Three Classes of Cybersecurity Needs, and How to Meet Them
The recent disclosures of massive data breaches, such as those at Equifax, the SEC, and Deloitte, have forced companies to take a closer look at the increasingly perplexing topic of cybersecurity.
There are hundreds of security product vendors, and the industry is collectively spending billions of dollars every year and is expected to top $100 billion by 2020. However, it still has unmet needs for tools and methods of appropriate scale to defend ourselves.
There are three classes of cybersecurity needs:
1. Needs Of The Security Unready
There are a large number of organizations that we can refer to as “security unready.” These entities have yet to implement modern security controls and practices. These firms have few (sometimes zero) security professionals on staff, and many can’t afford to hire more or have difficulty in recruiting them.
Such organizations can get “security ready” by deploying blockchain-based Peer Mountain instances. This decentralized identity and compliance platform delivers powerful and cost-effective security tool to reinforce their cyber protection resources.
2. Needs Of The Security Mature
At the other end of the spectrum, we have a few hundred security-mature organizations, including some banks, government agencies and a handful of technology companies. For a variety of reasons (which might involve a historical breach), these firms have poured money into their companies to improve their security posture. They often have an army of people and a broad range of security controls. Everything is logged and, in theory, analyzed.
Of course, this type of security proposition is very expensive. JP Morgan spent upward of $500 million in 2016 on cybersecurity. Most firms can simply not afford to be security mature in spending terms.
Peer Mountain encrypts data while it’s in storage and during transmission, ensuring reliable, and feasible, data protection.
3. Needs Of Everybody
In recent years, organizations have shown an increasing interest in transferring some of their excessive breach risks via cyberinsurance. Unfortunately, insurance firms are finding it quite hard to price cyber coverage for two reasons: 1) They do not really understand the cybersecurity posture of their clients, and 2) most organizations (including security-mature firms) are not cyber-resilient, and insurers don’t want to accumulate all that risk.
Organizations that use Peer Mountain to mitigate the risk of cyberattacks will find themselves in a position where they can reduce risk dramatically and get reasonably-priced coverage against data breaches. This would allow them to guarantee their customers’ safety during multiparty transactions, which would be an attractive competitive advantage.
Learn how Peer Mountain can satisfy your company’s security needs.
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