The threat posed by cyber criminals feels like it is getting greater by the month. Not that long ago, cyber criminals were relatively straightforward to defend an organisation against, but now it is something that many businesses are struggling with.
A recent study revealed that 39% of European businesses have knowingly fallen victim to a cyberattack in the last five years, with 64% admitting that they may have been hacked unknowingly. With the increased threat from attacks such as phishing and ransomware potentially causing significant damage to an organisation, protecting that business has grown much more challenging.
That’s why so many businesses have turned to a GRC solution to help defend their organisation against attack. The right IT GRC tool is versatile, highly effective and capable of managing and mitigating a whole host of risks, from compliance to cyberattacks – a complete governance, risk and compliance software solution.
The growing complexity and volume of cyber attacks
Cyber criminals in 2019 are professional, smart, sophisticated, focused and highly organised – a world away from the stereotypical perception of a youth wearing a hoodie that still seems to be the default image used when the media runs a story about cyber criminals. They possess a broad and varied skillset and are highly motivated, whether for financial, political or other gain.
This all makes it much harder for organisations to defend themselves properly. While CEOs will publicly state how important cyber security is to them, the actual priority it is given within the business can make it seem like the opposite is true. For many businesses it is more a question of crossing their fingers and hoping for the best, rather than being confident that the organisation could withstand a targeted attack.
In-house IT and security teams often lack the latest tools and technologies for the job and the people involved do not always have the most up-to-date skills and expertise to adequately defend their organisation. It’s perhaps not surprising then, that the RSM research cited earlier showed how exposed many European businesses are to cyberattack.
With almost two in five businesses having knowingly fallen victim to an attack, only 34% of businesses have a cybersecurity strategy in place which they believe will protect them. More than one in five (21%) admitted to having no strategy at all to combat cybercrime.
Cybersecurity challenges for mid-market firms
These challenges are all just as great for the mid-market. Such businesses lack the resources enjoyed by bigger firms (even if those bigger firms aren’t prioritising cyber security) but the consequences of a breach are equally damaging.
But mid-market firms are perhaps more bullish about how the right strategy can help their business. The RSM research revealed that 86% of mid-market firms believe that the increased risk of cyberattacks has not dissuaded them from investing in digital transformation.
29% of businesses said that their revenue grew as a result of digital investments and one of the major growth areas for the mid-market is GRC software. The IT GRC solution sector is one that has started to show impressive momentum over recent years and selecting the right IT GRC software can form a major component of any cyber security strategy.
Deploying IT GRC tools to keep an organisation protected
With so many different GRC software vendors creating so many different IT GRC tools, mid-market firms have a wide range of choice when it comes to choosing the right option for them. But whichever option they pick, there is little doubt that an innovative GRC solution will provide an additional layer of confidence when it comes to cyber security.
Oxial’s sGRC solutions are known for the levels of innovation and business performance they deliver. Building on traditional GRC models, sGRC solutions integrate technology and innovation, knowledge, governance and processes, culture and capabilities to mitigate risk and move towards a much more secure work environment.
IT threats and cyberattacks are managed as business risks, and the insight provided by this GRC software solution allows companies to take the measures required to achieve sustainable governance and full control over all these threats. And because it is an integrated IT GRC tool, it not only protects against the risk of cyberattack, but will also cover non-compliance, natural disasters, economic turbulence, reputational damage and much more besides, leaving the user with complete reassurance their organisation is safe.
The sGRC solutions offer incredible value for money too, with an unrivalled suite of features and functionality to ensure that mid-market firms that might lack the IT security budget and resources of bigger firms, can be protected too.
Cyber security is an increasingly important element of doing business in 2019 yet research has shown that far too few businesses are adequately protected. Don’t let your business be one of the 21% of European businesses without a cybercrime strategy – get in touch with Oxial and we can put you on the path to full protection against cyberattack.
