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Categories : Security

Bluewave | September 29, 2023

Enterprise Cybersecurity Assessments

The astronomical figures associated with cybercrime costs are more than just numbers; they represent a growing menace that threatens the very fabric of our digital existence. As businesses and individuals continue to rely on technology for everyday activities, cybercriminals are evolving their tactics and strategies to exploit vulnerabilities in more sophisticated ways.

The estimated global cost of cybercrime is projected to soar by 15% annually, ultimately reaching a staggering $10.5 trillion annually by 2025. This explosive growth in cybercrime underscores the urgent need for reliable and robust cybersecurity solutions.

What is a Cybersecurity Risk Assessment?

A cybersecurity assessment evaluates the efficacy of your organization’s cybersecurity measures in addressing vulnerabilities. Unlike a cybersecurity audit that follows a checklist, risk assessments should be conducted with consideration for your organization’s business goals. This approach provides a broad overview of the weaknesses in your network, enabling security teams to implement appropriate controls to mitigate risks.

To ensure your organization is adequately equipped to combat various security threats, it is essential to conduct a thorough cybersecurity evaluation. The Bluewave Cybersecurity Assessment serves the purpose of detecting weaknesses, addressing security gaps, and ensuring you maintain compliance. It also enables key stakeholders and executives to stay informed about your organization’s cybersecurity status, which can facilitate better decision-making regarding the integration of security measures into daily operations.

The Numbers Don’t Lie

  • The human element is the most common threat vector; it was the root cause of 82% of data breaches, according to Verizon’s “2022 Data Breach Investigations Report”
  • The cost of cybercrime is predicted to hit $8 trillion in 2023 and will grow to $10.5 trillion by 2025, according to Cybersecurity Ventures’ “2022 Official Cybercrime Report”
  • The cost of data breaches will rise from $3 trillion each year to more than $5 trillion in 2024, according to the “State of Cybersecurity Resilience 2021” report from Accenture
  • It takes an average of 277 days for security teams to identify and contain a data breach, according to “Cost of a Data Breach 2022”, a report released by IBM and Ponemon Institute
  • According to the IBM/Ponemon Institute report, breaches in the healthcare industry were the costliest at $10.10 million on average. Breaches in the U.S. were the most expensive at $9.44 million

It’s never been more important to protect your business using the best cybersecurity solutions available. What you might not realize is how much cybersecurity can help you save in the long run, especially as cyberattacks become more prevalent and sophisticated.

Key Components of a Cybersecurity Risk Assessment

  • Vulnerability & Gap Assessments
  • NIST & CIS Alignments
  • Compliance Assessments and Attestations
  • Threat Reconnaissance
  • Tabletop Exercises
  • Vendor Management Risk Assessment
  • Cyber Risk Report
  • Cyber Defense Matrix Plan
  • Cybersecurity Investment Strategy

See How Bluewave Accelerated Cybersecurity Practices for an Emergency Lighting and Egress Solutions Company

The Client

For decades, this client has specialized in designing and manufacturing innovative emergency lighting and egress solutions to customers all over the world.

The Challenge

The client had grown increasingly dissatisfied with their current MSP, prompting them to explore other options. However, in their pursuit of a new provider, they found themselves overwhelmed by conflicting advice from various vendors. With so many options presented to them, the client struggled to determine their true needs and became increasingly confused and frustrated. As a result, valuable time was wasted, leaving the client feeling uncertain about how to proceed.

Our Approach

Bluewave recommended a Telecom Assessment to gain a comprehensive understanding of their technology stack, application landscape, and contracts. The assessment revealed several gaps in the technology infrastructure, processes, and operations, so Bluewave helped develop a list of requirements.

During the assessment, Bluewave also discovered that they had no formal cybersecurity process in place. They were unaware of who was responsible for cybersecurity and assumed their existing vendor was taking care of it. Bluewave advised them to conduct a Cybersecurity assessment to identify vulnerabilities and risks. The assessment uncovered several issues, including compromised hosting, weak passwords, and missing best practices.

With the Telecom Technology and Cybersecurity Assessments completed, the client gained valuable insights into their technology infrastructure and security posture, plus an understanding of their requirements and gaps. With this roadmap, Bluewave evaluated five IT vendors and presented a thorough comparison. The client was able to choose a new vendor that met their IT operations needs and addressed cybersecurity gaps, reducing the risk of potential data breaches and financial loss.

The implementation included:

  • Complete migration from a legacy premise system to a pure cloud hosted model
  • Full adoption of their Microsoft 0365 investment
  • Moved to a 24×7 fully insourced organization that raised the level of accountability and responsiveness
  • Took ownership and accelerated their cybersecurity awareness and practices

“You took a significant amount of information, complex and technical content, and packaged it for us in a concise way that we could trust, analyze, and act on. Your process was very smart, encouraged us to broaden our view of our organizational needs, and helped us in ways we did not even anticipate.” – President

The Results

  • $1 million annual savings switching to new MSP
  • Fully insourced 24×7 support organization
  • Established robust cybersecurity practices

Bluewave understands your concerns around control, security, and compliance. Every day, we work with CISOs and organizations of all sizes to design security solutions that address their business and regulatory needs, while leveraging the power of the cloud for a competitive edge. Now’s the time to adjust your security strategy — don’t wait until your perimeter defenses are no longer effective against cyberattacks. Let Bluewave and our managed service partners identify threats and vulnerabilities, minimize risk, and best support your data and business needs.

When you’re ready to get the right security solutions for your organization, you’re ready for Bluewave.

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