Most Will Not Be Ready for GDPR and Other Predictions for 2018
Cybersecurity is becoming more important than ever, as organizations worldwide are becoming increasingly digital and the number of hacks likewise just keeps increasing. Protecting your organization from cyber criminals – both internal and external to the organization – has never been more important.
By Anne-Louise Dam-Rasmussen, Communications Specialist | January 2018
New figures suggest that cybercrime costs the world economy close to 450 billion US$ a year, a figure which some say will rise to as much as 1 trillion US$ by 2021. Consultancy house PwC’s Cybercrime Survey 2017 suggest that a cyberattack now costs an average of 160,000 US$ and that organizations are more concerned that ever about being hit by a cyberattack (74%), up almost 10% in the past two years alone. Interestingly, of the 64% of respondents who say they have been involved in a cybercrime related attack in the past year, 37% say they have not just lost money, but also felt an attack on the company brand and reputation. Not surprisingly, according to a survey from Marsh LLC and Microsoft, 78% of senior executives are therefore planning to increase spend on cyber risk management over the course of the next 12 months.
Many will not be ready for GDPR
In 2018, cybersecurity will no doubt continue to draw headlines and it is vital that companies take the necessary precautions to avoid becoming tabloid fodder.
The introduction of the EU privacy data legislation, the GDPR, will no doubt be a top topic this year. Most organizations are by now aware of the legislation and what it means (in terms of the fines they could face for non-compliance), but many still lack an overview of what precisely it is they need to do – the ‘how’ in how to get compliant, including what necessary technical measures are necessary to stay continuously compliant.
Whilst it remains somewhat uncertain precisely how the legislation will be enforced, it is clear that the legislation is relevant for companies globally, which deal with the privacy data of EU citizens.
I expect many will not be ready in time…
The basics are still under prioritized – didn’t we learn anything from the Edward Snowden leak?
BeyondTrust predicts that in 2018, there will be more money for security, but that the basics still won’t be covered. I agree with that and I still meet many organizations who struggle with the basics, such as being in control of who has access to what data including privacy data, when and why they have this access, and what they use the access for. This is essential for securing control of your identities, access to company confidential information and making sure there are no loopholes in your IT security. We haven’t really learned anything from the Snowden leak, that could have been minimized if the access had been changed as his role changed.
Get in control of your cloud consumption
Another area I expect to increase next year, is the adoption of cloud IT. For many companies, having a hybrid of both on-premises and cloud IT environments will likely be the way forward right now, but securing yourself across both platforms will provide a whole new set of challenges for organizations unless they take the necessary precautions.
Getting in control of your organization’s cloud consumption will likely become an issue, though, as more and more companies see their cloud costs spiraling out of control.
And finally, something else companies will be looking to get in control of, is their partners. The transition to digital is everywhere and most organizations are taking on the opportunities the digital environment has to offer, but thereby also facing new challenges. Opening up digitally gives new challenges, especially in terms of IT security.
Customers are changing the way they sell, with B2B and B2C platforms becoming increasingly digital. Common for them all, is a need to secure the access to the home base. But whilst customers need to keep the home bases safe and secure, they also need to keep their relationship with their partners as smooth as possible. Being able to offer easy and effective ways to stay in touch is a competitive business parameter today.
Customers still have a need to get in touch with partners for service and maintenance matters. Many portals require not just numerous passwords, but complex communication channels, hindering the flow of information and service. Partners will increasingly require easy to use, effective channels, which also provide the highest security possible – and organizations will seek IT software which enables precisely this.