Why Adopting an Endpoint Security is a necessity?

Over the years, as digitisation has taken over every function, while it has made processes more streamlined and efficient, the overall cybersecurity risks have also increased. It is without a doubt that cybersecurity has to be every organization’s priority.

While it may seem that it is an additional cost that needs to be borne, the risks of not implementing it can be enormous. The risks have multiplied with hybrid workplaces becoming mainstream in India.

Almost every size of organisations are finding it convenient to make themselves a hybrid workplace but the risks involved in this are huge especially for enterprises. A few simple examples- Employees working from different networks including public networks which are risky; using office devices for personal use; such seemingly harmless steps have led to more endpoint devices becoming easy targets for cybercriminals.

A data breach cost USD 4.35 million in 2022, according to IBM’s Cost of a Data Breach Report 2022. The average cost has climbed 12.7% from USD 3.86 million in the 2020 report.

Further 83% of organisations have experienced more than one data breach. 60% of organizations said they increased the price of their services or products because of the data breach. Over the next few years, these costs will inevitably grow further and hence the right answer would be to curb risks at the earliest.

Beyond immediate costs, a cybersecurity attack costs a company much more. Reputation, loss of trust, IT restructuring, long term ramifications are some of the major effects.

To manage all this, the chief financial officer (CFO) of an organisation is very crucial who needs to understand the risks of these attacks. In most of the organisations, CFOs are in tune with where the company stores its sensitive information and what should be prioritised in terms of safeguarding and also who has access to it. With endpoints at the heart of every organization, implementing endpoint security becomes crucial for a CFO.

Investment into this area can benefit the company in multiple ways. Firstly, it helps the company in securing its data and keeping the cybercriminals at a distance. An unprepared organization is always at much more risk compared to a prepared one.

Secondly, one cyber attack can affect the functioning of a company for months leading to more losses and delayed plans etc.

Thirdly, building a storing resilient cybersecurity system can help the company in building the right image, get the right talent, choose ideal partners and make better and informed business decisions.

Here are a few reasons how very organisation and its CFO can beef up their endpoint security-

Securing endpoint users

With remote work becoming the norm, securing the endpoints is gaining more prominence. As an employee is remote, he or she has more control over the device and hence they can install new programs, experiment with new tools etc which may put critical data in the device at risk.

Hence creating awareness among these employees about the potential risks, to maintain an overall security across the organisation is an essential task of the CFO along with CISO.

Securing devices

In today’s age, every other device is connected to each other. Internet of Things (IoT) devices are one of the most commonly attacked devices. Sometimes, some devices may go unchecked which increases the risks while making it easy for the attackers to find an entry point. An endpoint security solution can save an organisation from such accidents.

Now, let’s address the issue of cost. How should a CFO assess the cost of endpoint security and what should be the best practices while implementing it on a business-

●  Firstly, take an estimate of the financial impact of endpoint security breaches and then take the decision of how much to invest into such solutions

●  Train employees the basics of  cybersecurity hygiene to lower the risks. Then allocate a budget for endpoint security solutions and technical staff to minimize the risks.

●  Also, keep a check on how efficiently are the current resources being used before making a new investment.

●  Evaluate the costs of implementing and maintaining endpoint security solutions before making a decision. Also, keep an eye out to gauge what is working for other peer organisations so that the budget can be under a check.

Diwakar Dayal, Managing Director and Country Manager, SentinelOne India and the SAARC region