Security is often sidelined in the business world, viewed simply as a cost rather than a necessity. The idea that “we haven’t had problems before, so why invest in security now?” is a prevalent but misguided notion. The reality is that security threats are increasing every year, and companies can no longer afford to neglect it.

Is that situation feeling familiar? If yes, we recommend starting with a Minimum Viable Security Program. At Vertiance, we believe that this approach is essential for modern businesses. Whether you’re a CEO trying to get your business aligned with best practices or a line manager aware of the risks

The Increasing Security Landscape

Cyber threats are evolving at an unprecedented rate. What was considered secure yesterday might be a vulnerability today. With the increasing sophistication of cyber-attacks, every organization, regardless of size, is a potential target. According to a recent study, cybercrime costs are projected to reach $10.5 trillion annually by 2025, up from $3 trillion in 2015. This exponential growth highlights the urgency for businesses to rethink their security strategies.

Why Security Is Often Overlooked

1. Perceived as a Cost Center: Many businesses see security investments as expenses rather than investments. This perception can be detrimental, as the cost of a breach far outweighs the cost of prevention.
2. Historical Safety: A lack of past issues leads to complacency. Just because an organization hasn’t experienced a breach doesn’t mean it’s immune.
3. Lack of Awareness: Management may not fully understand the evolving nature of threats or the potential impact on the business.

The Risk-Based Approach: A Strategic Shift

A risk-based approach to security involves identifying, assessing, and prioritizing risks. This method ensures that resources are allocated efficiently, focusing on the most significant threats. Here’s how a risk-based approach can transform your security posture:

1. Regular Risk Assessment: By continuously listing and evaluating security risks, businesses can stay ahead of potential threats. This proactive stance is essential in the ever-changing landscape of cybersecurity.
2. Informed Decision Making: Regular assessments ensure that management is aware of the risks. This awareness allows them to make informed decisions, weighing the costs of mitigation against the potential impact of a breach.
3. Formal Risk Acceptance: When management formally accepts the risks, it fosters a culture of accountability and preparedness. This acceptance also means that there is a clear understanding of the potential consequences, leading to more strategic investments in security.

Common Security Risks for Companies

Here are some of the most common security risks that companies face today:

• Phishing Attacks: Deceptive emails or messages designed to trick employees into revealing sensitive information.
• Ransomware: Malicious software that encrypts data and demands a ransom for its release.
• Insider Threats: Risks posed by employees or contractors with access to sensitive information.
• Weak Passwords: Easily guessable passwords that can be exploited by attackers.
• Unpatched Software: Vulnerabilities in outdated software that can be exploited.
• Data Breaches: Unauthorized access to confidential data.
• Denial of Service (DoS) Attacks: Attempts to make a service unavailable by overwhelming it with traffic.
• Unsecured Devices: Devices without proper security measures, such as mobile phones or IoT devices.
• Social Engineering: Manipulative tactics used to trick individuals into divulging confidential information.
• Lack of Employee Training: Employees unaware of security best practices, making them susceptible to attacks.

Components of a Minimum Viable Security Program

An MVSP doesn’t require a massive budget or extensive resources. Instead, it focuses on the essential elements needed to protect the organization. Here are the key components:

1. Basic Cyber Hygiene: Ensure all systems are updated and patched regularly. Implement strong password policies and multi-factor authentication (MFA).
2. Data Protection: Identify and classify sensitive data. Implement encryption and access controls to protect this data.
3. Incident Response Plan: Develop a clear plan for responding to security incidents. This plan should include roles, responsibilities, and communication strategies.
4. Employee Training: Regularly train employees on security best practices and phishing awareness. Human error is a significant risk factor, and education can mitigate this.
5. Regular Audits: Conduct regular security audits to identify vulnerabilities and ensure compliance with industry standards and regulations.

Conclusion

At Vertiance, we believe that security should never be an afterthought. Implementing a Minimum Viable Security Program using a risk-based approach can significantly enhance your organization’s security posture. By regularly assessing and formally accepting risks, management can make informed decisions, ensuring that security investments are strategic and effective.

In today’s digital age, security is not just a necessity; it’s a fundamental component of business success. Don’t wait for a breach to prioritize security—act now, and protect your organization from the ever-increasing threats in the cyber landscape.