SECURITY AND COMPLIANCE
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02 Aug 2017 | Derek Lok, Solutions Consulting Director, Asia Pacific
As your company races to transform digitally, it’s essential to deploy the right measures to secure your programs. Forty-eight percent of companies in Asia Pacific ranked securing customer data as a top priority when it comes to managing risk when digitizing business processes. A significant portion of organizations in the region are turning to third-party service providers to support this. In Singapore, 56 percent of businesses said they preferred to work with an IT service provider while 46 percent wanted to work with cloud service companies.
As recent threats are typically performed by organizations or criminals on an international scale, it is important to work with security providers that have worldwide threat intelligence capabilities. They are usually managed service providers that handle customer networks and data at a global level. These providers detect and respond to new security threats in real time, allowing organizations to remediate threats earlier than most traditional security product companies.
However, building effective security is no mean feat and requires a partner that knows what it is doing. When screening for service providers to work with, here are three questions to ask to help you find that “perfect match”:
1. Do they bring value in terms of security deployments?
Global attacks like WannaCry and Petya have proven how dangerous security threats can be in terms of financial loss and disruption. Therefore, it’s important to deploy security that brings tangible results. You must have the visibility, tools, and frameworks to track the performance of your security systems.
For example, are you able to detect threats at their early stages to stop them from spreading? Every second counts when it comes to a breach and it’s essential to improve the quality of real-time event streams. Other performance indicators include the rate of false positives and the speed of response to security incidents. Your partner must be able to deliver these proactive and quantifiable measures in order for you to gain value.
2. Is my company making a smart investment—or just spending more?
When it comes to cybersecurity, money alone doesn’t solve everything. It’s not about spending more on security technologies but spending smarter. The partner that you choose to work with must have a deep understanding of your network, existing risks and vulnerabilities, and business outcomes you want to achieve.
Be on the lookout for recommendations that suffer from the “one-size-fits-all” syndrome. The reality is that they are usually “one-size-fits-none”, resulting in a security infrastructure that is riddled with gaps and exposes your business-critical assets and processes to attack. Your partner should have the diligence to conduct a risk analysis of your network to map out its strengths and vulnerabilities before recommending the relevant measures. This way, you will be making the best out of your investment.
3. Will my company be able to secure customer trust?
Breaches in compliance—on top of attacks—can reverse all the goodwill your company has spent time building. Plus, the regulatory landscape is also becoming more complex, with the addition of new regulations like Singapore’s proposed Cybersecurity Bill.
Your partner should demonstrate knowledge and sensitivity to the evolving compliance requirements. The service provider must prescribe capabilities that allow your company to maintain vigilance and analyze threat patterns to minimize risks. Your company will be better equipped to maintain brand reputation, build customer trust, and avoid legal incriminations of senior executives.
Take no chances today when it comes to digital transformation. The right partner can be the difference between building a competitive brand and breaches and liabilities that destroy profits and goodwill.
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