The rise of cybercrime has become a threat to organizations globally, and it is becoming increasingly important for the cybersecurity industry to work together to combat it. Brendan Kotze, CEO of Encore, emphasizes the need for shared responsibility in addressing this issue. Victims of cybercrime are often blamed for inadequate security, but cybersecurity is a complex and integrated problem that requires total visibility into every control to find a solution.

Kotze compares cybersecurity to securing a house, where it is not enough to lock a few doors and windows. Instead, thousands of multifaceted endpoints across the network must be secured. Poor cyber hygiene still exists across industries that need to be addressed, but playing the blame game only compounds the issue. It is critical infrastructure within the economy that is being targeted, and even though they are private institutions, the impact of a cyber-attack creates devastating ripple effects beyond the company itself and its clients.

The finance industry is one notable sector that often faces cybercrime threats. Banks, in particular, have the added pressure of perceived risk to personal finances and private information for their customers. Losing the customers’ trust could cause a fall in share price, among other damages. Cyber-attacks also risk fines from regulators and privacy boards and loss of trust among employees.

Kotze emphasizes that cybersecurity is a grudge purchase due to its astronomical costs, with no easily demonstrable ROI in the absence of a breach. However, since cyber-attacks are now inevitable, there is a round-the-clock business incentive to invest in cybersecurity. Instead of pointing fingers, more back-end support from a cybersecurity perspective and governance standpoint is necessary, given how highly regulated the industry is.

It is easy to blame specific individuals such as data processors, but the cybersecurity industry must work together to support businesses. Cybercrime is a shared responsibility with mature accountability needed to address this complex issue. Regulatory and government support behind these organizations should match the risk at a national level.

Attack campaigns are becoming more sophisticated day by day. Instead of assuming businesses are at fault for inadequate security practices, we should work together as an industry to support them. Victim blaming and shaming only compound the issue and distract from the real enemy that is already planning its next attack.

In summary, the cybersecurity industry must work together to unite against a common enemy. Organizations need total visibility into every control to find a solution rather than being solely blamed for inadequate security practices. The finance industry, in particular, often faces fallout from cyber-attacks and risks losing its customers’ trust. Cybersecurity is a grudge purchase but investing in it is a round-the-clock business incentive. We need to focus on supporting businesses rather than blaming them and turn our attention to the real enemy planning the next attack.

Source link