This week marks the end of European Cybersecurity Month, a time to shine a spotlight on the risks of cyber insecurity, the impact it can have on organisations, and the solutions that can be put in place to protect and manage company data.
These awareness-raising campaigns are important, but all tech leaders know that data security management is an around-the-clock job – there are no days off. The truth is an organisation’s cybersecurity is only as strong as its weakest links, with device users and partner organisations often responsible for vulnerabilities.
According to Forrester Research, only 7% of security decision-makers are concerned that a lost or stolen asset could cause a breach, even though such incidents account for 17% of all breaches. Add to that Gartner’s analysis, which shows that over the last two years 45% of organisations have experienced cyber-related interruptions to their business due to a third party, and it’s clear that every organisation needs a comprehensive plan to secure its data beyond the walls of its own operations.
A complex digital footprint
Our dependence on technology continues to grow exponentially, and as the number of devices organisations rely on increases, so do the risks of managing the security of company and customer across a dispersed digital footprint.
Data no longer remains on the office desk – it travels with employees to different work locations, home, and on public transport – and as this happens it becomes more difficult for organisations to control and protect.
It’s not just the number and the mobility of devices that is challenging, but also their connectedness. Our digital systems are becoming increasingly complex and interdependent, which means it only takes one organisation in the value chain to expose others to data security breaches.
The case for end-to-end control
Adding to this complex cybersecurity landscape, is the growing realisation that data must be protected across the entire device lifecycle. Yet many businesses still have cybersecurity strategies in place that only get them halfway there.
While most organisations have strategies to protect IT hardware during its active use, fewer address the crucial steps needed once devices are decommissioned. Many companies rely on multiple suppliers to cover various stages of the hardware lifecycle, resulting in gaps and potential risks.
A better approach is for organisations to adopt a holistic procurement model that embeds end-to-end traceability of hardware. By knowing exactly what hardware enters the business, companies can track which devices hold data, enabling secure data erasure as part of the decommissioning process. This proactive strategy ensures data security not just during use but throughout the entire lifecycle of the technology.
Mitigating risk across the device lifecycle
Organisations can procure digital services on a financing contract through new models, like our Technology Lifecycle Management (TLM) service, rather than through traditional cash ownership. This helps to simplify tech procurement and reduce exposure to multiple suppliers by offering a whole lifecycle approach to IT management as part of one simple service.
Comprehensive asset management is central to this approach and supports organisations to improve their oversight and control of devices by ensuring IT teams know where devices are, how they’re being used, and when they require updates. We include our powerful asset management platform as part of every TLM contract. We onboard all new and existing devices on to this system to allow organisations to track all devices through a single digital dashboard and create a complete and secure chain of custody.
When it’s time to decommission corporate devices, our Technology Lifecycle Management service includes a range of automated end-of-life services for secure IT Asset Disposition (ITAD), such as return logistics, refurbishment, and data erasure. This creates a transparent audit trail for organisations to monitor, track, and trace devices while preparing to redeploy devices to new users.
Achieving true resilience
Building a resilient cybersecurity strategy today involves navigating a complex landscape and addressing the fast-evolving vulnerabilities introduced by users, partners, and risks throughout the device lifecycle.
However, the solution doesn’t have to be complicated.
Organisations can confidently mitigate significant cybersecurity risks associated with device decommission by partnering with a single supplier to deliver a comprehensive, end-to-end IT hardware management service. This approach complements existing in-live cybersecurity measures, establishing proactive safeguards that support the best outcomes for both the business and its customers.
Want to find out more about our end-to-end approach to data security? Contact us today.
15.9 billion. That’s the number of connected devices in the world today. Technology at this scale is matched only by our dependence on it to enable our lives, support our economies, and ensure our society continues to function.
It’s no different for businesses, for whom technology is inextricably linked to competitiveness, growth, retention, productivity, and reputation – just to name a few.
Of course, the greater our dependence on technology, the greater our exposure to things going wrong. Organisations across the world know all too well how devasting and costly it can be when our digital systems fail. In fact, 82% of European Chief Risk Officers believe cybersecurity presents the single biggest risk to their business.
The cost of data breaches to organisations is up 10% this year to its highest level ever, with the potential to cost an organisation millions. Data security incidents can damage reputation, customer retention, and opportunities for future business growth too, with 75% of the increase in breach costs due to lost business and post-breach response activities.
It’s clear every organisation needs a comprehensive, end-to-end cybersecurity strategy, but what’s the best way to achieve it?
- Be proactive, not reactive
74% of CEOs are concerned about their ability to minimise damage from a cyberattack and many organisations find themselves firefighting, which can be both time consuming and ineffective.
In a recent report, the World Economic Forum criticised “the reactive nature of cybersecurity in the realm of IoT and connected devices”, highlighting it as a significant weakness for organisations hoping to protect company and customer data.
An effective data security strategy starts at the beginning, from the point of procurement and encompasses the entire IT lifecycle, including IT asset disposition (ITAD). This means organisation must prioritise solutions that offer security by design.
- Start with procurement
Circular technology management services, like our Technology Lifecycle Management solution, help organisations take a whole lifecycle approach to cybersecurity, end-to-end. Instead of owning IT assets outright, organisations acquire devices on a lease contract, which includes an asset management platform for greater control and oversight of devices while in use, as well as secure end-of-life services that keep devices secure even when they’ve been managed out of the business.
With 40% of organisations experiencing a cybersecurity incident in the last 12 months, the truth is that every business is at risk and every part of the IT device lifecycle is exposed. From the outset, circular technology management solutions include an upfront plan to manage data not just during use but also once devices are decommissioned or no longer in use.
- Secure your value chain
Today, every business is part of a complex value chain that includes supplier and partners of different sizes, capabilities, and locations. Unfortunately, this makes the data security landscape even more complex for organisations, who must now consider how to protect their data far beyond their own four walls.
Supply chain attacks are becoming more prevalent and with 41% of organisations that have suffered a cyber incident in the past 12 months saying a third party was responsible, it’s clear a whole ecosystem approach is needed.
Circular technology management providers help organisations to simplify their tech procurement and reduce their reliance on and exposure to multiple suppliers, by offering a whole lifecycle approach to IT management as part of one simple solution.
- Remember, out of sight is not out of mind
These supply chain considerations must now extend to data protection for end-of-life devices too, as high-profile breaches prove out of sight is no longer out of mind.
Regulators are moving quickly to address these issues, with IT asset disposition (ITAD) identified as a critical factor by the Cybersecurity and Infrastructure Security Agency (CISA), and the EU Cyber Resilience Act prioritising cybersecurity throughout the hardware and software lifecycle.
Circular technology management services include a range of automated end-of-life services such as secure transport, refurbishment, and data erasure. This is important because it helps to create a secure chain of custody throughout the IT device lifecycle and ensure a transparent audit trail for organisations to monitor, track, and trace devices.
Want to find out more about our end-to-end approach to data security? Contact us today.