Cybersecurity trends point to yet another year of possible relentless attacks and bold threats by hackers. If 2017 already seemed trying — with several large businesses and even the U.S. Securities and Exchange Commission reporting data breaches — 2018 probably won't be any easier.
According to TechRepublic, Forrester predicts that cybercriminals will do everything from shutting down point-of-sale systems to increasing their attacks on IoT systems.
A Shift From Prevention to Detection
If organizations want to best prepare for another year of constant threats, finance leaders have to continue working closely with CIOs to review cybersecurity technologies and strategies. No organization is safe, especially with resilient cybercriminals needing only free hacking tools secured from the dark web to pull off the most difficult of hacks and breaches. Gartner advises organizations to review a variety of cybersecurity trends that will require renewed focus, new approaches and more spending.
For example, organizations can't equally protect all of their assets. They'll have to prioritize with the understanding that cybercriminals will eventually hit some area of business. That's why their focus should shift from the traditional approach of protection and prevention to one of detection, response and remediation.
Cloud security should also become a key focus, with organizations having to develop effective security guidelines for private and public cloud use. A new year also is as good a time as any to embrace DevSecOps, a combination of development and operations that bakes in security.
When CFOs and CIOs frequently communicate about these and other trends, the finance department has a better grasp of its IT department's cybersecurity achievements and struggles. That helps when considering Gartner projected that worldwide spending on IT security products and services would reach a total of $90 billion in 2017, an 8 percent increase from 2016. That figure should only continue to rise in the coming year.
New cybersecurity solutions aren't cheap; and IT needs clear guidance from finance on spending limitations. Armed with insight born from close Finance/IT collaboration, a finance leader can advocate for and quickly approve technology purchases and budget increases for IT functions. Cybersecurity calls for a team effort, and that means CFOs and CIOs should work even closer together in new year.
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