Why a Company Must Deploy Superior Security Practices?

In today’s political, social and economic world where everything is connected to some kind of technology, customers are demanding the security of their information as with technology advancement the concern about privacy and identity theft rises. Business stakeholders are requiring security from one and another, especially when they are utilizing one mutual network and share same information. In fact, national and international regulators are asking enterprises to prove that they obey privacy laws and are into implementing high-end security measures.

In addition to that in July 2012, the Association of Certified Fraud Examiners released their 7th report on Occupational Fraud and Abuse. The report was based on more than 1,300 cases of occupational frauds in nearly 100 countries, provided by certified fraud investigators. The findings of the report were eye-popping. Here we are sharing some of the facts from the horrifying report.

• The examined organization loses 5% of its revenue to fraud every year.
• The median loss caused by frauds was estimated at $140,000.
• More than one-fifth of the observed companies was facing loss of at least $1 million.
• Billing schemes and corruption pose the greatest risks to organizations.
• More than 50% of victim organizations do not recover any loss caused by frauds.

Why do we need proper Information security? To survive in such competent business world, it is really important to protect confidential data and business processed information. There is a need of superior information security practices that must be designed to capture system vulnerabilities on time and make a system proactive against security threats and risks.

Superior security information requires a combination of smart decisions and intelligent security strategies. Big budgets to implement new technologies are not enough to stop or control the growing rate of frauds and thefts. To implement security practices, it is really important to know when and how to implement complex security measures. It is really important to know that almost every company use a different setup and they have different requirements which can make designing security a completely difficult task and most of the time professionals are needed for this.

Benefits:

Here are five important outcomes that can be expected after implementing effective security governance.

• Reduce risks to an acceptable level.
• Strategic alignment of security practices with company’s ongoing strategies and objectives.
• Boost company’s market share by enhancing its reputation for safeguarding information.
• Business value increased through the optimization of security investments with the company’s goals.
• Efficient utilization of security investments to fit in company’s budget constraint.

It is really important for an enterprise to align their internal structure with security practices; it will help in eradicating internal information security risks. According to the survey report many companies in the Dubai started outsourcing security service providers to cut down costs without compromising the quality of service. Deployment of security strategies takes time and effort and unlike other fields it needs continuous surveillance.