Companies are adopting new technologies — such as AI — to help improve operations and enhance customer service. But 77% of CEOs worry about emerging security risks tied to these applications and tools.
Businesses must find a way to navigate the push-pull of potential benefits and possible drawbacks. Focus too much on strategic objectives and data security gets left behind. Put too much emphasis on regulatory rigor and potential opportunities may slip past.
Put simply, balance is key. Here’s what it looks like in practice.
Exploring The Cybersecurity Trifecta
Three components impact the adoption and integration of security practices: Mission, safety, and compliance.
Mission
Mission objectives may be short or long term. They may focus on bringing in new customers, improving current consumer and partner relationships, or deploying and integrating new technologies that help streamline business operations.
At their core, these objectives represent what businesses want to achieve — what they could do if security and compliance weren’t a concern. When paired with protective policies, the result is a paradox: Cybersecurity measures often seem like they’re in opposition to mission objectives.
In practice, businesses must find ways to incorporate security solutions without sacrificing growth or profitability.
Safety
Safety focuses on protecting both personnel and business assets. On the staff side, safety may include the defense of payroll, medical, and human resources data. Business assets, meanwhile, range from intellectual property to proprietary code, financial statements, and process data.
Common approaches to safety include data encryption, multifactor authentication (MFA), and zero trust network access (ZTNA).
Compliance
The proliferation of data digital has led to the development of government standards and private industry regulations. If companies fail to meet these standards, they could face fines, operational penalties, or legal action.
Consider the EU’s GDPR. This regulation requires companies to follow specific practices when handling, collecting, and using the personal data of individuals living in the European Union. For example, businesses must clearly state how they intend to use collected data and provide the option for customers to opt out. Other regulations such as the CCPA, HIPAA, and PCI DSS also play a role in cybersecurity operations.
Think of cybersecurity as a three-legged stool. If any leg is shorter or longer than the others, the stool isn’t stable. For example, if you prioritize business goals over data safety or compliance, you open yourself to legal and regulatory challenges.
If compliance is your only concern, meanwhile, you may find yourself struggling to meet business goals and may miss the forest for the trees when it comes to safety.
Three Best Practices to Find Your Security Footing
So how do companies find their security footing?
1.Conduct regular risk assessments
You can’t find balance if you don’t know what’s underfoot. In practice, this means carrying out regular risk assessments to determine where your security is effective, where it needs work, and where it’s effectively non-existent.
These risk assessments can also help support mission objectives. For example, if assessments determine that security around financial operations is strong and reliable, companies can confidently act on potential mergers or investments.
If security assessments reveal vulnerabilities, businesses can take steps to close these gaps before taking on new projects. Given the growing complexity of regulations, it’s often worth working with a third-party provider that can deliver GDPR, CCPA, or HIPAA compliance consulting, as well as carry out in-depth risk assessments to determine next steps.
2.Develop and test incident response plans
Security compromise is a matter of when not if. The development and testing of incident response (IR) plans help ensure that companies aren’t caught unaware when malicious attacks or insider issues arise.
The most important aspect of IR plans? Test, test, test. As threats evolve, plans must keep pace. If plans are static, they may provide a false sense of security that attackers can exploit.
3.Provide employee training
Employees represent security risk but are also a key line of defense against potential threats. To bolster cybersecurity, companies should provide regular employee training on current and emerging threats. It’s also a good idea to carry out practical exercises, such as simulated ransomware attacks or phishing campaigns to give staff practical experience in dealing with security concerns.
Together, these best practices help shore up security weak points without sacrificing short- and long-term business goals. Worth noting? Regular application of these best practices is required to ensure cybersecurity strategy stays in balance.
Steady as She Goes
Effective business cybersecurity is about balance. Too much emphasis on mission objectives opens companies to security threats, while over-focus on safety and compliance can hamstring growth and revenue plans.
To find (and keep) security efforts in balance, businesses need to carry out in-depth risk assessments, develop and regularly test IR plans, and ensure employees are up to date on both current and emerging threats.
