SHARE
Posted July 23, 2020
Many factors determine how much organizations spend on cybersecurity. Some industries, such as healthcare and manufacturing, are favorite targets for cybercriminals and require more robust security. Financial services and payment systems have stringent compliance requirements that can increase cybersecurity spending. Whatever the industry, increasing costs for cybersecurity will continue to rise as long as there’s cybercrime.
Size doesn’t matter. According to Verizon, 43% of successful breaches occurred at smaller businesses. Whether an enterprise has less than 100 employees or more than 10,000, it is estimated that companies will spend 50% of their IT budget on security by 2020 for a total of over $150 million. Expenditures are expected to grow between 7% and 8% per year through 2026. For larger enterprises, cybersecurity costs could exceed $1 million per year.
Significant investments in cybersecurity should translate into fewer successful attacks, but that is not always the case. Companies often authorize spending without understanding the true risks. Before spending 50% of their IT budgets, organizations should conduct an enterprise-wide risk assessment to ensure they are doing all they can to mitigate risk.
The Committee of Sponsoring Organizations (COSO) defines enterprise risk management (ERM) as the culture, capabilities and practices integrated with strategy-setting and performance that organizations rely on to manage risk in creating, preserving, and realizing value. It involves:
ERM is a layer of business planning that evaluates the potential risks that might impact the outcome of a business strategy.
Being prepared for the unexpected is one of the best ways to protect a business’s value. It is much easier to implement an existing plan than to create one in the middle of a crisis. That’s one benefit of a properly conducted ERM. Other benefits include:
An ERM contributes to better decisions because it consolidates information related to strategies for easier consumption by decision-makers. Every aspect of the enterprise is evaluated to mitigate risk. One component of any ERM should be a Cybersecurity Risk Assessment. Without a careful analysis of an organization’s technology footprint, an enterprise may fail to address a potential security risk.
By assessing cybersecurity risks, an enterprise can identify, prioritize, manage and mitigate the risks to its business value as a result of a cyberattack. A cybersecurity assessment informs decision-makers of potential risks and identifies responses that can minimize the consequences of a security breach. But, this is not the only benefit a cybersecurity risk assessment provides.
As the dependency on technology grows, so does the risk. When a company’s technology consisted of a few desktop computers cabled together to form a local area network, the risk of a breach was relatively low. Today, businesses have multiple devices, including phones, tablets or sensors connected to a network that exchanges information with the cloud over an internet connection. Each device on the system represents a possible access point, and communicating over a public network such as the internet poses a myriad of risks. Here are just a few of the benefits of a cybersecurity risk assessment.
These are just some ways a cybersecurity risk assessment can support the more extensive enterprise-wide risk assessment.
Cybersecurity risk assessments should not occur in a vacuum. They need to address how the assessment relates to the ERM in terms of business strategies. Here are the main steps for conducting a risk assessment.
Conducting a cybersecurity risk assessment as part of an enterprise risk management effort is essential to the long-term viability of an organization. It is a way to ensure you are doing enough of the right things in the right order to mitigate risk. Contact us to discuss how to start assessing your cybersecurity risks.
Offerings
Industries
Compliance
Copyright © 2023 GreyCastle Security. All Rights Reserved
800-403-8350Copyright © 2022 GreyCastle Security. All Rights Reserved
Ho Chin is Chief Financial Officer at GreyCastle Security. In this role, Ho leads Finance, HR, IT and Professional Development. As part of the executive leadership team, Ho works to establish the company’s overall strategy and ensure proper execution of the supporting initiatives pertaining to the above areas of responsibility.
Prior to joining GreyCastle Security, Ho led finance and administrative functions at multiple private equity and venture-backed portfolio companies across multiple industries. Ho holds a bachelor’s degree in Accounting from Pennsylvania State University in Centre County, Pennsylvania and a master’s degree in Business Administration from the Wharton School of Business at the University of Pennsylvania in Philadelphia, Pennsylvania.
Michael Stamas is an entrepreneur, board member, Vice President and a founder of GreyCastle Security. With more than two decades of experience in the technology sector, Mike pairs his management and business development skills with a deep understanding of cybersecurity. Mike brings a unique brand of risk-based advising to GreyCastle clients and prospects.
Mike holds certifications in numerous security and technology related areas, including the Department of Homeland Security and other security technologies like Symantec, Cisco and Microsoft.
Mike plays an active role in his community and serves as a board member and Vice President of InfraGard Albany as well as an advisory board position with the Capital Region YMCA.
Mike has been recognized for his numerous achievements through various honors including the Albany Business Review’s prestigious 40 Under 40 award.
Dan Kalil is Chief Executive Officer (CEO) and Board Chairman at GreyCastle Security. In this role, Dan provides vision, leadership and strategies that drive GreyCastle Security’s position as an industry leader. With an emphasis on customer success, Dan’s profitable growth model leverages a customer-centric business approach that balances employee wellbeing and social responsibility.
Prior to becoming CEO, Dan served as the company’s Chief Strategy Officer, during which he supported multiple acquisitions and helped the organization achieve substantial sales growth. In addition to serving as CEO at GreyCastle Security, Dan continues to hold the position of Chief Commercial Officer (CCO) at Assured information Security (AIS) in Rome, New York, a company he co-founded in 2001.
Over the course of the last 22 years, Dan has been committed to advancing the state of cybersecurity and has played an instrumental role in the identification and development of critical, next-generation cyber capabilities. He has held positions in almost every facet of cybersecurity, beginning as a computer forensic examiner and progressing through the management and executive leadership ranks. In addition to co-founding AIS, Dan has facilitated multiple cybersecurity startups, raised investment capital and has served in various lead and support roles toward the acquisition of five companies in the last eight years.
Dan has a bachelor’s degree in Cybersecurity and a master’s degree in Cybersecurity from Utica College in Utica, New York.
Dan Maynard serves as GreyCastle Security’s Chief Operating Officer, where he currently leads Sales, Marketing and Legal.
Dan has enjoyed a 30+ year career in the Information Technology and Telecommunications industry, during which time he has held various leadership positions for organizations such as Rochester Tel/RCI, Citizens Communications (Frontier), PAETEC Communications, IntegraOptics, tw telecom/Level3 and Centurylink.
In addition to various voice and data technology platforms, he possesses a strong background in leadership development, sales and marketing leadership, transformational leadership and strategic planning. Dan has a thirst for knowledge and as a committed lifelong learner, he encourages and supports professional development initiatives for his teams and continues his involvement with Vistage International.
Dan holds a bachelor’s degree in Biology from Lafayette College in Easton, Pennsylvania, where he was selected as a member of their Athletic Hall of Fame in 2016.
When not at work, Dan enjoys traveling, golfing, attending Utica Comets hockey games and relaxing in the Adirondacks on beautiful Canada Lake with family and friends.
Dan Didier is the Vice President of Solutions and board member at GreyCastle Security.
Dan has been a cybersecurity practitioner for more than 20 years and uses his knowledge and experience to develop cybersecurity solutions that ensure readiness and preparedness.
Dan received his bachelor’s degree in Telecommunications from SUNY Polytechnic Institute in Utica, New York, and graduated Summa Cum Laude with a master’s degree in Information Assurance from Norwich University in Northfield, Vermont.
Our Computer Incident Response Teams (CIRTs) have responded to hundreds of breaches, intrusions, malware infections, thefts, employee investigations, fraud cases and other incidents. Our highly-certified experts have extensive experience in command, coordination and correction of incidents in nearly every industry throughout North America, from local businesses to Fortune 500 international conglomerates.
800-403-8350Francesca LoPorto-Brandow is Director of Culture at GreyCastle Security. In this role, Francesca leads all social responsibility efforts and partnerships and develops effective strategies that promote organizational-wide behaviors and attitudes consistent with a culture of safety, inclusion, teamwork, motivation and high-performance.
Prior to this role, Francesca was Director of People & Culture at GreyCastle and with her leadership, the company’s culture has been recognized by Inc. Magazine as a Nationally recognized Best Workplace, Albany Business Review Best Places to Work and Albany Times Union Top Workplaces.
Before joining GreyCastle Security, Francesca worked as an OD consultant and focused on strategic culture change at The Kaleel Jamison Consulting Group, Inc. for more than six years. There, she facilitated client education sessions, coached leaders and teams, developed and executed consulting interventions and served as strategy project leader on various client engagements. Her work has taken her into Fortune 100 companies and across borders including Panama, Singapore and beyond.
Francesca is a Lean Six Sigma–certified Green Belt, a proud YWCA-GCR board member and in 2013, she coordinated and emceed the inaugural TEDx Troy—a livestream of TEDCity 2.0. Since 2012, she has coordinated and emceed the Troy 100 Forum, a biannual forum for government, religious and community leaders to discuss issues vital to the future of Troy, New York.
Bilingual in English and Italian, Francesca holds a bachelor’s degree in Management and Technology from the Rensselaer Polytechnic Institute’s Lally School of Management & Technology. She was awarded Cybersecurity Recruiter of the year North America in 2017 by the Cybersecurity Excellence Awards.
Jamie Aiello is Senior Vice President of Services and Product Management at GreyCastle Security. In this position, Jamie is responsible for leading a high performing and well-balanced team that is ultimately responsible for the identification, selection, execution and successful performance of our company’s diverse portfolio of cybersecurity offerings.
Prior to joining GreyCastle Security, Jamie has held leadership positions with Annese and Associates, ConvergeOne and BlueSky IT Partners with a focus on delivering cost effective information technology solutions for companies across multiple verticals.
Jamie holds a bachelor’s degree in Political Science from Le Moyne College in Syracuse, New York, a master’s degree in Business Administration from Gardner-Webb University in Boiling Springs, North Carolina and a master’s degree in Computer Information Systems from University of Phoenix in Phoenix, Arizona.
