Let’s start with a few statistics.
- There were over 53,000 security incidents in 2017 with over 2,200 of those identified as confirmed data breaches.
- Companies experiencing a data breach took an average of 197 days to detect the breach.
- The cost of non-compliance is 2.71 times the cost of compliance.
Not exactly a best-case scenario.
So, what does this mean for organizations today?
Stuart McIrvine, Director of Product Management at Broadcom, sat down with Dez Blanchfield to discuss just that. Stuart is an industry veteran with a background in hardware, software, and operations management. In his current role, he focuses on helping Broadcom’s customers protect data and keep pace with ever-evolving IT and data privacy regulations.
Maintaining Customer Trust
It all comes down to a simple truth: Your customers will not do business with you if they do not trust you.
65% of consumers lose trust in a breached company, and over 30% of consumers discontinue their relationship with a breached company. Stock prices decline after a breach (though those with a stronger security posture recover over 12 times faster). The cost of acquiring a client is high; the cost of re-acquiring of a client is almost immeasurable.
Clearly, a company’s success is heavily dependent on their ability to prove themselves as a trusted institution, and that trust goes beyond data privacy. It includes trusting the accuracy of the information you provided, the strength of your security measures, and the expectations you set with respect to the customer journey and experience.
Successfully establishing – and maintaining – this trust with your customers requires comprehensive enterprise data protection.
In the Era of Big Data and Big Regulation
In today’s era of Big Data, Big Regulation, and Zero Trust, enterprises are increasingly focused on establishing and enhancing their security and compliance strategies (and rightfully so).
Organizations are facing a litany of challenges in these domains from persistent threats to exponential data growth – the latter of which is quickly becoming the center of the digital universe.
The “Big Iron” represents the largest repository of customer data. As such, it is the one of the most lucrative targets for data theft, and contrary to popular belief, the platform is not immune to security threats. The platform is now connected to the rest of the enterprise, making it increasingly susceptible to negative security events.
Regulation is also a key part of securing that mainframe data. Stuart aptly stated, “Compliance is one of the biggest drivers of security spending.” In today’s world, if you don’t meet the regulatory standards of your industry, you can’t operate.
Enterprise data protection should ultimately protect business-critical data, drive productivity, align and flex with relevant regulatory standards, and enhance the enterprise’s overall digital profile. This includes partnering with trusted software vendors.
Organizations that choose to take advantage of CA Technologies, a Broadcom Company’s leading mainframe security product portfolio, for example, are using proven enterprise data security and compliance solutions.
Taking the Next Step Forward
The next tsunami of change will be based on the increasing richness of data with the growth of behavioral profiling, IoT, and voice technology.
Keep pace by updating your data security and compliance approach to:
- Embrace security and compliance as a competitive advantage by demonstrating controls to both customers and auditors;
- Build a flexible framework for compliance to adapt to new rules and regulations;
- Augment the traditional identity-centric data security model with a data-centric security model. This should include a thorough understanding of your data landscape and a robust data classification process;
- Tighten up data access controls with multi-factor authentication and privileged user access granularity;
- Align reporting with auditing and regulatory requirements; and
- Implement effective and comprehensive data governance which, in turn, enables proper risk management of customer data.
Do you know what’s next for your organization? Start by talking to a mainframe security expert.