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Cybersecurity threats are real and growing across businesses and industries. The rapid and widespread adoption of trends like bring your own device (BYOD) and remote work, and technologies like cloud technology have put considerable strain on security teams.
Many organizations have failed to provide a cybersafe remote-working environment, adding to their vulnerability to cyberattacks.
The result? A fourfold surge in the number of cyber attacks- everything from an increase in the number of email phishing scams, data breaches or ransomware attacks to malware propagation, financial frauds, and other vulnerability exploits.
With digital transformation accelerating at an ever-increasing pace, cybersecurity is now a major concern, and is being increasingly seen as a strategic business issue with serious financial and regulatory implications.
Also known as information technology security or electronic information security, cybersecurity measures can help enterprises build security in networked systems, cloud, and applications and combat threats to improve their resilience from the inside out and ensure business continuity.
Insider Risks Must Not be Overlooked
Most of us believe that cyberattacks are a work of an outsider. Surprisingly, insider incidents contribute to 33% of data breaches according to Forrester Predictions 2021: Cybersecurity.
Reasons for data breaches caused by insider incidents could be accidental or inadvertent data misuse or due to malicious intent.
Malicious employees working from home with less supervision and fewer technical controls may carry out fraud or other criminal activity. The organizations must train and help employees understand the risk. And the employees must use facets of their cyber-security training and good judgment to maintain information security.
Increasing Cyber threats, Increased Financial Losses
If you think only websites with financial data are potential targets of hackers. We’ve got bad news! In today’s age, data is of utmost importance. Data could be contact information of sales prospects or customers to sensitive information such as health or family.
Hackers fighting for social and political issues, known as hacktivists, have only added to cybersecurity threats.
And, the losses simply don’t stop at financial losses. Cyber attacks can lead to regulatory sanctions, business continuity disruptions, lawsuits, and staggering reputation damage.
Is Resilience Even Possible?
Cybercriminals can easily gain access to customer credit card records and bank accounts, supplier networks, and employee financial and personal data as these businesses tend to have weaker online security.
Arguably, the cost of cybercrime to a small business can be devastating. Today, cyberattacks cost small businesses on average $20,752 per attack.
Though small and medium enterprises (SMEs) apparently seem to be at a greater risk, compared to the larger enterprises, for these businesses typically lack the security infrastructure and are vulnerable to cyberthreats. But the moot question here is resilience even possible?
Yes, it is.
But only when businesses, big or small, make a long-term commitment to develop cybersecurity maturity by building a wide range of strategic capabilities and supporting their workfoce with adequate training.
It’s a straightforward journey that needs sustained dedication to align strategic cybersecurity initiatives with the actual needs of the organization.
Time to Act
There’s no one-size-fits-all cybersecurity strategy. Security solutions can be customized depend-ing on the size and needs of your business.
Organizations now need more robust cybersecurity solutions – ones that allow them to identify threats in real time, limit exposures, reduce time to recovery, and prevent future attacks.
Key Considerations for Cybersecurity Solutions
There are four critical elements when considering cybersecurity solutions:
A good service provider will not only investigate the nature of the incident, but also work with businesses to calculate and minimize damages, uncover the root causes of the incidents, and take measures to prevent future losses.
In-house or Outsource?
There are many benefits of outsourcing cybersecurity solutions. An in-house team works with limitations. For example, they may not be able to detect and address advanced threats around the clock.
Some of the benefits of outsourcing include:
With the increased sophistication in digital technologies, cyber adversaries have become inventive in their attacks. Relying on outdated security measures will make businesses even more vulnerable. An effective cybersecurity program can help organizations disrupt attacks as they happen, reduce the timeframe and costs of recovery, and contain future threats.
All of us have financial advisors and health advisors. It’s time we take cyber health seriously. Having a cybersecurity advisor that understands your needs and strengthens your security stance is critical for businesses today.