Businesses moved online post the outbreak of Covid-19 pandemic. This brought about remote work culture across the world, which means people accessed secure data of their organizations from their homes. There are more organizations moving to cloud and initiating Digital Transformation. Security was not prioritized and this led to an increase in data breaches as it became easy for hackers to barge into unsecure personal networks.
2021 witnessed the highest amount of data breach costs in the last 17 years amounting up to $4.24 million. There was an average increase of $1.07 million owing to remote work environment.
Why is securing information important?
Sensitive data is one of the most important assets of any organization. Protecting and securing sensitive data is the responsibility of all businesses. Hackers can easily access confidential and important data of organizations that is made available on personal unsecure networks of employees. The number of entry points for hackers have increased due to more use of digitalization, AI/ML, Data Science and IoT.
Employees working remotely can access data through mobile phones, personal computers, and tablets. Many new ways are coming in the IoT space like wearables. Since organizations cannot protect the personal devices of the employees, some organizations restrict the access of data to the work laptop. This practice cannot be implemented in small and medium size organizations due to the cost involved, but the monetary cost and credibility lost due to a data breach is far more than the cost incurred in securing data. Securing data of their clients and of their own business is the responsibility of every organization.
What is the importance of information security officers in organizations?
- To reduce human errors
According to a survey conducted by Cybint solutions, human error is the reason for 95% of cyber security breaches. Eliminating the errors from the work process would reduce the number of breaches. The information security officer is equipped with the knowledge and experience to implement the process and eliminate such errors.
- To eliminate the possibility of security breaches
According to Palo Alto Networks’ report, the average payment for ransomware was $570,000 in 2021. As per IBM, companies lost business worth $1.52 million on an average. This shows the number of loss businesses face in terms of finances due to cybercrimes. In addition, businesses face a loss of credibility, time and effort.
- To protect the valuable asset of the organization
When organizations hire information security officer to protect their data by securing the process and closing the loopholes, it is a precautionary measure and an investment in the future of the business.
What does Information Security Officer do?
The role of an Information Security Officer involves the following responsibilities:
- Connect with different departments, understand their needs and support required to fulfill the security needs
- Boost cybersecurity service delivery within the organization
- Increase the awareness of cybersecurity internally
- Advise the teams on technical issues
- Co-ordinate internally between teams and departments to meet the objectives of the organization
- Coordinate with external parties
How does Information Security Officer benefit organizations?
- Employees bake security into the Software Development Life Cycle (SDLC)
ISO imparts knowledge and training on securing the systems to the employees in the organization. This changes the way people work. Security measures are not put onto the finished product, rather developers inculcate security while they develop the product. Confidentiality of sensitive information is maintained throughout the organization by incorporating security into the SDLC.
- ISO ensures that the organization complies with the regulations
It is essential for every working organization to comply with the regulations of the land. ISO takes the necessary action to comply with all the regulations of the land to protect the company data. Customer data based on their geographic location and the data protection regulation of their region are also complied with. This not only protects the data of the company but also of the customers and saves the reputation of the company. Not to mention, the organization saves from any penalties and fines that are levied by regulatory bodies for not complying with the regulations laid out in the region.
- Prevent cybercrimes
Cybercrime has cost 6 trillion USD to organizations across the world in 2021. Cybersecurity Ventures predicts the loss to reach up to 10.5 trillion USD in the next five years. By protecting the data and systems, ISO prevents the organization from being prey to cybercrimes like phishing attacks, theft, etc.
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