Businesses are now more connected than ever before. Digital connectivity is simplifying our lives and increasing business competitiveness. However, the risk of cyber-attacks is also rising.
According to a survey from Gartner, 12% of board members classified cyber security as a technology risk, while 88% classified it as a business risk.
Addressing cyber security threats and improving overall cyber security posture are required to reduce data breach costs. In 2021, the average cost of a data breach was USD 4.24 million globally.
Organizations that have comprehensive strategies are governed by best practices and automated using advanced technologies can fight cyber threats most effectively and mitigate the impact of breaches when they occur.
Cyber security is a branch of information security that deals with preventing unauthorized access to computers, networks, programmes, and data. With the help of accelerated digitization, enhanced connectivity, and cloud migration, the boundaries of businesses are continuing to grow. Using a holistic strategy in IT security gives the flexibility to scale and more agility when it comes to adapting to future threats.
Companies that design security into the business ecosystems have the best chance of operating confidently in today's evolving threat landscape. When it comes to the cloud, security by design is essential. This not only improves a company's resilience, but cloud security is also important for businesses because it allows for better outcomes. As artificial intelligence (AI) becomes a new driver of growth for businesses, attacks on AI are becoming more common. Cyber risks are frequently discovered to be in the areas of data protection and integrity, as well as algorithm manipulation.
End-to-end cyber security is tailored to the specific business. This will allow the organization to scale to any situation and adapt to future impacts.
Layers of protection are included in a robust cyber security plan to guard against cybercrime, such as cyber-attacks that aim to access, modify, or destroy data. It should address:
- Critical Infrastructure Security - Practices for safeguarding computer systems, networks, and other assets on which society relies for national security, economic health, and/or public safety.
- Network security - Both wired and wireless (Wi-Fi) connections are used as security measures to safeguard a computer network from attackers.
- Application security - Processes that aid in the protection of on-premises and cloud-based applications. Security should be considered during the design stage of applications, with concerns for data handling, user authentication, and so on.
- Cloud security - Confidential computing protects user privacy, business requirements, and regulatory compliance standards by encrypting cloud data in storage, in motion and during processing.
- Information security - Data security measures like the General Data Protection Regulation (GDPR) protect the most sensitive information from unauthorized access, disclosure, and theft.
Cyber threat intelligence is critical in determining the measures that organizations can implement to outsmart uncertainty, emerge stronger from crises, and gain greater resilience against cyber security threats.
Malware
Malware refers to malicious software variants such as worms, viruses, and trojans. This allows unauthorized access to a computer or causes damage to it. To activate malware and other risky software, cybercriminals use a variety of infection vectors, such as breaching networks, purchasing account access on the dark web, and enticing users to click a dangerous link in a socially engineered phishing email.
Ransomware
Ransomware is a type of malware that encrypts files, data, or systems and threatens to delete or destroy the data or expose sensitive information. The risk lies in the impact on the business as a result of a service or process being abruptly disrupted or removed, or a loss of reputation. Ransomware-as-a-service (RaaS) has made it possible for less-skilled criminals to use this approach, with a high reward for little effort or technical knowledge.
Phising
Phishing is a form of social engineering in which people are misled into revealing personal or sensitive information. Phishing scams demand personal information such as credit card numbers or login passwords via emails or text messages that appear to be from a reputable company. The FBI has seen an increase in pandemic-related phishing, tied to the growth of remote work.
Spyware
Spyware and banking trojans are malicious software that enters a target computer, gathers data, and sends it to a third party without the user's permission. While banking trojans frequently use web injects to obtain financial account information, spyware can also refer to legitimate software that monitors data for commercial gain. Malicious spyware, on the other hand, is used to profit from stolen data.
Distributed Denial of Service (DDoS) Attacks
A DDoS attack overloads a server, website, or network with traffic, usually from numerous synchronized systems, in an attempt to bring it down. DDoS attacks use the SNMP protocol, which is used by modems, printers, switches, routers, and servers, to overwhelm enterprise networks.
The best practices and technology listed below can assist the organization in implementing robust cyber security that decreases the organization's vulnerability to cyber-attacks and safeguards the important information systems.
Identity and Access Management (IAM)
Single sign-on is an IAM methodology that allows a user to log in to a network only once without having to re-enter credentials during the same session. Cyber security personnel can also employ IAM capabilities to gain a better understanding of suspicious behaviour on end-user devices, including those they can't physically access. This shortens the time it takes to investigate and respond to a breach, allowing to isolate and contain the damage.
A comprehensive data security platform secures sensitive data including hybrid multi-cloud setups. Automated, real-time visibility into data vulnerabilities is offered by the best data security platforms, and any ongoing monitoring alerts the business to data vulnerabilities and risks before they become data breaches. They should also make it as simple as possible to comply with government and business data privacy rules. Backups and encryption are also required for data security.
Security information and event management (SIEM) combine and analyze data from security events to detect suspicious user behaviour and initiate a preventative response. Advanced detection approaches, such as user behaviour analytics and artificial intelligence, are now included in SIEM solutions. SIEM may automatically prioritise cyber threat response based on the company's risk management goals.
Zero Trust security Strategy assumes compromise and implements controls to ensure the validity and purpose of every user, device, and connection to the organization. Organizations require a way to combine security information to provide the context (device security, location, etc.) that informs and enforces validation controls to successfully implement a zero-trust strategy.
Cyber threats and data breaches can be greatly reduced by adopting a security-aware culture and practising good cyber hygiene. Faster recovery can be aided by establishing a strong, resilient system with proactive and reactive solutions.
BTC Cyber Security consultants work with the client’s leadership, project managers and security vendors to develop a high-level strategy by understanding the nature of the business and potential risks. To get in touch with our consultants today, email us on [email protected].