Financial Implication of Cybersecurity

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avatar of @lebey1
3 months ago - 2 minutes read

Cybersecurity has also been attached to ensuring the confidentiality, Integrity and availability of information or information assets. However, people need to see that achieving the CIA Triad impacts both the financial aspect of a business and an individual. Of course, a substantial financial implication is attached to ensuring the security of information assets, as some security controls are costly.

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Regarding security controls are the controls in place to ensure the confidentiality, Integrity and availability of assets. There are three types of security controls: Administrative, Physical and Technical. Most businesses employ all these controls, while some organizations have been modelled to put physical controls on their staff. A fully remote working organization without physical offices; all their information is on the cloud.

Administrative controls are sometimes called Management controls as they deal with policies and procedures approved by the management of an organization to guide and lay some ground rules to all staff about how the company's information assets are to be handled. Defaulting these policies always comes with sanctions which could even lead to dismissing the staff who violated these laws. Almost all the other security controls rely on the information from this policy to be fully executed. A great example is an organization having a physical or Access control policy.

Physical controls are the controls an organization has put in place to ensure the confidentiality and availability of assets. These controls are what is seen to ensure the safety of information assets. These controls include the fence around the building wall, security bodyguards, Body scanner, colour cables, cable trunk, Fire extinguishers, CCTVs and biometric access controls. In most advance and organized organizations, these physical controls are often the outcome of what the management team has approved on the policy. Since the management is in charge of dispensing the finances, advising them on the best way to ensure physical controls is essential.

Lastly is the Technical or logical controls. These controls usually ensure the Integrity, availability and confidentiality of information on the networks, data centres, systems and applications. These controls entail firewalls, Authentication and authorization on the networks, Intrusion Detection systems and IPS, Siem, and Anti-Malware. These logical controls help prevent unauthorized access and misuse of company information. This control helps prevent breaches while also helping to validate that you are who you say you are (i.e. identity Management).

All these security controls come with their own cost, but if you think getting these tools and systems is expensive, try ignorance. The financial implication of having your data breached, your reputation stained, and the numerous lawsuits could sink the organization. Investing heavily in systems and tools that could be used to protect your organization and Ensure the CIA of the company's assets is advisable. Also, it will be wrong to remain at continue using just one security approach in a world where technology keeps changing fast and hackers keep getting wiser and better equipped.

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