"There are two types of companies; those that have been hacked, and those that will be. Even that is merging into one category: those that have been hacked and will be again." - Robert Mueller, Former FBI Director
Executives need to manage cyber risk like any other business risk and apply the appropriate resources. Traditional security was a trade-off between operational enablement and security lockdown. Companies must now balance the capability of both. There is no way to reduce risk to zero because you don’t have unlimited resources and funds. An optimal level must be found at the intersection of effort and investment.
The law of diminishing returns is at play when spending money on security controls. More money does not always equal a reduction in risk. To find the optimal level of costs and risks, gaps must be identified and then prioritized based on business needs. Once the optimal point of cost and risk is found, assignment of the remaining risk needs to be transferred (including cyber liability insurance coverage) that will enable a business to maintain a healthy balance.
INTERSECTION OF EFFORT & INVESTMENT
Eide Bailly has collaborated with cybersecurity firm Secuvant to provide a solution that can identify risks, create a strategy specific to your business and then execute on that security strategy in partnership with your team. Together we can comprehensively manage your cyber risk while simultaneously enabling your business.
We do this through a multi-step process starting with a gap and risk assessment and a qualitative workshop where we bridge the gap between the executive and technical teams to ensure alignment and strategic risk mitigation from the outset. We then use all of the data gathered to formulate a holistic cybersecurity plan and begin to tackle each area in a strategic manner. As we optimize and enable your risk areas, our plan morphs and scales as your security posture changes. We will continue to partner with you on strategic projects, bring on state of the art monitoring and more to ensure that your security protocol is just the right size for your organization now and as it grows into the future.
It is not a matter of if, it's when. Reach out now to set up your free cybersecurity consultation.