The cyber-risk landscape is constantly facing new threats like botnets and cryptocurrency mining hacks.
Understanding IT security trends is not only important for tackling these new security challenges as they crop up; it’s vital for appropriating sufficient funds to your cybersecurity budget in 2019.
Our research suggests that more companies are investing in security technology solutions to protect their businesses against cyberattacks. Cybercrimes, such as targeted ransomware attacks, spear phishing, and crypto jacking, are expected to increase in 2019, costing businesses billions of dollars in lost revenue, ransom payments, and damage control.
The theft or loss of IT assets such as laptops and servers that store critical information would create a panic for most business owners, because of the risk of losing confidential data and damage to their reputation.
But not for Mark, the owner of a small marketing firm. Mark’s employees work from different locations and travel to multiple countries for client meetings, increasing the risk of laptops or mobile phones getting stolen.
Mark’s not panicking, though, because he uses IT management tools to update software solutions on business systems used by his employees and to remotely troubleshoot software applications or wipe data from lost systems.
Cyberattacks on small businesses are increasing. And security risks are compounded by the fact that networks keep growing, with new devices and higher volumes of data added every day.
To address the higher risk, small businesses must increase their IT security budgets. But the IT department finds itself competing for budget with HR, marketing, and sales teams. In fact, 45 percent of cybersecurity professionals cite lack of budget as an obstacle to improving cybersecurity.
Small business IT managers buy and implement expensive security technologies hoping to keep themselves safe from cyberattacks.
But they’re missing one crucial thing: Employees are the weakest link in their cybersecurity strategy.
Ninety percent of successful cyberattacks are executed with information stolen from unsuspecting employees. Twenty-eight percent of cyberattacks involve an insider. In fact, one out of every five security breaches is the result of human error.
What is shadow IT?
Gartner defines it as “IT devices, software and services outside the ownership or control of IT organizations.”
In other words, shadow IT is technology that employees use without approval, such as downloading a music streaming service to a company laptop or sending a sensitive document through personal email.
But if you ask three random people in business, you’ll probably get a variation on one of the following answers:
In this article, we’ll look at each of these views and their potential responses.