The True Cost of Ignoring Network Security is a Question of Titanic Proportions

What do network security and the Titanic have in common? At the risk of sounding overly dramatic, the sinking of the Titanic is actually a strong cautionary tale for companies looking to better secure their networks, systems and data.

The famous ocean liner sank more than a century ago, due to a collision with an iceberg--a threat outside the ship. Similarly, IT professionals have long focused on perimeter network security and bolstering the firewall against outside threats.

Of course other theories have surfaced about the causes of the Titanic’s fate. Safety oversights, and theories about internal mechanical problems have surfaced. Many questions remain about the dangers within the ship that now sits at a depth of 12,415 feet.

Likewise, companies are entering uncharted territory with their data in 2018. Companies’ most valuable information is now spread not just across networks, but across data centers, devices, and the cloud. Attackers know this and will try to gain deep access using highly calculated tactics.

Attackers seeking to compromise network security and cybersecurity are often after the following:

• financial assets
• intellectual property
• sensitive information held by companies about their stakeholders, customers, or even their business partners

Last week, the Securities and Exchange Commission (SEC) released a Statement and Guidance on Public Company Cybersecurity Disclosures. Even the SEC is not immune to cybersecurity threats and is working to make companies aware of the vast cybersecurity landscape. “Today, the importance of data management and technology to business is analogous to the importance of electricity and other forms of power in the past century,” the Statement said.

The Statement went on to identify some of the tactics of hackers, including:

• stolen access credentials
• malware
• ransomware
• phishing
• structured query language injection attacks
• distributed denial-of-service attacks

How can companies respond to Titanic-sized threats, within and beyond their network’s perimeter? To quote a recent MIT Technology Review article, “The key to addressing those risks and threats is building security into applications, as well as into interconnected devices, right from the start.”

Companies that plan, monitor, and stay ahead of the icebergs as well as the firestarters are the ones that will not only stay afloat but succeed in a dynamic marketplace. Does your financial institution need to advance its network security? Download our white paper designed to elevate your financial institution.