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Security Vulnerability – what could it mean for your company?
By David Anthony, Vice President IBM Security Canada

If security wasn’t top of mind for Canadian businesses before, the recent ransomware outbreak “WannaCry” likely made it a top priority. The largest ransomware attack ever recorded, WannaCry took down the systems of more than 100,000 organizations in over 100 countries within an unprecedented 48 hour window. This attack has made companies recognize the severity of the vulnerability of their systems, with many scrambling to figure out how to protect their data.

According to the results of a study released this month by IBM and the Ponemon Institute, how quickly a company can contain data breach events will have a direct impact on financial consequences. The average cost of a data breach was nearly $1 million less for organizations that were able to contain a data breach in less than 30 days, compared to those that took longer than 30 days. Faster response times to these events translate into significant cost savings

The study further reveals that there are significant opportunities for improvement with companies in identifying and responding to a breach. On average, organizations took over six months to identify a breach, and more than 66 additional days to contain it once discovered.

What does this all mean for Canadian companies looking to up their security game? WannaCry may just have been the kickstart needed to recognize what security vulnerabilities could mean for their bottom lines.

Smart companies are quickly moving their security strategies away from a ‘reactive’ stance to a very proactive one. Companies are – and should be – working towards becoming more resilient to ransomware attacks, while both companies and consumers are realizing that they must be even more vigilant in backing up their data. A critical consideration for organizations that are looking to transform system security, however, should be to ensure they work with a company that is able to fully deliver on what is required.

IDC Canada recently examined companies in the security services market to determine which firms provide the best security solutions and advice. The resulting vendor assessment report ranked IBM Canada first in the country based on a range of capabilities, including the capacity to manage and monitor a range of devices and software, to support traditional platforms as well as next-generation technologies, and to provide services that cover compliance, auditing, testing, and breach or incident response. IBM Canada’s Canadian footprint and cloud security capabilities were also highlighted in the report.

Whether your organization decides to go with IBM or another company, ensure they are able to provide extensive and successful risk management and a thorough due diligence process so that you are receiving the best available service. The security of your organization’s systems and data is too important to put at risk.

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