized access. Authorization-based access control mechanisms can be used to further ensure that users have access to the resources that they need.

Implementing least privilege access can reduce the attack surface, improve audit and compliance visibility, and reduce the risk of insider threats. Clearly, unfettered access is about as advisable as leaving your car keys in the ignition of your unlocked car at a kleptomaniacs’ convention.

Authentication Mechanisms

Authentication is the process of verifying the identity of a user attempting to access a particular resource. Authentication mechanisms should be implemented to identify and verify users before granting access. The authentication mechanism should not only verify a user’s identity but also confirm that the user has permission to perform the required tasks. Multifactor authentication should also be used, requiring a password and another form of authentication, such as fingerprint recognition or a smart card.

The 2020 State of Password and Authentication Security Behaviors Report by Ponemon Institute found that 51% of respondents reuse passwords across business and personal accounts, making multi-factor authentication even more critical. In the same vein, Google reported that accounts protected by multi-factor authentication block 99.9% of automated attacks. Further supporting these findings, Symantec’s Internet Security Threat Report stated that 80% of breaches could have been prevented by two-factor authentication. So, if you’re choosing to ignore multi-factor authentication, you are opening the door to unauthorized access to your systems and data.

Continuous Monitoring and Auditing

Continuous monitoring and auditing help to identify and mitigate risks. It is essential to have tools in place that can detect suspicious activities and take remedial actions when necessary. Remote management systems should have auditing built into them, allowing security personnel to carefully track the activities that occur on the network and monitor the logs to identify any unusual activity.

According to the 2020 Cost of a Data Breach Report by IBM, companies that identified a breach in less than 200 days spent $1 million less on the total cost of the breach – a pretty penny saved by acting swiftly. Additionally, the SANS Institute revealed that continuous monitoring reduces the average time to identify a threat to 14.5 hours, a drastic improvement from the industry average of 206 days. Further strengthening this stance, a report by the Ponemon Institute indicates that organizations without security automation experienced breaches that were 95% more costly than breaches at organizations with extensive security automation. So, if you think continuous monitoring and auditing are like watching paint dry, remember – it’s considerably more exciting than watching your company’s finances drain away post-data breach.

Deploying remote management systems can be a powerful tool for IT professionals, enabling remote access, monitoring, and management of their organization’s IT infrastructure. However, security considerations must be taken into account during deployment and regular operations. We have highlighted the most crucial security considerations such as comprehensive security policy, secure communication channels, access control and authorization, authentication mechanisms, and continuous monitoring and auditing. Therefore, IT professionals must ensure they have a robust and comprehensive security policy in place before deploying remote management systems to protect their organization’s assets from unauthorized access and cyber threats.

Sources

Trustwave Global Security Report. Trustwave Holdings, Inc. 2020. Link to report

Microsoft Security Intelligence Report. Microsoft Corporation. 2020. Link to report

Centrify Privileged Access Management in the Modern Threatscape. Centrify Corporation. 2020. Link to survey

The 2020 State of Password and Authentication Security Behaviors Report. Ponemon Institute. 2020. Link to report

Symantec Internet Security Threat Report. Symantec Corporation. 2020. Link to report

Cost of a Data Breach Report. IBM Corporation. 2020. Link to report

SANS Institute Report: Reducing Attack Surface with Security Control Automation. SANS Institute. 2020. Link to report

Ponemon Institute: The Cost of Inaction for Cybersecurity. Ponemon Institute. 2020. Link to report

How Hybrid Work is Affecting Remote IT Management: A Crash Course

As the world continues to adapt to the changing landscape of work, the concept of hybrid work has emerged as a popular model for many organizations. Hybrid work combines elements of remote work and in-person collaboration, allowing employees to have flexibility while also maintaining some level of face-to-face interaction. While this shift has brought numerous benefits, it has also presented unique challenges for IT management. In this post, we will explore the various ways hybrid work has impacted remote IT management and discuss strategies to navigate this new working model.

In a remote-only work environment, IT management was more focused on ensuring remote team members had the infrastructure, technology, and tools needed to do their jobs effectively. However, as we continue to transition into a hybrid work environment where some team members are working on-site while others are working remotely, IT management must ensure that the hybridity doesn’t cause communication or collaboration issues.

There are a few areas of IT Management concern that need to be addressed in good hybrid IT Management:

1.   Loss of Control of Digital Assets

One of the significant impacts of hybrid work on IT management is the loss of control over digital assets. With teams working remotely and often using their own devices, IT managers are faced with the challenge of ensuring the security and integrity of company data. According to a recent study by Gartner, 70% of IT leaders reported a decrease in control over digital assets since the implementation of hybrid work. This loss of control requires IT managers to implement robust security measures, such as multi-factor authentication and encryption, to safeguard sensitive information.

The solution to this is to implement strict and comprehensive access protocols that ensure only authorized users can get to the sensitive data. Multi-factor authentication, least privilege access, and data loss prevention tactics are some of the ways to achieve this.

2.   Increase in Security Concerns

Alongside the loss of control over digital assets, hybrid work has led to an increase in security concerns. Remote employees may not be as cautious about cybersecurity best practices when working from home compared to when they are in the office. This opens up opportunities for cybercriminals to exploit vulnerabilities and launch attacks. A survey conducted by Cisco revealed that 68% of IT professionals observed an increase in security breaches since the transition to hybrid work. To address this challenge, IT managers must prioritize security awareness training, regularly update software and systems, and implement strong application access security protocols.

3.   Need for Efficient Communication

Effective communication has always been crucial in IT management, but the need for seamless communication has become even more critical in the era of hybrid work. Leaders must make sure they’re up-to-date with how team members are experiencing remote and on-site work and if they’re comfortable using technology tools. According to a survey conducted by Slack, 82% of IT professionals identified communication gaps as one of the top challenges in managing remote IT operations. To bridge these gaps, IT managers are leveraging collaboration tools, such as project management platforms, instant messaging apps, and video conferencing software, to facilitate efficient communication and ensure smooth workflow.

4.   Enhanced Infrastructure and Scalability Demands

Hybrid work has resulted in increased demands for infrastructure and scalability in remote IT management. As more employees work remotely, IT managers must ensure that the company’s infrastructure can handle the additional load and provide seamless access to necessary resources. A report by Forrester predicts that by 2025, organizations will spend $19 billion on technologies that enable remote work. This includes investments in cloud-based solutions, virtual private networks (VPNs), and scalable IT systems. IT managers need to proactively assess and upgrade their infrastructure to meet the evolving needs of hybrid work.

5.   Effective Remote Support

In a hybrid work environment, remote IT management also needs to ensure that there is a standardized support system in place to guarantee that remote and on-site employees receive quick IT assistance and support. This calls for a mechanism in place that can field and handle IT-related requests regardless of whether the employee who is facing the issue is working remotely or on-site. A helpdesk system can be an excellent solution. Robust helpdesk software that’s equipped with chat and email functionality should suffice.

There’s no denying that hybrid work is transforming the way businesses operate. In addition to its many benefits, it brings significant challenges that businesses must solve to thrive in a hybrid work environment. IT managers must navigate the loss of control over digital assets, address heightened security concerns, prioritize efficient communication, and meet enhanced infrastructure demands. By implementing proactive strategies and leveraging appropriate technologies, organizations can effectively manage their IT operations in the new era of hybrid work. Embracing these changes will not only ensure productivity and security but also foster a collaborative and flexible work environment for employees.

Here are the references for the information mentioned in the post:

Gartner Study

Gartner. (2022). Hybrid Work and the Future of Work. [Online]. Available: https://www.gartner.com/en/human-resources/insights/hybrid-work-and-the-future-of-work

Cisco Survey

Cisco. (2021). Future of Secure Remote Work. [Online]. Available: https://www.cisco.com/c/en/us/products/security/future-secure-remote-work-survey.html

Slack Survey

Slack. (2021). Remote Work in the New Normal. [Online]. Available: https://slack.com/resources/remote-work-trends-download

Forrester Report

Forrester. (2021). The Future of Work Infrastructure. [Online]. Available: https://www.forrester.com/report/The+Future+Of+Work+Infrastructure/-/E-RES166973

 

Montra Releases Notable Updates To Its IT Management Platform

Montra Releases Notable Updates To Its IT Management Platform

Workforce Management, Asset Management, Advanced Filtering Features Give Users More Productivity Options

ATLANTA – July 19, 2023 – PRLog – Montra, the leader in IT management-as-a-service, announces today updates to its award-winning platform, providing customers with improved navigation and an increased breadth of available features. Advanced filtering is now available across all parts of the Montra platform, allowing users to define advanced multi-factor filters that provide quick, customized data retrieval for easier reporting. Additional updates include:

Workforce Management

With a simplified user interface and automated presets, the onboarding process is more productive and flexible than ever, providing an improved employee experience. New hire types are available (sales, software development, finance, etc.) and roles and IT rights are more defined, giving greater security options for hiring managers and IT administration. Other updates include:

  • Workforce team member profiles in the directory now include assigned assets and licenses detail.
  • SaaS Application License Management: Tenant Admins can now setup their applications from a set of pre-defined SaaS application licenses (e.g., Microsoft 365, Adobe Creative Cloud, Dropbox, etc.)
  • A new interface to view license usage and add or remove user licenses.

“We listened to our customers and developed additional options that meet specific needs in today’s market. Research has shown that a strong onboarding process improves new hire retention by up to 82 percent,” says Scott Ryan, CEO, Montra.

Asset Management

As the workplace evolves and more people and processes are remote, managing devices has never been more critical — or challenging. Montra’s asset management tools now include the ability to view individual asset details, including asset assignment histories, and show all asset types over the entire platform, including spare or returned devices. Additionally, devices can be configured with user assignment, asset type, conditions and other qualifiers for more advanced tracking and management.

“The Montra platform is critical to our business. We use Montra as a source of truth for our customer asset information,” says Colby Adamson, COO North America, Pixellot, “These additional asset management features will make it even easier for us to manage our ever-expanding fleet of devices, saving us money and time.”

About Montra Technologies

Montra is the leader in IT Management-as-a-Service which provides advanced remote IT management for today’s workplace. Montra is trusted by some of the world’s most recognizable brands. Montra’s platform is directly integrated with our customers’ other software for seamless, efficient, automated tracking of devices, regardless of location. Headquartered in Atlanta, Georgia, the company was founded by industry experts with decades of technology leadership. Recognized by Channel Futures as an MSP to Watch and listed on the Inc. 5000, Montra is a proud member of the ATDC at Georgia Tech. For more information visit Montra’s website or connect with us on LinkedIn or Twitter.

Leveraging Technology to Enhance IT Onboarding

Employee onboarding is a crucial process for any organization, and it’s especially important for the information technology (IT) department. If done correctly, onboarding can help new employees feel comfortable and confident in their roles and increase retention rates. However, onboarding is often a lengthy and complex process, and without the proper tools and resources, it can be difficult to get new hires up to speed quickly. Fortunately, technology can help streamline the onboarding process and make it more efficient, effective, and enjoyable for everyone involved.

In this post, we’ll explore how organizations can leverage technology to improve their IT onboarding process. Whether you’re a CIO, COO, CHRO, or IT Director, you’ll learn about the latest tools and strategies that can help you onboard new hires more effectively and quickly.  

Applying better technology to the IT onboarding can improve the process in four distinct ways:

1.     Reduced Time To Productivity

A study by Aberdeen Group found that an effective onboarding program can improve new hire time-to-productivity by 60% and reduce turnover by 50%. By using technology such as automation software and remote support, companies can speed up the onboarding process and get new employees up to speed faster.

2.     Increased Employee Engagement

A study conducted by Glassdoor found that effective onboarding processes led to higher employee engagement levels, which in turn led to higher productivity and lower turnover rates. By directly connecting HR onboarding software to IT onboarding software, companies can create a faster and more effective onboarding experience for new employees.

3.     Improved Talent Retention

According to the Society of Human Resource Management (SHRM), effective onboarding can improve new hire retention by up to 25%. By using technology to streamline the onboarding process, companies can reduce the risk of new employees feeling overwhelmed or frustrated, which can lead to a higher rate of retention.

4.     Cost Savings

A survey by CareerBuilder found that the average cost of a bad hire is $14,900. By removing manual work through checklist and spreadsheets, companies can reduce the cost associated with the onboarding process. While no companies want to make a bad hire, reducing the costs associated with good hires or bad hires improves the company’s talent retention program overall

A tool that can help improve the IT onboarding process is automation software. Automation software can take over repetitive onboarding tasks such as provisioning new accounts, procuring new devices, configuring access to multiple SaaS applications, and assigning permissions to all those apps. By automating these tasks, companies can reduce errors and speed up the onboarding process, allowing new employees to become effective faster.

Montra is the innovator of “IT Management as a Service”, and Montra’s platform provides automation to help improve the IT onboarding process. With Montra, organizations can develop standard onboarding profiles that automate account and group creation while providing a centralized view of the location and assignment of all a company’s devices. Montra has helped companies streamline their IT onboarding process from weeks to hours, reducing the time and effort required to get a new employee fully effective.

In conclusion, technology can help make the IT onboarding process more efficient and effective, reducing the time and effort required to set up new employees while improving their understanding and engagement with the company. By using tools such as Montra or other automation software, companies can streamline IT onboarding, reducing errors, and improving productivity while improving the satisfaction of new employees. Ultimately, improving the IT onboarding process can have significant benefits for the company, its employees, and the bottom line.

References:

Aberdeen Group. (2013). Onboarding 2013: A New Look at New Hires. Retrieved from https://www.aberdeen.com/research/8777/rr-onboarding-new-hires/content.aspx

Glassdoor. (2015). The True Cost of a Bad Hire. Retrieved from https://www.glassdoor.com/employers/blog/the-true-cost-of-a-bad-hire/

Society for Human Resource Management. (2017). Onboarding New Employees: Maximizing Success. Retrieved from https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/onboardingnewemployees.aspx

CareerBuilder. (2017). The Real Cost of a Bad Hire. Retrieved from https://www.careerbuilder.com/advice/the-real-cost-of-a-bad-hire