Cybersecurity is one of the hottest topics today and is at the front of every executive’s mind. As such, most companies have become proactive and are working tirelessly towards protecting their data.
The total revenue from cyber security resources is expected to reach USD$298bn in 2027 up from the USD$138bn reported in 2021. This robust growth is likely to continue for several years, given the increasing awareness of data risks.
You need to invest in the right areas for you to effectively tackle these threats. Unfortunately, this is where many organisations still struggle. Therefore, they end up with substandard results in spite of investing a lot of money and time in this department.
So, how do you ensure that your cybersecurity team focuses on relevant problems? It all depends on your cybersecurity analytics strategy. You’d want the plan to involve monitoring the right metrics and reporting on them. If you’re not sure which ones should be tracked, this article is for you. Keep reading to learn more.
Mean time to identify (MTTI) and Mean time to contain (MTTC)
Mean time to identify refers to the amount of time it takes your team to detect any cyber threats or vulnerabilities. How long does a problem exist in your system before it’s noticed? This metric is often used by organisations to measure the effectiveness of their monitoring strategies.
On the other hand, mean time to contain (MTTC) is the time it takes the relevant teams to deal with a detected threat. Similar to MTTI, this metric shows the effectiveness of your response system. To measure either of the metrics, you add the total time used by your team to detect or contain an incident then divide the result by the number of breaches.
The average MTTI and MTTC for the 2021 financial year were 207 days and 70 days respectively. This was an improvement from the previous year, which averaged 212 and 75 days respectively. In spite of this drop, the mean cost of data breach hit a record high of USD$4.35 million per incident, up from USD$4.24 million.
It’s always a good idea to shoot for low MTTI and MTTC numbers. Generally, doing this reduces the total costs incurred by your business. However, it’s also imperative that you prioritise the effective elimination of the threats and risks to avoid recurring expenses.
Number of vulnerable systems
Cybercriminals constantly look for any viable loophole in your security system. Therefore, you must be proactive in your cyber-related activities. Knowing how many assets in your system are vulnerable to attacks is important in your fight against cyber risks and threats.
First, you’ll need to have an updated list of all devices connected to your system. This is why network visibility is crucial for your information technology (IT) team’s performance. When your staff can see all the devices and every data transfer process, it becomes easier for them to pinpoint any device that poses danger to the network.
Regular vulnerability scans give your team an idea of what should be done to enhance your company’s security measures. Have a vulnerability assessment strategy in place to streamline these checks.
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Cost per incident
As mentioned earlier, the average cost per incident in 2021 was USD$4.35 million. The expenses your company incurs may vary significantly due to the nature of the breach. Also, that amount could rise if your situation requires a third party’s intervention.
It’s important to monitor how much every incident costs you for accurate record-keeping and budgeting. Also, when you have the necessary details, it becomes easier to pinpoint where you overspend and work towards reducing the costs.
Number of employees with “super user” access
Your employees have a huge impact on the company’s cybersecurity health. Reports suggest that over 95% of cyberattacks are due to human error, with insider threats blamed for 43% of the breaches.
Of course, educating your staff constantly on cybersecurity is one way of solving the problem. However, that won’t eliminate insider threats, which is why more companies are segmenting their digital systems and locking up sensitive information.
So, how will you reduce the threats emanating from your employees’ activities? Start by assessing every network user’s access level. Make sure that each employee only has access to assets, data and systems that are necessary to their duties.
Get the exact number of “super user” accounts and ensure that their holders have the necessary credentials to access sensitive data. Anyone who doesn’t meet the requirements should have their access revoked. Also, delete the account immediately if an employee leaves your company.
Constantly updating this metric allows you to detect any anomaly and get rid of a cyber threat as soon as possible.
Monitoring the performance of your cybersecurity system is crucial to dealing with modern threats. Some of the metrics that should be on your radar are mean time to identify (MTTI), mean time to contain (MTTC) and the number of vulnerable devices in your system. Knowing the number of admin accounts in your network will also give you the upper hand in the fight against cyber threats. As you monitor and eliminate risks, keep an accurate record of the total cost of each breach.
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- “Can An IT Consultant Help Your Business?”, Source: https://www.forbes.com/sites/forbestechcouncil/2019/02/27/can-an-it-consultant-help-your-business/?sh=46c68c4d48dc
- “Getting The Most Out Of IT Consultants.”, Source: https://medium.com/swlh/getting-the-most-out-of-it-consultants-219fc3702b22
- “IT Consultant.”, Source: https://www.techtarget.com/searchitchannel/definition/consultant#:~:text=An%20IT%20consultant%20is%20an,company%20that%20offers%20consulting%20services