Persistent Cybersecurity Threats Require a New Look at Protective Strategies

Twentyeight percent of middle market executives surveyed in the Q1 RSM US Middle Market Business Index survey said their organizations experienced a data breach in the last year rising from 20 in the 2023 survey and matching 2021 results Increases were seen across the board as breaches at smaller middle market companies rose to 20 from 12 a year ago and those at their larger counterparts were up to 37 compared to 28Even as breaches were up 95 of survey respondents are confident in their current security measures This yearamp8217s survey also saw a recordhigh number of companies that carry a cyber insurance policy 76 and respondents that made a move to the cloud due to security concerns 55 But while 37 of executives said cybersecurity will get an increasing share of the organizationamp8217s revenue 61 of middle market decisionmakers have two or fewer dedicated data security or privacy employeesRSM risk professionals cite complacency the rapid adoption of emerging artificial intelligence technology and threats from foreign actors as among the worrisome trends responsible for the recent sharp uptick in cyber incidentsFor media and entertainment companies the most pressing cybersecurity issues generally fall into two categories protecting consumers and their data amp8211 such as payment information and viewing preferences amp8211 and protecting the companyamp8217s content and other intellectual property from piracy and leaksA companyamp8217s priorities can vary by subsector in gaming for instance application security testing is especially important because todayamp8217s complex gaming architectures provide a myriad of opportunities for threat actors exploit weaknesses In sports companies need to understand what the rise in fan engagement technologies means for protecting customer data But a clear digital identity strategy benefits all these segmentsIdentity Strategies and the Digital JourneyAs businesses get more digital creating a seamless identity experience for customers is becoming a bigger challenge Especially when companies acquire a new brand and need to integrate various websites or apps pitfalls lie ahead for teams that donamp8217t understand the breadth of the information they have access toAn effective digital identity strategy must constantly evolve as new users and groups require access and some existing users no longer do and as new strategies become available to verify users and their purpose The right approach can protect sensitive data and improve the online experience for both customers and employeesMMBI data indicates that middle market companies are in various stages of their digital journey with 31 of executives saying their companies provide people with access as needed In addition 24 provide single identity solutions such as single signon for system access while another 22 require disparate usernames and passwordsThe MMBI survey conducted online from Jan 8 to Feb 16 2024 on behalf of RSM by The Harris Poll drew responses from 403 middle market executives across a variety of industries Survey research provides insights into those at smaller 10 million to less than 50 million in revenue and larger 50 million to 1 billion in revenue middle market organizations in many cases large gaps exist between the two groupsRisk ManagementThe media and entertainment industry operates highly complex digital systems made up of many partners service providers technology vendors and emerging technologies Many companies do not have a good understanding of the systemic digital risk inherent in their environment as was most recently made evident by the massive global IT outage A strong risk management program is criticalBusinesses often move quickly to add providers and other companies they share data with to market to certain audiences and distribute content and if the business doesnamp8217t understand the risk exposure they are creating and how to manage it they may increase the potential impact of a breachMany security incidents are the result of vulnerabilities within thirdparty risk strategies RSM survey data shows opportunities for middle market companies to improve those controls For example almost twothirds of respondents 64 regularly evaluate the cybersecurity controls of third parties and nearly 3 in 5 58 include servicelevel agreements and other data and security controls in contractual agreementsIn addition just over half 53 of the survey respondents use a governance risk and compliance or other tool to manage thirdparty risk management half include critical third parties in business continuity and disaster recovery planning and only 39 maintain a vendor inventory with vendors classified in accordance with a defined risk matrix Implementing any amp8211 or a combination amp8211 of these strategies can mark a significant step toward mitigating potentially harmful thirdparty risksAreas of FocusThe unpredictability of potential attacks and the broad range of threats to sensitive data and intellectual property require companies to remain ever vigilant Attacks are occurring more often and becoming more expensive and they can be very harmful or even fatal for companies with tight profit margins Any disruption in operations has a direct impact on profitability the longer an issue persists the more difficult recovery becomesMiddle market companies need to evaluate their strategies to resist and respond to attacks and take advantage of opportunities to strengthen their cybersecurity strategy Potential adjustments include optimizing existing security tools implementing modern identity access plans and leveraging managed security services to augment internal IT personnel who often canamp8217t keep up with evolving cybersecurity concerns and regulatory demandsThis article was written by Alden Hutchison a principal at RSM US LLP and Justin Krieger a technology media and telecommunications senior analyst at RSM CanadaPosted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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