Cyber incidents and business interruptions continue to top corporate risk concerns for leaders of many organizations. It’s little wonder why — 85% of organizations have been compromised by at least one cyberattack in 2023, while 39% have been compromised more than six times.
As cyberattacks are more numerous today, experts say that businesses will increasingly turn to managed security services for help with improving the efficiency of security-related items, data protection and digital business resilience.
“Being cyber prepared calls for a shift in mindset within organizations. Today, digital resilience transcends technology — its success also depends heavily on an organization’s people and processes coming together to act in a nimble and agile manner,” said Kris Lovejoy, Global Security and Resiliency Leader at Kyndryl. “Organizations need to start viewing the pursuit of resilience in a more holistic way.”
Earlier this week, Kyndryl announced it will expand its reach into the $47 billion managed security services market (projected for 2025) with new security operations services and centers. These comprehensive capabilities will be delivered through a network of global centers and powered by a centralized and unified management system that enables customers to quickly detect and respond to highly disruptive cyber threats.
Here are three of the more common threats, and the ways Kyndryl’s new services could help.
1. Evolution of ransomware attacks
Ransomware continues to be the most common attack type, accounting for the bulk of cyberattacks. These kinds of attacks are especially concerning as they are easy to launch and show no signs of slowing down. The long-term effects of these ransomware attacks can be crippling for organizations — there are costs associated with downtime, remediation and disruption.
Kyndryl’s new end-to-end security operations services aim to help businesses manage ransomware challenges and other cyber threats through comprehensive advisory, implementation and management services focused on core building blocks of modern cybersecurity operations. While traditional security operations lack versatility or the ability for businesses to select services tailored to their needs, Kyndryl’s customers can choose and rapidly deploy new capabilities based on their changing business requirements.
2. Impact of natural disasters
Traditional cyberattacks are not the only factors that negatively impact cyber resiliency. Natural catastrophes such as storms, floods and wildfires also can cause significant business disruptions and financial losses. According to Swiss Re Institute, natural catastrophes led to over $175 billion of losses in 2020.
To ensure business continuity, it's critical to have a disaster recovery team that's up to date not only on various cyberattacks but also on the ways natural disasters can affect business continuity. Additionally, business continuity and cyber security should no longer work in silos. An organization must have a robust business continuity plan in place that complements its cyber security structure. To prevent damage and provide greater visibility to the CISOs, Kyndryl launched an open integration platform, Kyndryl Bridge, that delivers IT solutions by leveraging the company’s data-driven insights and expertise, to create a smooth path between a digital business and the technology that delivers it.
3. Rising costs
Disruptions to business — even if for a few hours — can add up quickly. That’s why investing in the right security and resiliency capabilities can help mitigate IT risks. According to IDC, organizations that tapped into Kyndryl’s Security and Resiliency Services could realize a 568% return on investment within five years.
As the global situation changes and new threats emerge in real time, Kyndryl is working to forge new paths for customers, from applying additional controls and monitoring, to identifying anomalous activities and looking at performance data for patterns and hardware failures.
“C-suite leaders are realizing that it is not prudent to take a D-I-Y approach when it comes to tackling their security and resiliency challenges,” said Lovejoy. “Engaging with a trusted security and resilience partner with vast expertise and experience not only shields organizations from potentially devastating effects of cyberattacks but also puts them on the path to business value in the long term.”