Report: Cyber Experts Lacking in Staffing, But Strong Measures Lead to Financial Success
Recent research has shed light on the importance of having a cyber expert on staff within businesses. A report by Bitsight and Diligent, based on data from 4,000 medium to large-sized companies worldwide, revealed that a mere 5% of businesses have a dedicated cyber expert among their employees.
Interestingly, the report also uncovered a significant correlation between strong cybersecurity measures and financial performance. Companies with robust cybersecurity practices were found to achieve financial performance four times higher than those without such measures in place.
According to Ken Dunham, Cyber Threat Director at Qualys Threat Research Unit, achieving cybersecurity maturity requires a collective effort within an organization. It is not sufficient to solely rely on the expertise of a Chief Information Security Officer (CISO) or involvement of the board in cybersecurity matters. Rather, a unified and aligned culture across the entire organization with clear focus and priorities is essential to achieve cybersecurity success.
The research further highlighted that highly regulated industries, like healthcare, tend to have better cybersecurity performance than others. Organizations that utilize specialized risk or audit committees also demonstrated higher cybersecurity performance.
In essence, fostering a top-down leadership approach and implementing a process-driven risk management program are crucial steps in prioritizing and managing cybersecurity risks effectively. By having a holistic approach to cybersecurity and involving all stakeholders in the process, businesses can enhance their overall cybersecurity posture and mitigate potential threats more effectively.
