Page 22 - SOFEX 2022 - Day 3

COLUMN

CYBERSECURITY AND THE BOILING

FROG SYNDROME

security threats or ignored advanced warn- understand its DNA to be able to effectively
ings from their security specialists. Given and efficiently adopt the ISO 27001 and
their lack of strategic view on cybersecu- NIST concepts, best practices, controls, or
rity risks, or simply their lack of proactive even recommendations. Most organizati-
preparation, these organizations have to ons, especially large ones, tend to develop
resolve the problems that have arisen after their mechanisms or systems to analyze
a successful cyber-attack. the interrelated organizational components
such as objectives, processes, roles, res-
Cybersecurity and risk management lea- ponsibilities and even their events and
ders are faced with an array of information triggers. But most of the time, those types
security frameworks, control catalogues, of analysis are oriented towards its digital
and processes, all intended to inform the transformation activities and to achieve
design of their security programs. While new or enhanced business capabilities.
Gartner assumes that through 2024, ISO The more those organizations capitalize
27001, the National Institute of Standards on the enterprise architecture concepts,
and Technology (NIST), and Cybersecurity and institutionalize them in their daily ope-
Framework (CSF) will remain the predo- rations, the more they achieve business
minant enterprise security frameworks capabilities, new businesses, more profi-
Mohamed Abdul Rahim complemented by localized and indu- table models, and new revenue streams.
stry-specific standards and regulations. While analyzing the success stories of the
CEO Octopian Security There is always a need for each organi- organizations that managed to capitalize
zation to develop a strategy to critically on enterprise architecture practices to
Internationally, the expeditious adoption of
digital technologies is facilitating advan-
ced and disruptive business models and
processes across organizations of all
sizes and industries. This; however, makes
products and processes vulnerable to cybe-
rattacks, with the risk expanding with each
connected application. Many organizations
have recognized cybersecurity as a major
organizational risk to their strategic goals
and initiated different programs to analyze
and manage those risks. Despite these
increasing expenditures in cybersecurity,
organizations are still subject to security
and data breaches.

According to the Global Cybersecurity
Outlook INSIGHT REPORT released by the
World Economic Forum in January 2022,
the cost of breaches to an organization is
high, amounting to an average of US$ 3.6
million per incident. Perhaps even more
troubling is the growing trend where com-
panies need 280 days on average to identify
and respond to a cyberattack. To put this
in perspective, an incident that occurs on
January 1 may not be fully contained until
October 8. Security breaches observed
in the past suggest that decision-makers
were, in many cases, either unaware of

22 | NOVEMBER-03-2022 WWW.GBP.COM.SG/DAILY NEWS