Personnel-Driven Cybersecurity Services

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Personnel-Driven Cybersecurity Services

The strengths of personnel-driven cybersecurity services in small and medium businesses in the US is the fact that the cybersecurity budgets are on the rise, the cybersecurity services market is expanding rapidly, and 43% of attacks were focused on exploiting the human point of weakness in an organization’s security defenses. The opportunities of personnel-driven cybersecurity services in small and medium businesses in the US lie in awareness training, driving understanding of external threats, better use of leveraging data and analytics, and the reduction in technology-driven cybersecurity services.

Personnel-Driven Cybersecurity Services

Strengths

  • Security budgets within all companies, including small and medium businesses in the US, are on the rise. According to IDG Communications, all companies are projected to have more or the same budget to spend on security in the next couple of years, with 66% of the companies saying compliance mandates were a leading factor for security spending.
  • The cybersecurity services market is expanding rapidly, with the cost of cybercrime around the world rising to $6 trillion annually by 2021. Due to the personnel-driven cybersecurity services in small and medium businesses being one of the verticals of the cybersecurity services market, it is expected to expand accordingly, and the cybersecurity products and services industry will exceed $1 trillion over the next five years.
  • According to the Verizon Data Breach Investigations Report, 43% of data breaches in 2017 were social attacks. This means that out of all cyber attacks, 43% of attacks were focused on exploiting the human point of weakness in an organization’s security defenses, making personnel-driven cybersecurity services a vertical full of potential growth.
  • Moreover, in a 2019 report published by CompTIA, it is estimated that small and medium-sized businesses still employ numerous employees who are not able to drive cybersecurity services.
  • It is estimated that 50% of employees have never been given any formal cybersecurity training, which also means that around 96% of all employees still save passwords on their work devices for easy access.
  • While 88% of enterprise-class companies are reported to have a top security executive, this number is estimated to be only 51% when it comes to small- to medium-sized businesses (SMEs). This large gap in knowledge regarding cybersecurity within the majority of employees in the US allows small and medium businesses that provide personnel-driven cybersecurity services to cash in on providing training services to companies across the board.

Weaknesses

  • Businesses within the personnel driven cybersecurity services market risk "potential consumer backlash from cyber breaches as there is a "heightened state of uncertainty around data security over the past decade." Consumers are hesitant to maintain online profiles.
  • "In 2016, roughly 80 percent of US consumers felt they have lost control over how their personal information was being used by companies."
  • In cybersecurity across all aspects including personnel security, there is a shortage of skilled specialists.
  • KPGM states, "There continues to be a dearth of adequately trained, appropriately skilled personnel to protect vital processes, intellectual property and sensitive data at numerous organizations across virtually every industry."

Opportunities

  • In order to drive cybersecurity services, SMEs are expected to fully take advantage of the opportunity of providing training sessions throughout the year. This can be achieved by including cybersecurity services a part of the weekly agenda for the company, and making sure that the executive leadership buys in on the training opportunities as well.
  • The main areas within the cybersecurity services field which can be improved are awareness training (44% of companies) as a way to largely cut down on phishing, driving understanding of external threats (34% of companies), better use of leveraging data and analytics (24% of companies), and the reduction in technology-driven cybersecurity services (22% of companies).
  • According to McKinsey's research, there is "no direct correlation between spending on cybersecurity (as a proportion of total IT spending) and success of a company’s cybersecurity program" as companies can spend a lot on technology-driven cybersecurity services and still be "underperforming the rest of the market with respect to developing digital resilience".
  • Personnel who is driving the cybersecurity services within small and medium businesses can oftentimes be the cause of unintentional cyber threats. The very people who are "closest to the data or other corporate assets can often be a weak link in a company’s cybersecurity program—particularly when they share passwords or files over unprotected networks, click on malicious hyperlinks sent from unknown email addresses, or otherwise act in ways that open up corporate networks to attack."

Threats

  • Technologies as the source of cybersecurity services pose the biggest threat to personnel-driven cybersecurity services. Almost 50% of all SMEs stated they are actively researching zero-trust technology, while 36% stated they are researching blockchain.

Sources
Sources