Average cost of a data breach in the financial services sector is over $5.7 million (per IBM/Ponemon Institute study).
If you did not see the press yesterday/over the weekend, another mortgage entity is now dealing with a Cyber-attack and having to take their systems offline. This is preventing online payments from their customers. Key to note that the same organization suffered a data breach in 2022 that exposed consumer/customer data.
Are Our Defenses Up to Date?: Are our security measures and technologies up to date to defend against the latest cyber threats and vulnerabilities?
As a CTO, ensuring the protection of your cyber programs and infrastructure in 2024 involves several key strategies and questions.
Key Strategies:
1. Continuous Security Monitoring: Implementing robust monitoring systems to detect and respond to security threats in real-time.
2. Zero Trust Architecture: Embracing a zero-trust approach to security, verifying every user and device before granting access to resources.
3. Cybersecurity Training and Awareness: Promoting a culture of cybersecurity awareness and ensuring that employees are well-trained in recognizing and responding to potential threats.
4. Incident Response Planning: Having a well-defined incident response plan in place to effectively manage and mitigate the impact of security breaches.
5. Secure Software Development: Prioritizing security in the software development lifecycle and conducting regular security assessments and code reviews.
Key Questions To Reflect/Answer:
1. Are Our Defenses Up to Date?: Are our security measures and technologies up to date to defend against the latest cyber threats and vulnerabilities?
2. How Secure Are Our Third-Party Relationships?: What measures do we have in place to ensure the security of our relationships with third-party vendors and partners?
3. What Data Requires Protection?: Have we identified and prioritized the most critical data assets and ensured they are adequately protected?
4. Are Our Employees Well-Trained in Cybersecurity?: Do our employees have the necessary training and awareness to recognize and respond to evolving cyber threats?
5. How Effective Is Our Incident Response Plan?: When was the last time our incident response plan was tested, and how effective is it in addressing potential security incidents?
By addressing these strategies and questions, we can strengthen our cyber programs and infrastructure to better protect against the evolving threat landscape in 2024.
Ps: Key player that deals in space, D&M Enterprise Group (https://dmenterprise.net/services), can help. If interested to learn more, my contact information is below:
Regards,
Matt Slonaker
Founder & CEO of M. Allen
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