Skip to content

The Business Challenges of Cyber Security and How to Tackle Them

4 min read

The cyber security landscape is becoming more challenging to navigate with an abundance of risks to mitigate, all of which take time and cost money. Although there are many benefits of cyber security, there are also several challenges that you may face.

We identify what these are and the actions you can take to tackle them, improving overall investment in the importance of cyber security throughout your organisation.

 

Common Threats

Before we discuss cyber security challenges and how to approach them, it’s important to outline the key security risks and how likely they are to occur.

 

Phishing Scams

In 2021, 83% of UK companies that identified breaches listed the cause as phishing, making it the most common cyber security threat vector. As phishing attacks become more sophisticated than ever before, the success rate of this method largely hinges on the lack of users’ ability to recognise and avoid threats.

It can be difficult for those in charge of cyber security to keep tabs on every employee or user within their organisation, which makes phishing so popular when conducting successful cyber threats. 

While phishing may pose the biggest threat, it’s also one of the less complex vectors to tackle. With increased staff training, awareness and reporting, the threat of successful phishing scams should reduce.

To combat the risk of phishing, the National Cyber Security Centre (NCSC) outlined a multi-layered approach to avoid phishing breaches, which can help businesses effectively protect their networks:

 

  1. Make it difficult for attackers to reach your users
  2. Help users identify and report suspected phishing emails
  3. Protect your organisation from the effects of undetected phishing emails
  4. Respond quickly to incidents

 

NCSC diagramCredit: National Cyber Security Centre

 

Ransomware

Although less common than phishing, ransomware is one of the largest threats to cyber security due to its monetary implications. According to Group IB’s Hi-Tech Crime Trends 2021/2022 report, there was a 935% increase in double-extorsion ransomware attacks in 2021, making the UK the third most targeted country behind the US and France. 

This shows cyber security is more critical now than ever.

Hacking and ransomware threats increased so much in 2021 that it has prompted the NCSC to name it the ‘hacking epidemic’. Ransomware can be incredibly damaging for some companies and can even force smaller businesses to close due to the financial burden posed by a ransom payout or loss of data.

Those responsible for cyber security must ensure the correct measures are in place to mitigate this risk and ensure company information and sensitive data remain in the right hands. Not only will this avoid downtime and protect revenue, but it’ll also help maintain a company’s reputation.

 

Malware

Another common vector that can pose significant challenges to cyber security is malware. By its definition, malware is malicious software that can infect, explore, steal or mimic actions within a network.

Malware can be particularly damaging as it can cripple devices and networks, costing a significant amount of money to rectify or replace. Therefore, cyber security leaders within your business must have strong technological defences to ensure the company can operate smoothly and efficiently without damaging disruptions.

 

Insider Threats

Cyber security threats don’t always come from the outside. Insider threats are becoming increasingly common, with more than 34% of businesses around the globe targeted yearly.

Insider threats can come from malicious employee or contractor actions and be the result of employee and partner negligence. We’ll discuss the importance of staff training to mitigate this risk in more detail.

As security threats become more sophisticated, every eventuality must be accounted for when planning your cyber security activities. Don’t just focus on the big, obvious dangers, as challenges can come from elsewhere.

 

Challenges for Your Business and How to Tackle Them

While it’s clear that there are many forms of cyber security threats that are becoming increasingly used, it can still be challenging to get the entire organisation invested in your cyber security efforts. 

Without the correct budget, attitudes and processes in place, the likelihood of a cyber attack is increased, which could put your company at financial risk and potentially suffer data and reputation losses.

We investigate some of the challenges you could face and how to tackle them.

 

Proving ROI

In short, proving the ROI of cyber security can be a difficult task, making it a key challenge for CISOs — but that doesn’t mean it isn’t possible. In fact, by calculating the ROI of cyber security, not only will it protect your business from threats and the implications that come with them, but it can also help uncover business opportunities, such as becoming more digitally focused.

Proving ROI is an essential piece of the puzzle when highlighting the importance of cyber security. Top-level staff and board members will want to see what benefits and returns they will receive from the investment to decide whether it’s worthwhile. 

By outlining the risks, the costs of those threats and why cyber security is essential, you should secure that all-important cyber security budget.

 

Achieving Buy-in From the Board

Another key challenge faced by cyber security teams and CISOs is how to gain buy-in from the board. While the awareness around cyber security is ever increasing; it can often take a backseat in operations that create more revenue. 

It’s estimated that there are 65,000 attempts to hack small to medium-sized businesses every day in the UK, 4,500 of which are successful. When you consider the average cost of a cyber attack is £2.9 million per incident, these stats alone should be enough to encourage the decision-makers to take action.

However, we understand it’s much more complex than that, so you need to put a comprehensive business case together to achieve investment. Consider auditing your current operations, identifying vulnerabilities, the potential cost of a cyber-attack and the ROI of cyber security to gain the buy-in you need for your objectives.

 

Educating Staff

One of the biggest challenges to mitigate regarding cyber security is staff awareness and education. 30% of businesses listed employee education as the biggest security weakness that could potentially lead to a breach, but it isn’t a deficiency that can’t be rectified.

As previously mentioned, the success of phishing and insider threats often relies on the lack of staff awareness when identifying a threat, as well as employee education playing a role in the recognition of malware or ransomware attacks.

Your employees must have practical training, so they have the knowledge required to identify threats and follow cyber security procedures, no matter the size of your organisation. Investing in staff training and awareness is crucial to ensure your company stays protected against threats throughout all operations.

 

Delve Deeper Into Cyber Security Challenges and Identify How You Can Tackle Them

Cyber security is a complex topic that requires significant time, money and investment. To learn more about the issue, download The Information Security Investment Guide. Here, you can explore cyber security ROI, compelling business cases and initiatives in more detail and find out how you can translate them into your company operations.

Download now by clicking the link below.

Information Security Investment

Latest Blogs

Visit the blog

Overcoming the Most Pressing Challenges CISOs Face Today

It’s no secret that CISOs have some of the toughest roles in any organisation, especially with the...

Read More

How to Calculate a Return on Investment (ROI) of Cyber Security

Cyber security is a minefield for many, not just in terms of its intricacies and ever-changing...

Read More

6 Ways Cyber Security Can Be Improved at Your Company

We know the old ways of working, well, don’t work — and they call for innovative, forward-thinking...

Read More

7 Business Growth Benefits of Cyber Security You Should Know

All organisations understand that cyber security is now an essential expense, helping companies cut...

Read More

The Pros and Cons of a Cost-Benefit Analysis Approach to Cyber Security

The cost-benefit analysis approach to cyber security is perhaps the most popular in helping prove...

Read More

Let's Talk

Get on a first-name basis with the Bridgeway team. Let’s chat about your organisational objectives and any critical cyber security concerns you need to cover.

Let's talk

default-image