Marketing Executive @locker.io
This term might give you images of advanced analytics far removed from day-to-day operations. But cyber maturity is less about futuristic buzzwords and more about intuition all organizations should have: a smarter and more holistic security approach.
This post will explain the core principles behind cyber maturity, why it’s a crucial investment, and most importantly, how any organization can improve it with Locker.
What is Cyber Maturity?
Cyber Maturity
To put it simply, cyber maturity is a measure of an organization’s readiness and effectiveness in preventing, detecting, and responding to cyber threats. It involves not only technological aspects but also people and processes, making it a holistic approach to cybersecurity.
The concept of cyber maturity is not confined to merely having security measures in place but focuses on how well these measures are integrated into the organization’s daily operations and strategic planning.
Cyber maturity is the measure of your organization’s preparedness against cyber incidents.
Cybersecurity Maturity Models
Cybersecurity Maturity Models serve as comprehensive frameworks for assessing an organization’s cyber maturity level. They help in understanding where an organization stands in terms of cybersecurity and guide it towards where it needs to be.
Two of the most recognized models are the Cybersecurity Capability Maturity Model (C2M2) and the NIST Cybersecurity Framework (CSF).
C2M2 was developed by the U.S. Department of Energy as a tool for assessing and improving an organization’s cybersecurity capabilities. It comprises a set of practices structured into a series of domains, each focusing on a specific area of cybersecurity.
On the other hand, the NIST CSF is a voluntary framework developed by the National Institute of Standards and Technology.
It is designed to aid organizations in managing and mitigating cybersecurity risk based on existing standards, guidelines, and practices. The framework offers a high-level, outcome-focused approach to cybersecurity, making it flexible enough for implementation by a broad range of organizations.
These models aren’t prescriptive solutions. But they serve as excellent starting points for organizations beginning their path toward enhanced cybersecurity.
Why Cyber Maturity is Important
According to a groundbreaking report by McKinsey, there is a profound relationship between an organization’s cybersecurity maturity and its profitability.
This correlation is not universal. But an overall trend indicates that businesses with higher cybersecurity maturity tend to enjoy better margins. It proves that cybersecurity maturity should not be seen as an expense but rather a strategic investment.
This phenomenon can be attributed to several reasons, each demonstrating how investing in cybersecurity maturity can boost profits.
Operational Continuity
Cyber maturity allows seamless operation without the disruption of cybersecurity issues. Image: Freepik
Cyberattacks can disrupt an organization’s operations – sometimes even bringing an entire business to a standstill. Such interruptions can cause significant revenue loss, especially if they persist over an extended period.
A mature cybersecurity framework can help prevent these disruptions and ensure operational continuity as well as steady revenue flow.
Protection from Financial Loss
Successful cyberattacks can lead to severe financial losses, both immediate and long-term.
These can come from ransom payments, system restoration efforts, and potential regulatory fines. A higher level of cybersecurity maturity allows an organization to proactively prevent such attacks and protect it from these financial burdens.
Maintaining Reputation and Customer Trust
In a competitive market, reputation is everything.
News of a data breach can severely damage a company’s reputation and result in loss of customer trust. This can indirectly affect the profitability of a company, as customers are less likely to do business with a company they deem untrustworthy.
The Current State of Cyber Maturity
The landscape of cybersecurity maturity is highly varied and reflects the diverse challenges faced by different industry sectors during their digital transformation. The McKinsey report above also provides some invaluable insights into this.
It defines five levels of cybersecurity maturity: zero capabilities, ad hoc, mature, advanced, and proactive. Each stage represents the level of readiness, preparation, and ability of an organization to counteract and mitigate cyber threats.
Banks, consumer-facing organizations, and healthcare institutions lead the pack in terms of cybersecurity maturity.
Not every business today prioritizes cybersecurity as they should. Image: Freepik
According to McKinsey, their advanced standing is fueled by three primary factors:
- Regulation plays a crucial role in those industries where strict compliance requirements push them towards higher cybersecurity maturity. Firms are encouraged to comply with stringent data protection regulations to avoid hefty fines.
- In consumer-facing sectors, high-profile data breaches have resulted in an increased awareness of cyber threats. As consumers become more demanding of data privacy, companies have to advance their cybersecurity mechanisms or risk losing customer trust.
- On top of that, the intensely competitive nature of these industries pushes companies to invest in cybersecurity. They know consumers are likely to switch to competitors if they believe their data is not adequately protected.
However, the degree of cybersecurity maturity does not only vary between sectors but also within each sector.
Take the insurance industry as an example. The gap in cybersecurity preparedness among companies within this industry is substantial. Some firms showcase advanced cybersecurity maturity levels, while others lack even basic cybersecurity capabilities.
Why Locker Should be Part of Your Cyber Maturity Strategy
Locker provides a comprehensive password management solution for organizations.
Password management is an often-overlooked yet critical component of an organization’s cybersecurity maturity. This is where an enterprise-grade solution like Locker can make a significant impact.
Employees often handle multiple digital resources daily, and ensuring secure access to these platforms can be challenging. Locker can streamline this process and reduce the likelihood of password-related breaches.
Your cybersecurity posture always benefits from using strong and unique passwords. Locker’s built-in generator can create them instantly for your members. There is no need for them to rely on easy-to-remember (and thus easy-to-hack) passwords anymore.
Locker is also more than just a password generator.
As your comprehensive digital vault, it can store and protect not just passwords but also other sensitive data such as notes and software keys. Thanks to military-grade encryption, Locker makes sure that cybercriminals could never decipher your data.
Locker supports multi-factor authentication (MFA) out of the box. This implementation is an effective way to provide extra verification, making it harder for attackers to gain access to your system.
Another key aspect of an organization’s cybersecurity maturity is the ability to effectively monitor and manage password usage. With Locker’s powerful monitoring and admin tools, organizations gain valuable insights into these password practices.
These cybersecurity management features can give you an overview of all the password activities within the organization. This includes password usage, strength, and potential security risks. This proactive approach allows organizations to remediate potential vulnerabilities before they can be exploited.
Locker provides valuable insights into your organization’s password practices.
As part of its commitment to staying at the forefront of cybersecurity solutions, Locker also supports passwordless authentication via the FIDO2 protocol. This modern approach leverages biometrics or security keys to authenticate users, making everything even more secure and convenient.
Summary
Any organization can make steady progress when it comes to cyber maturity as long as they have the right approach and tools. To that end, solutions like Locker provide the control and visibility needed to manage security proactively.
Don’t wait for a breach to spur action. Contact us today to learn how Locker can help you optimize cyber maturity now and into the future.
[1] McKinsey & Company. (2021). Organizational cyber maturity: A survey of industries.
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