Page 132 - Cyber Defense eMagazine September 2023

A recent Gartner study forecasts that global IT spending will exceed $4.6 trillion dollars in 2023. Yet, the
same survey notes that IT security is projected to make up less than 6% of IT budgets.

Investing in a robust, well-orchestrated and coordinated cyber security plan is a competitive advantage
that can provide valuable returns to your business. Keeping your organization, its people and its data
safe is top of mind for every CEO.

These are a few of the ways I think about securing the business that protect you but also provide you
with a competitive advantage.

Improve Vendor Risk Management

The introduction of AI-powered automation technologies, interconnected systems, and a growing hybrid
workforce have all helped to maintain and improve productivity, but they have also created new
vulnerabilities and increased the potential attack surface for cyber threats. As companies increase their
dependence on third-party products and services, they must have a strong vendor risk management
program and/or a strategic partner that can expertly assess and manage the potential benefits and risks.
Key components of an effective vendor risk management program include:

• Having an accurate inventory and onboarding of third-party suppliers. Know who you are using
and exactly what vendors and technology are at work across your organization. This includes the
identification of key contacts, websites, and support portals.
• Running table-top exercises with real-life scenarios to test your procedures and ensure you have
a timely and appropriate response.
• Looking at methods of automation and integration with other key systems to ensure that third-
party risk data is updated, accurate, and shared as appropriate.

Train Your Workforce to Be Your First Line of Defense

One of the main security challenges that AI poses for companies is its effectiveness at creating far more
sophisticated and intricate versions of common cyber threats – including email phishing, malware,
ransomware, or social engineering. While malicious attacks may come from disgruntled current/former
employees or partners, many incidences occur because well-meaning employees are not well trained on
the best cybersecurity practices. As a result, they are more likely to fall victim to these common
cybersecurity threats.

An April 2023 survey conducted by Darktrace, Generative AI: Impact on Email Cyber Attacks, highlights
the challenges employees and companies are facing from increased cyber threats.

More than 30 % of the 6700 employees polled from companies in the UK, United States, France,
Germany, Australia, and the Netherlands admitted that they have previously fallen victim to a fraudulent
email, and more than 70% said they noticed an increase in scam emails and texts over the previous six
months.

Cyber Defense eMagazine – September 2023 Edition 132
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