The state of enterprise cybersecurity is becoming increasingly complex, thanks to the growing number of malicious threats. According to Gartner, a burst of varied security alarms are terrorizing the cyber landscape. However, there are very few efficient people or processes to help organizations deal with them. In 2017, the research company came up with an innovative and powerful approach to address and deter catastrophic cyber threats to enterprises - SOAR!
Gartner predicts that by the end of 2020, 15% of organizations with a security team of more than five security professionals will leverage SOAR. This is primarily because Security Orchestration Automation and Response has transformed cybersecurity case management at enterprises by addressing alert overload and bringing together disparate security systems seamlessly.
Cybersecurity breaches are at a record high and the trends indicate that the situation is nowhere close to dying out. The past year has seen a surge of attacks on global business giants narrating their experiences and spelling out that expensive resources and tools are not enough to defend an organization from security threats. (Bold, Italics) So, what is it that businesses need to do to ensure that their security system is immune to attacks?
To build an exceptional security posture, organizations cannot just implement a case management platform and let it rust. With the evolving threat landscape, security tools and systems need to be checked periodically to test their relevance and to bring the employees up to speed with its functionalities. When a disaster hits, people and processes should be ready to tackle the threat head-on. This makes planning and testing the plan a key element towards the right incident response strategy.
In the cybersecurity domain, phishing is not a new matter of concern. In our previous blog posts, we have talked about the rising sophistication of modern threat elements. But the nature of data breaches and malware infections due to phishing has remained the same since the time cybercrime gained momentum. This loosely translates to the fact that there has been a lack of efficient phishing mitigation tools in the disposal of enterprise security teams.
According to a study conducted by IBM, the cost of a data breach has increased 12% over the last 5 years. The estimated cost globally is $3.92 million on average. The predictions are even more concerning for small and medium-sized businesses with employees less than 500. For such companies whose average annual revenue does not cross $50 million, losses of $2.5 million on an average can be potentially crippling.
From grabbing the latest social media app to landing a vacation rental, the trend of online marketplaces is rapidly accelerating and even reshaping industries. And the reason is simple: These inventory hubs are convenient and improve both the customer – and seller – experience. Not to be left behind, marketplaces have also become fashionable in the competitive security space, as providers seek to deliver integrated experiences across diverse solutions.
As Denmark’s largest power, utility and telecommunications company servicing 1.5 million customers, Norlys understands the need for fast response to security alerts. When the company first started, the Norlys security team built their own log analytics and incident response capabilities from the ground up. This homegrown approach presented challenges, including manual workflows, too many repetitive tasks and difficult-to-maintain processes.