The $10.5 Trillion USD Trap that you do not deserve

Published: Thu 28 Jan 2021, 11:22 AM

Last updated: Thu 28 Jan 2021, 1:25 PM

Cyberspace has been evolving at a very fast pace, introducing businesses to futuristic technology and possible advancements, but this has also led to an alarming growth of cybercrime. Cybersecurity Ventures predicts the global cybercrime will cost a whopping $10.5 trillion annually by 2025.

If the cybercrime evolves as predicted, it will risk the incentives for innovation as the damage that it brings is exponentially large. Following the right approach in the cyberspace not only mitigates the risk for your organisation and the extremely valuable data but also helps you win over your clients and customers by winning their trust. Be it a tech-savvy MNC or a small start-up, a small finance house or a giant bank, using the cyberspace wisely and being safe is equally important for everyone.

"Even at the time of investment or fund-raising in companies, IT Audit, process and compliance reports have become a very crucial part of the due diligence. That helps us gauge the technical strength of the company alongside the other factors," said Ayaz Ahmed, partner, Synergy Management Consultancy.

With industry experts from across the security domains, Synergy Consulting offers a wide spectrum of IT audit and consultancy services that include vulnerability assessment and penetration testing, ADHICS compliance, ISO Audits, SOC 1,2,3 compliance, data security, cloud security, IT risk mitigation, and many more.

"We have come across many clients, where minor tweaking in the process and development in their companies have led to a significant difference. As a technology consultant, there cannot be anything more rewarding and satisfying than such feedback and growth stories of our clients," said Harsh Didwania, chief technology officer, Synergy Management Consultancy.

Organisations can stay safe from the cyber threats by following the guidelines and the standards set by the regulating authorities, setup vigilant measures and standards in the organisation on accessing of internal and external information, by conducting periodic audits of IT infrastructure and data, cyber-security awareness among your employees. This involves performing security assessments like vulnerability assessment, penetration testing, red team assessments, etc. on a regular basis, to make sure that each vendor is well-audited to produce the AICPA SOC review report. Along with the above, disaster recovery and IT emergency plan is mandatory to avoid any kind of panic during unforeseen circumstances.

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