Each time a new solution is added to the stack, an analyst must learn how to deploy, configure and maintain it on the fly with minimal time to immerse themselves in the intricacies of the technology. The increased complexity leads to prioritizing technology management over risk management, which creates gaps and loopholes that allow social engineering attacks to bypass security teams undetected. Mimecast Ltd. engages in the provision of cloud security and risk management services for corporate information and email. It develops in suite of cloud services designed to offer cyber resilience for email and deliver comprehensive email risk management beyond the primary mail server. The firm’s products allow to secure and stores corporate communications and information to address compliance and e-discovery requirements. The company was founded by Peter Cyril Bauer and Neil Hamilton Murray in 2003 and is headquartered in London, the United Kingdom.
Articulating Risk To Drive Action
Building an effective cybersecurity framework isn’t just about the adoption of innovative technologies and best-of-breed solutions. The myriad systems leveraged by organizations are created by people, operated by people and, most of all, built to protect people. In turn, it’s imperative to instill an intuitive architecture that effectively mitigates vulnerabilities driven by human error. An alliance of cyber-resilient teams, coupled with well-integrated solutions, provides the agility enterprises need to combat modern threat actors. Mimecast intends all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors detailed in Mimecast’s filings with the Securities and Exchange Commission.
Simplifying Your Security Environment
Attempting to combat sophisticated threat actors with strained security teams operationalizing sprawled tools and siloed systems only adds another layer of complexity to the challenge at hand. Instead, enterprises must design their security frameworks around a holistic team sport approach that combines the power of people, processes, products and API partnerships into a unified front. The proliferation of social engineering attacks targeting the intersection of business communications, people and data is more prevalent than ever amid societal shifts to cloud-based hybrid work models. Nearly every organization surveyed in our company’s State of Email Security 2022 report was targeted by phishing attempts over the previous year, with the majority of respondents also reporting upticks in such incidents during that same span.
- Now, 16 months later, ransomware’s meteoric rise across the cyber threat landscape is as prevalent as it ever was, spearheaded by bad actors continuing to deploy email-borne attacks at an unprecedented scale.
- For a simplified example, envision the various components of a high-octane NFL offense built around an elite quarterback.
- However, regardless of cyber representation levels, CISOs still must be able to effectively articulate the connection between cyber risk and business risk to a non-technical audience.
- Layering security across the business ecosystem also requires a firm understanding of the organization’s risk profile and end-to-end visibility of its attack surface.
- All it takes is one unsuspecting employee to click on a malicious link for a ransomware attack to succeed.
Company size
Take IBM’s 2022 Cost of a Data Breach Report, for example, which studied more than 500 global organizations impacted by data breaches over the previous year. According to the report, the average total cost of a data breach hit a record-high $4.3 million in 2022, a 13% year-over-year increase from 2020. Beyond the power of best-in-class solutions, it’s critical to understand the impact that user behavior can have on organizational security posture. All it takes is one unsuspecting employee to click on a malicious link for a ransomware attack to succeed.
To access a complimentary copy of the 2022 January full Gartner report and learn more about Mimecast Cloud Archive, visit mimecast.com. We welcome the opportunity to engage with the press and talk about our work and our industry.
That starts by determining primary risks based on their security environment, high-value assets, compliance protocols, staffing levels, technology stack and specific industry. Then, align third-party relationships with an integrated “defense-in-depth” model that promotes sharing of real-time threat intelligence across the wider business ecosystem, enabling SOC teams to bridge prevention, detection and response controls for swift remediation. The notion that cyber risk david raissipour is business risk must permeate throughout every layer of the enterprise. Strategic business decisions like mergers & acquisitions, third-party vendor transactions and supply chain partnerships should be shaped around their degree of cyber risk. Employees should be positioned to reduce risk via scalable user awareness training tailored to their unique learning styles. Tool sprawl is problematic because it increases complexity for already-strained security teams.
By establishing cyber resilience as a foundational tenet of their wider business ecosystem, organizations can make measurable strides toward a safer and more secure future. Combatting social engineering attacks requires integrated solutions that provide the right blend of prevention, detection and response processes at scale. Without interconnected tools and technologies combining the fundamental functions of security into a single meshed framework, it’s nearly impossible for organizations to protect data across its lifecycle and emerge victorious over their malicious opponents. But recent upticks in high-profile attacks coupled with accelerated cloud adoption, narrowing profit margins and new federal compliance mandates have raised the stakes entirely. Before we can make meaningful progress in the ongoing fight against cybercrime, a shift in mindset is needed across the public and private sectors alike.
Above all, cybercriminals covet the breadth of data assets created by business communications. Because the more sensitive the information, the more likely a victim will pay the ransom even without guarantee of restoration. Ultimately, the goal is to alleviate risk and uncertainty from evolving processes and workflows, and connect the dots between how they work, the services they provide and the technologies that enable them. The hybrid culture has changed the way organizations work, mainly by changing how their employees collaborate. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
He has experience across a diverse set of enterprise software products, and prior to Sophos he held executive roles at Carbonite and RSA and spent 14 years at Microsoft Corporation where he held numerous, senior leadership roles. The acceleration of ransomware isn’t slowing down, but there are still proactive measures organizations can take to swing the balance of power back in their favor. Amid this global pandemic, a holistic framework that prioritizes the security of business communications, people and data can be an effective mitigation strategy. When organizations adopt technologies and processes that enhance security defenses for their employees, they are also investing in data protection. With the hybrid workforce spread across multiple offices, homes and remote locations, prioritizing people protection should be considered non-negotiable. Knowledge is power in this case, so ensure employees are equipped with continuous training and simplified resources for identifying email-borne threats.
Furthermore, according to a 2022 Federal Bureau of Investigation report, business email compromise attacks have cost global organizations more than $43 billion since June 2016. With rising awareness around the severity of cyber risk, progress is underway toward integrating more cybersecurity expertise within corporate leadership teams. Gartner predicts that by 2026, 70% of boards will include at least one member with cybersecurity experience. However, regardless of cyber representation levels, CISOs still must be able to effectively articulate the connection between cyber risk and business risk to a non-technical audience. Keep these recommendations in mind when approaching the C-suite and board regarding matters of cybersecurity. Layering security across the business ecosystem also requires a firm understanding of the organization’s risk profile and end-to-end visibility of its attack surface.
