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In today's digital landscape, cybersecurity threats are ever-present and constantly evolving. According to a recent Verizon data breach report, 68% of breaches involved a non-malicious human element, such as a person falling victim to a social engineering attack or making other security mistakes. This statistic underscores the urgent need for organizations to address the human factor in their cybersecurity strategies.
Here are 10 strategies to help effectively reduce human error and strengthen your organization's cybersecurity posture.
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Education is one of the most powerful tools in combating human error. Implement a robust, ongoing security awareness training program that covers:
Also, ensure that training is engaging, interactive, and regularly updated to reflect the latest threats and best practices.
Creating a culture of cybersecurity awareness is crucial. This entails encouraging open communication about security issues, allowing end-users to ask any security questions, and making it clear that reporting potential threats or mistakes is valued, not punished. Security newsletters, posters, and other reminders, even gamification, also help keep security top-of-mind for employees.
Developing well-defined cybersecurity policies and procedures provides a framework for employees to follow to maintain secure operations. They should be clear and easy to understand and cover areas such as:
These policies should be enforced across the organization and reviewed and updated regularly to ensure they remain relevant and effective against the latest cyber threats.
Widely recognized as an effective approach to prevent security breaches, zero-trust assumes that no user, device, or network should be inherently trusted, and strong identity access management (IAM) controls are central to its implementation. Effective access control protocols include:
While technology alone can't solve the problem of human error, it can certainly help reduce its impact. Consider implementing:
These technologies can help catch and prevent many common end-user mistakes before they lead to breaches.
Security audits help identify vulnerabilities before they can be exploited. Perform both internal and external audits regularly, including both technical assessments and on areas where human error is more likely to occur. Any potential weaknesses in your organization’s security posture should be addressed promptly and thoroughly. Finally, use audit results and assessment insights to refine your security strategies, policies, and training programs.
Phishing remains one of the most common cyber threats. Regularly performing phishing simulations is a fundamental way to test whether your organization’s security procedures and employee training are effective. Employees practice recognizing sophisticated phishing attempts, which provides immediate feedback on whether additional training is needed and allows you to track your staff’s improvement over time.
You have set up policies, provided training, and put up reminder posters, but you also must ensure employees have an easy and ongoing connection to security support. This could include a dedicated IT helpdesk, a knowledge base of security best practices they can access, or designated security champions within each department who can provide guidance and answer questions.
Leadership plays a crucial role in reducing human error. When executives and managers prioritize and model good cybersecurity practices, it sets the tone for the entire organization. Ensure that security is a priority at all levels of the company.
Despite best efforts, some human errors will occur. A well-defined incident response plan is key to quickly detecting, containing, and mitigating the impact of security incidents caused by human error. By implementing response strategies, organizations can significantly reduce the risk factors of cybersecurity breaches. Continuously evaluate and improve your response approach to stay ahead of evolving threats and secure your organization's valuable assets.
Reducing human error in cybersecurity is essential for protecting your organization from breaches. Many strategies can be incorporated to significantly enhance your organization’s defences against human-induced security breaches, including implementing comprehensive training, fostering a security-conscious culture, and utilizing effective technologies. Also, remember that cybersecurity is an ongoing process, not a one-time effort, so continuous investment in employee awareness and support is fundamental. By prioritizing these strategies, you are strengthening your organization’s first line of defence, its people, against cyber threats.
[/um_loggedin]Source: Protech Insights
The digital world is constantly evolving, and so are the threats it faces. One of the most pressing concerns today is the battle between artificial intelligence (AI) and cybercriminals. As AI technology continues to advance, it is being deployed to defend against cyber threats.
However, it is also being used by malicious actors to launch more sophisticated attacks. In this blog post, we will examine the ongoing battle between AI and cybercriminals and explore the potential implications for the future of cybersecurity.
AI has the potential to revolutionize cybersecurity by automating many of the tasks that are currently performed manually. For example, AI can be used to analyze large amounts of data to identify patterns and anomalies that may indicate a cyberattack. Additionally, AI-powered systems can be used to detect and block malicious traffic in real-time.
AI can analyze vast amounts of data to identify potential threats that human analysts may miss.
AI-powered systems can automatically block malicious traffic before it reaches its intended target.
AI can help organizations gather and analyze threat intelligence to stay ahead of cybercriminals.
Unfortunately, AI is not a silver bullet for cybersecurity. It can also be used by cybercriminals to launch more sophisticated attacks. For example, AI can be used to generate realistic phishing emails or to create highly convincing deepfakes.
Additionally, AI can be used to automate the process of scanning for vulnerabilities in networks and systems.
AI can be used to generate highly convincing phishing emails that are more likely to trick victims.
AI can be used to create realistic deepfakes that can be used for fraud, disinformation, or blackmail.
AI can be used to quickly identify vulnerabilities in networks and systems.
The battle between AI and cybercriminals is likely to continue for years to come. As AI technology continues to advance, it will become even more powerful and versatile. However, it is also likely that cybercriminals will find new ways to exploit AI for malicious purposes.
The future of cybersecurity will depend on the ability of organizations to effectively leverage AI while also mitigating the risks associated with its use. This will require a combination of technical expertise, policy development, and ongoing education and training.
The battle between AI and cybercriminals is a complex and ongoing struggle. While AI has the potential to significantly improve cybersecurity, it also poses new challenges. Organizations must be prepared to adapt to the evolving threat landscape and to invest in the necessary tools and resources to protect themselves from cyberattacks.
On Friday, July 19th, millions of Windows users were locked out of their devices after a faulty CrowdStrike update caused a massive worldwide outage. This is a stark reminder of the potential consequences of software updates and the importance of thorough testing and quality assurance.
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A faulty code in the update files for the latest version of CrowdStrike’s Falcon sensor software was intended to make systems more secure. However, the configuration update triggered a logic error resulting in a system crash and blue screen (BSOD) on impacted systems, leading to the most widespread tech outages in recent years.
Reuters reports that this is potentially due to the code not being properly vetted or sandboxed before the launch.
The outage caused chaos, with many businesses being forced to close or operate in a limited capacity until the bug was fixed.
Microsoft revealed that approximately 8.5 million devices were impacted globally. Despite only accounting for 1% of Windows devices, there were ripple effects across multiple crucial industries, particularly airlines, hospitals, banks, and telecommunication companies.
Hospitals across the US, Canada and UK were forced to cancel elective procedures, with Britain’s National Health Service seeing problems at most GP offices across England due to the impact on their appointment and patient record system.
Air travelers faced the brunt of the chaos, with more than 42,00 flights delayed and a further 4,700 canceled internationally. There were also severe delays at the international borders between the US and Mexico as well as the Canadian border.
Over the weekend, Microsoft deployed hundreds of engineers to support its customers to restore services. CrowdStrike also posted instructions on how to remediate the error, however, this is a manual process which will take time to implement across all affected devices.
CrowdStrike is continuing to work to get all affected devices back online, and in an X post, stated that a significant number were online and operational.
Cyber resilience is more important than ever, but this outage reminds us of how reliant the economy is on technology and how networks have become complex and intertwined, making it easier for one small error to have such broad-reaching consequences. The sheer extent of the crash exposed the vulnerabilities in essential security software, and the full financial damage cannot yet be estimated.
[/um_loggedin]Recent data shows an estimated 85% of organizations will have faced at least one cloud security incident by the end of 2024.
Therefore, the effectiveness of an enterprise’s cloud security is paramount to ensuring that any security incident, whether a data breach, unauthorized access, or other cyber threat, does not lead to significant operational disruptions, data loss, financial setbacks, or reputational damage.
To protect your company’s data from theft, leakage, and loss, here are eight best practices to follow for cloud security:
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Some aspects of security are managed by your cloud service provider (CSP), while others are managed by you, the customer. All leading CSPs, such as AWS, Azure, and Google Cloud, follow a shared responsibility model, and the general rule is the CSP is responsible for the cloud infrastructure, and the customer is responsible for the data, apps, and configurations in the cloud. However, some security responsibilities vary depending on the cloud delivery model (SaaS, PaaS, or IasS). To avoid a potentially costly security misunderstanding, begin by reviewing the SLA (service level agreement) with your CSP and make sure to ask any questions regarding security responsibilities if in doubt.
Securing access to your company’s cloud environment is crucial to protecting your data and other assets. IAM systems reduce the risk of unauthorized access to your cloud. Incorporate the principle of least privilege to ensure users and applications have only the access necessary to perform their tasks. Go beyond passwords by requiring Multi-Factor Authentication (MFA), an essential component of IAM policies. Finally, continuous access control monitoring is key, so schedule regular audits and reviews of access controls to ensure they are up-to-date and revoke access where no longer needed.
Not only is it essential to encrypt data kept on physical or digital storage devices, such as hard drives or servers, but also data in transit traveling over a network, between devices, or entering cloud services. You can use strong encryption features supplied by your CSP or use third-party encryption solutions to encrypt data before it’s stored in the cloud, as well as use secure communication protocols such as secure sockets layer (SSL) or transport layer security (TLS) to encrypt data during transmission to prevent unauthorized access to anyone who does not have the right decryption key.
Your business is responsible for regulatory breaches, even if the security problem originates with the cloud provider. Therefore, staying compliant is a top cloud security priority. Start by reviewing regional-specific regulations governing the acquisition and protection of personally identifiable information (PII), such as GDPR and HIPAA, as well as industry regulations for operating and storing data on the cloud or overall cybersecurity such as NIS2. Before establishing a new cloud computing service, ensure the service provider meets your data compliance needs. Finally, align your cloud security practices with a recognized framework encompassing compliance standards (e.g., CSA STAR, SOC 2, ISO 27001, etc.).
Preparing for anticipated cloud security breaches is the best way to reduce the impact of a security incident. Begin by scheduling regular backups of all critical data in the event of data loss, and then test the backup restoration process periodically to ensure quick data recovery and availability. Also, ensure you have an incident response plan in place in the event of a breach so that your security team is better equipped to quickly address and remediate the situation.
Two of the biggest cloud security risks continue to be misconfigurations and vulnerabilities. As cloud environments grow and change, configurations can drift from security best practices, so be diligent in preventing and finding configuration errors with the help of your CSP and IT team through continuous security monitoring with cloud-native tools and audits. Also, to protect against the risk of new vulnerabilities being exploited, implement a robust patch management process, including automation tools, to regularly to identify, test and apply security patches and updates to all cloud-based systems and applications.
To ensure your cloud can manage any cybersecurity threats, it’s essential to regularly evaluate your cloud environment’s security posture. Implement regular vulnerability scans, both manual and automated, to identify and remediate security weaknesses. Combine this with simulations of real-world attacks and breaches, also known as pen testing, to test the effectiveness of all your protection measures and uncover any security flaws so that you can proactively address them.
The most effective cloud security depends on teamwork between not only you and your CSP but also your staff. From recognizing and avoiding phishing attacks to accidentally installing malware via websites or attachments, educating employees on cloud security awareness and risks is very much a first line of defense against cyber threats. Also, establishing and enforcing a cloud security policy to follow will better protect your data and your organization.
Migrating to the cloud means businesses benefit from enhanced efficiency, flexibility, and cost savings, but there are significant security risks that require a comprehensive cloud security defense plan. Whether your organization is starting on its cloud journey, or growing its hybrid or multi-cloud environment, following cloud security best practices is key to ensuring your company can handle the growing complexity and increasing number of cloud attacks and data breaches facing today’s business world.
[/um_loggedin]DORA aims to strengthen the digital operational resilience of the financial sector in the face of digital transformation and heightened cybersecurity threats. It is the first piece of legislation that provides a comprehensive digital operation framework for financial entities on an EU level.
Once DORA applies in January 2025, all financial entities operating within the EU must fully comply with its measures. This includes traditional financial entities such as banks, investment firms, and credit institutions and non-traditional entities such as crypto asset service providers and crowdfunding platforms. It will also apply to ICT providers who service the finance sector.
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DORA regulates risk management associated with increased digitalization of the financial sector. The legislation covers five main areas:
From January 2025, DORA will be enforced through a two-pronged approach:
You can take many steps to ensure your business is fully compliant by the January 17th deadline.
DORA promises to harmonize regulation on digital operational resilience on an EU-wide level by creating a binding, comprehensive ICT risk management framework. It represents a milestone in the EU’s effort to fortify the financial sector against the growing threat of ICT disruptions. DORA's collaborative nature, emphasizing information sharing and collective resilience, presents an opportunity for the financial sector to strengthen its defenses against common threats.
Compliance is not a once-off activity but an ongoing activity that requires commitment, adaptability, and a proactive approach to risk management.
Knowledge Exchange is here to help you develop your roadmap and connect you to the suppliers you need. Get in touch to learn more about how we can support you in your compliance journey.
[/um_loggedin]Ransomware is a significant cybersecurity threat that can have devastating effects on businesses of all sizes. Understanding the nature of ransomware, its evolution, and the types of attacks is crucial for developing effective prevention and mitigation strategies. This whitepaper provides a comprehensive overview of ransomware, its impact on businesses, and practical steps to protect against and respond to attacks.
Ransomware is malicious software that encrypts a victim’s data or blocks access to a computer system and demands a ransom to release it. Typically, hackers gain access through phishing, malicious websites, or exploiting software vulnerabilities. Once inside, it can quickly spread across networks, locking files and rendering them unusable.
Although the number of ransomware attacks has declined over the last number of years, total ransomware payments exceeded $1 billion for the first time in 2023.
Ransomware continues to be one of the most prevalent type of cybersecurity threat, with 59% of organizations being hit with an attack in the last year[1] according to Sophos’ “State of Ransomware” report.
Large companies or government departments are often high-profile victims of ransomware attacks. Examples of such attacks include the 2021 attack on the Irish Health Service Executive (HSE), which shut down its systems nationwide, affecting over 100,000 people whose data was stolen during the attack.
Italian luxury fashion brand Moncler was also targeted in 2021. The demand of $3 million was not paid, leading to a massive data leak on the dark web by the hackers.
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There is no one-size-fits-all solution when it comes to ransomware attacks. There are various strategies cybercriminals can use to target their victims, including:
Although attacks such as the examples above often make headlines, smaller businesses are disproportionately the targets of ransomware attacks. In 2023, ransomware attacks on SMBs and Enterprises increased to 46% globally[1], and these figures are expected to continue rising in 2024.
Smaller businesses are often more vulnerable to attacks due to several reasons, such as:
Ransomware can have a crippling impact on businesses, especially small businesses. The four areas typically hit hardest are revenue, reputation, finances, and data.
Mitigating ransomware risks requires a multi-faceted approach encompassing technical measures, employee training, and proactive planning. Here are detailed strategies to protect your business:
A well-structured incident response plan is crucial for minimizing the damage from a ransomware attack and ensuring a swift recovery. Here are the key steps to include in your plan:
Ransomware remains a significant threat to businesses of all sizes. By implementing robust cybersecurity measures, training employees, and having a well-prepared incident response plan, businesses can effectively mitigate the risks and recover swiftly from attacks. Investing in these proactive measures is crucial to safeguarding future of your business and maintaining trust with your customers and partners.
Our Knowledge Exchange Account Managers can help you every step of the way, connecting you to the most robust security providers to equip you with the tools you need to prevent and defend yourself from the damage of a potential attack. Get in touch to learn more.
[1] Sophos. (2024, April). The State of Ransomware 2024. Retrieved from sophos.com: https://assets.sophos.com/X24WTUEQ/at/9brgj5n44hqvgsp5f5bqcps/sophos-state-of-ransomware-2024-wp.pdf
[1] OpenText. (2023, November). OpenText Cybersecurity 2023 Global Ransomware Survey: The risk perception gap. Retrieved from opentext.com: https://blogs.opentext.com/opentext-cybersecurity-2023-global-ransomware-survey-the-risk-perception-gap/
[/um_loggedin]As the complexity and intensity of cyberattacks continue to surge, the zero-trust security model is becoming increasingly vital in today’s business world. However, while almost 90% of organizations worldwide have started implementing zero-trust security in some form, only 2% have mature deployments in place. This is about to fundamentally change, however, as the adoption of zero trust continues to accelerate. Estimates show that the current Zero-Trust Security Market size of $32.61 billion in 2024 is expected to reach $73.57 billion by 2029.
Zero-trust is identity-based security that operates on the “never-trust, always verify” philosophy. It reaches beyond an organisation’s network perimeter with required user and entity identity verification, even from within the network.
Zero trust security has been around for more than a decade, but its importance took a significant turn for enterprises with the COVID-19 pandemic. With employees suddenly working remotely connected to unsecured home networks, the extensive adoption of cloud services, BYOD (bring your own device) policies, and the use of numerous new remote work IT tools, the cyber-attack surface of companies increased exponentially.
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The traditional perimeter security architecture, which reached only as far as a company’s network barrier, was no longer sufficient or effective. Zero-trust verification gained momentum instantly, and since then, with the complexity across each enterprise’s digital supply chain continuing to grow and the addition of edge computing, IoT, and AI to business, zero-trust security architecture has become even more essential to businesses.
The concept of zero-trust is based on three core principles:
In 2024, zero trust architecture is now considered best practice across the increasingly complex cybersecurity landscape facing businesses worldwide. The sophistication and quantity of cyber threats will continue to rise, which is why most companies are implementing some level of a zero-trust strategy despite the costs, resources, and time required. ROI is significant and long-term, which is why 77% of enterprises have increased their budget for implementing a zero-trust model, and 96% of security leaders consider this model a critical measure of business success who incorporate zero-trust’s core principles benefit from:
While the benefits ensure a measurable ROI, zero-trust implementation for many enterprises comes with some critical challenges.
To combat these challenges, it’s essential to look at zero trust as a journey instead of a destination. Implementation can be done gradually as long as a clear zero-trust strategy has been defined, including your organization’s goals and an assessment of your current security posture. Progressive implementation should be accompanied by strategic and operational metrics measuring security success, progress, and costs. This will drive better management in budget planning and staffing requirements as well as allow for easier adaptation in operations and by staff.
In summary, the zero-trust journey will be different for every business. This comprehensive, identity-centric security approach requires a thorough understanding and assessment of an enterprise’s security needs and capabilities. With the World Economic Forum’s 2024 Global Cybersecurity report indicating that 29% of organizations were materially affected by a cyber incident, the time is now to incorporate zero trust, which is best-suited for today’s complex and dynamic business environments and the growing cyber threat landscape.
Ready to start or continue your zero trust journey? Connect with a Knowledge Exchange expert to gain the latest insights and information on zero-trust approaches and get the right support in building a zero-trust roadmap that maximizes your enterprise’s cybersecurity.
[/um_loggedin]Source: Protech Insights
In today’s digital age, safeguarding your online presence is more critical than ever. With cyber threats constantly evolving, traditional security measures may not always be sufficient to protect your sensitive information from prying eyes. In this blog, we’ll delve into advanced security techniques that you can implement to fortify your digital defenses and ensure the safety of your online identity.
Two-factor authentication (2FA) adds an extra layer of security to your online accounts by requiring two forms of verification before granting access. In addition to entering your password, 2FA typically involves a second factor, such as a one-time code sent to your mobile device or generated by an authentication app. By enabling 2FA on your accounts, you significantly reduce the risk of unauthorized access, even if your password is compromised.
A virtual private network (VPN) encrypts your internet connection and routes it through a secure server, protecting your data from interception by malicious actors. VPNs are especially useful when accessing public Wi-Fi networks, which are often targets for cyber attacks. By using a VPN, you can browse the web anonymously and securely, shielding your online activities from prying eyes and potential threats.
Managing passwords for multiple online accounts can be challenging, leading many people to resort to using weak or easily guessable passwords. Secure password managers offer a solution by generating complex, unique passwords for each of your accounts and storing them in an encrypted vault. With a password manager, you only need to remember one master password to access all your other passwords securely. This not only enhances the security of your accounts but also simplifies the password management process.
Biometric authentication utilizes unique physical characteristics, such as fingerprints, facial features, or iris patterns, to verify your identity. Many modern devices, such as smartphones and laptops, come equipped with biometric sensors that enable convenient and secure authentication. By leveraging biometric authentication, you can add an extra layer of protection to your devices and sensitive data, reducing the risk of unauthorized access.
End-to-end encryption (E2EE) ensures that data is encrypted from the moment it is sent until it reaches its intended recipient, preventing anyone, including service providers and hackers, from intercepting or accessing the information in transit. Messaging apps like Signal and WhatsApp employ E2EE to protect the privacy of their users’ conversations. By using E2EE-enabled services and applications, you can communicate securely and protect your sensitive information from eavesdroppers.
As cyber threats continue to proliferate, adopting advanced security techniques is essential for safeguarding your online presence and protecting your sensitive information from unauthorized access and exploitation. By implementing measures such as two-factor authentication, virtual private networks, secure password managers, biometric authentication, and end-to-end encryption, you can significantly enhance the security of your digital life and enjoy peace of mind knowing that your online identity is well protected. Remember, staying vigilant and proactive is key to staying one step ahead of cyber threats in today’s ever-changing digital landscape.
Source: Protech Insights
In today’s interconnected world, where digitalization permeates every aspect of our lives, safeguarding our digital assets has never been more critical. From personal information to sensitive financial data, our digital footprint holds a treasure trove of valuable assets that are increasingly targeted by cybercriminals. In this blog, we’ll explore the importance of safeguarding your digital assets and discuss proactive strategies to mitigate the risks posed by persistent cyber threats.
Cyber threats come in various forms, ranging from phishing scams and malware attacks to data breaches and ransomware incidents. These threats exploit vulnerabilities in our digital infrastructure, including weaknesses in software, inadequate security protocols, and human error. With cybercriminals becoming more sophisticated and organized, the threat landscape continues to evolve, posing significant challenges to individuals and organizations alike.
Our digital assets encompass a wide range of valuable information, including personal identity data, financial records, intellectual property, and business-critical information. The loss or compromise of these assets can have far-reaching consequences, leading to financial loss, reputational damage, and legal liabilities. Moreover, in an era of digital transformation, where cloud computing, IoT devices, and interconnected networks are ubiquitous, the attack surface for cyber threats has expanded exponentially, amplifying the importance of robust cybersecurity measures.
In an era of persistent cyber threats, safeguarding your digital assets is paramount. By understanding the landscape of cyber threats, recognizing the importance of digital asset protection, and implementing proactive cybersecurity strategies, you can mitigate the risks posed by cybercriminals and protect what matters most—your valuable digital assets and sensitive information. Remember, cybersecurity is a shared responsibility, and by working together, we can create a safer, more secure digital environment for all.
Source: Protech Insights
Ransomware attacks have increased exponentially in the last two years. With the pandemic forcing everyone to work remotely, ransom attacks have risen by 148%. That’s an alarming number considering the duration. Only last week, Accenture became a victim of a ransomware attack, but the tech giant immediately contained it.
“WannaCry” was another famous, malicious attack that hit both small and medium-sized businesses across the globe and brought them to a stop. The program attacked MS Office operating systems where the hackers took the user’s data hostage for a Bitcoin ransom.
But why do big and small businesses fall victim to ransomware attacks? How can organizations build strong cyber defense systems to prevent such attacks? Let us take a look at them now.
Poor cybersecurity and not fixing underlying attacks are the major reasons for becoming an easy target to hackers. Also, your businesses can become a frequent target of different types of ransom attacks if you’ve already witnessed them once. You also tend to fall victim to opportunistic attacks, especially if you have systems connected to the Internet that are vulnerable or not protected.
Secondly, if the early attackers leave a backdoor in your network that they can access when required, you can be attacked more than once. Although it happens less frequently, you cannot rule this out completely. Once you pay the attackers, the greed to earn more can lead them to target your systems again. Especially if they are still vulnerable. Constantly upgrading network security and monitoring your network can save you from such future attacks.
Evolving technology has made businesses dependent on data-driven networks. This gives ransom attackers myriad opportunities to find loopholes in your system security and target them time and again. Here are some useful tips to protect your business from ransomware attacks.
Your employees can be an “insider threat” if you do not train them regularly on system security. Insider threat is nothing but negligence or any error by your employee that can lead to a complete compromise of your data and security. Also, since all your employees aren’t aware of security breaches, they become easy victims of hackers. Educate your employees on what are ransomware attacks, how their computers can be compromised, and what they can do to prevent them. Teach them about phishing emails and how to avoid opening them. Such awareness helps prevent these security breaches.
Taking a layered approach to network security helps you prevent security breaches for your business. This means using a combination of security tools such as anti-virus, firewall, anti-malware, spam filters, etc. to prevent data loss and cyber breaches. Most IT experts suggest using a combination of security tools so even if one fails, other layers offer enough protection to the systems.
It is always a good practice to use multifactor or two-factor authentication for extra security. Two-factor authentication is a two-step process you follow to gain access to your network. First, you provide a username and password on one platform and then confirm your identity on another platform as well. This ensures tighter security and safety. Apart from this, you must encourage your employees to use strong passwords and keep changing them frequently.
Want to avoid paying hefty sums to intruders even if your systems are compromised? Back up your data every day without fail. A robust backup strategy is one of the most important defenses against ransomware attacks. You can also do regular testing of images and other data to check their integrity. Ensure your IT team follows a proper data backing-up process frequently.
Educating your employees about phishing is one step. However, enabling strong spam filters further enhances the security of your systems. Add strong spam filters to your email and messaging services to avoid receiving any unwarranted files or messages. To prevent spoofing, you can also use DomainKeys Identified Mail, Sender Policy Framework, and Domain Message Authentication Reporting and Conformance.
Whether you are a small business or a flourishing MNC, prevention is always better than cure. To prevent a cyber breach, having all the basic security processes in place is good. Frequent backing up of data, updating the security software, changing passwords frequently, and using strong spam filters are some steps you must follow to steer clear of ransomware attacks.
For fast growing companies, security compliance is key, but choosing which compliance to pursue can be a difficult choice to make, especially considering that the framework for both ISO 27001 and SOC 2 is so similar.
Both demonstrate that a business has implemented robust security measures and takes information security seriously, however there are some key differences.
This blog will discuss both compliance frameworks and the elements you should take into consideration when choosing which to complete.
ISO 27001 is one of the leading international standards that provides a framework for establishing, implementing, maintaining, and continually improving an Information Security Management System (ISMS).
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ISO 27001 certification provides customers with third-party reassurance that your organization has built an ISMS and is committed to handling and protecting sensitive data.
There are 14 key components that form the foundation of the ISO 27001 certification. Organizations must adhere to these to achieve compliance which are as follows:
SOC 2 is a reporting framework developed by the American Institute of CPAs (AICPA). It is designed to measure how a business’ system achieves the AICPA Trust Service Criteria which covers: security, availability, processing integrity, confidentiality, and privacy.
Unlike ISO 27001 which sets out a more rigid framework, each company has the freedom to design its own controls in order to comply with the criteria.
As mentioned above, there are five areas which are examined to achieve SOC 2 compliance which are as follows:
Although Security is the only mandatory area, in order to have a well-rounded assessment, companies should commit to implementing appropriate measures to demonstrate compliance.
There is no “one size fits all” answer but there are several factors to consider when choosing the right compliance standard for you, including the organization’s needs, resources, and goals.
Some key considerations are:
Deciding between ISO 27001 or SOC 2 should be guided by your specific needs, client demands, industry standards and regulatory requirements. Ultimately, both are strong displays of a business’ commitment to ensuring information security. By understanding the nuances and differences between these certifications, organizations can make an informed decision that best suits their unique circumstances and security objectives.
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EU places Cybersecurity as top directive for 40K business in its member states by mandating companies to comply with its new legislation to protect businesses from attacks and breaches.
The Network and Information Systems (NIS2) Directive is an extension of the original NIS Directive published in 2016, which has been adopted by EU member states. It imposes stricter cybersecurity requirements and ensures uniform sanctions across the EU. It came into effect in January 2023, and must be established as law by all member states and submitted to the European parliament for review by its council by October 2024 which means should your company fall within the criteria set by the directive, compliance with the new requirements will be mandatory.
The legislation expands on the number of sectors covered in the original legislation to encompass all companies that play a critical role in society. The distinction is made between "essential" and "important" entities within these sectors, with both categories required to comply with stringent security measures. Essential entities are subject to proactive supervision, while important entities are monitored after incidents of non-compliance are reported. The NIS2 Directive significantly expands its scope to cover a wide range of sectors and organizations, impacting approximately 40,000 additional companies across the EU, which will be overseen at a national level by each member state’s respective governing body for cybersecurity.
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There are four key areas of business that will have increased requirements following the implementation of the legislation.
In addition to these four key overarching requirements, NIS2 mandates that companies implement baseline security measures to address likely cyber threats. In order to prepare for compliance with the NIS2 Directive, organisations need to determine if they fall within the scope, evaluate security measures, amend policies, plan for compliance and incorporate relevant security measures such as:
The consequences of non-compliance with the NIS2 Directive are severe. Essential companies which do not comply can face fines up to €10 million or 2% of global annual revenue. Companies classified as important under the scope of the legislation can be fined up to €7 million or 1.4% of global revenue.
In addition to financial consequences, companies may also face non-financial repercussions, such as security audit mandates and alerts to clients about potential risks.
These heavy penalties ensure both essential and important companies will prioritise cybersecurity measures to protect national security, economic stability, and public safety.
NIS2 came into force on January 16, 2023, and all EU member states must transpose it into national law by October 17, 2024. Companies that fall within the scope of NIS2 must ensure compliance by this date.
To prepare for the NIS2 Directive, companies need to take several key steps to ensure compliance with the enhanced cybersecurity requirements. Here are some essential measures you can take now to be prepared:
By joining Knowledge Exchange, you will be paired with a Key Account Manager who will act as your central contact for all you IT needs. Your Account Manager searches for the right information on your behalf and links you to a market player who can offer you a specific solution to the cybersecurity challenges you are currently facing so that you can get everything you need in place to ensure compliance. Get in touch to learn more.
[/um_loggedin]Knowledge Exchange examines best practices for small and medium enterprises to strengthen their defences against cyber threats.
With cyberattacks surging since the pandemic, small and medium enterprises (SMEs) face extraordinary challenges when it comes to cybersecurity. According to a recent survey by cybersecurity company Guardz, 57% of SMEs have experienced a cybersecurity breach, among whom 31% reported their business had been targeted by a breach in the past 12 months alone.
So, why are hackers targeting the smaller fish in the pond?
For cybercriminals, it’s about choosing the path of least resistance to an organisation’s data, infrastructure, and finances. Due to lack of budget and resources, many SMEs have weaker security measures, limited security training and a lack of dedicated IT staff in place to combat cybercrime. Also, SMEs can offer a gateway for hackers to gain access to larger businesses through supply chains, which makes them even more attractive to hack.
The hard consequences of these attacks include data loss, financial costs, reputational damage, or a complete system shutdown that can last hours, days, even weeks, bringing your business to a standstill. In many cases, SMEs have gone out of business over one successful cyberattack.
It is paramount for companies to put the nbackuecessary precautions in place to thwart any potential attacks. Knowledge Exchange shares five key steps to take today to protect your SME:
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One of the largest cyber-security threats to SMEs unfortunately comes from the behaviours and habits of employees. Luckily, it’s also the threat that you have the most power to control, and building a strong security culture is key.
Ensure every employee, including executive management, prioritises cybersecurity by:
Today’s cybercriminals go way beyond traditional spam or malware threats, so relying on basic security such as firewalls, antivirus software, and basic email filtering technology is no longer sufficient. Despite smaller budgets and less sophisticated cybersecurity infrastructures than larger enterprises, SMEs must be prepared as much as feasibly possible to prevent modern-day attacks.
Key areas for investment are:
To an SME, data loss due a cyber-attack can be one of the most devastating costs, leading to a lack of trust, a bad reputation, and a loss of significant business revenue. In the event of a cyberattack, a data backup and recovery plan is fundamental, and should include:
In conclusion, SMEs have become an even bigger target for cybercriminals, and cyberattacks will continue to increase and become more complex. However, despite limited resources, there’s a lot you can do to reduce cybersecurity risks starting right now. Engaging employees in building a secure culture, investing in cybersecurity tools and services, and planning for potential attacks will go a long way in protecting your SME.
[/um_loggedin]Source: Protech Insights
The world has undergone significant changes recently, particularly when it comes to interconnectivity. However, one key factor that has acted as a catalyst behind this transformation is the Internet of Things (IoT).
IoT has reshaped our daily lives, by turning everyday objects, like light bulbs and refrigerators, to “smart” devices, making them capable of communication and data exchange. While this technological advancement has brought convenience and efficiency, it has also opened the door to many cybersecurity challenges.
Let’s take a look into the potential risks associated with IoT devices and learn how to implement strategies that can enhance security, be it for your home or office.
As IoT devices are often complex, they are more vulnerable to hacking. Cybercriminals exploit these vulnerabilities to carry out privacy breaches, safety hazards, and service attacks. In order to overcome it, the first thing you need to do is understand what an “attack surface” is.
The attack surface is nothing but the sum of all the points that an unauthorized user employs to get access or extract information from an IoT system. This surface is usually vast as IoT devices have numerous connectivity points, making it an easy target for hackers.
We hope that this blog was helpful in offering you meaningful insights regarding IoT device safety. Follow the steps discussed here and you’ll create a safer IoT environment both at your home and in the office. Stay secure and embrace the IoT revolution responsibly.
This month’s Knowledge Exchange white paper on emerging and existing Cyber Security threats will examine why ITDMs and Business Leaders are extremely worried about a ‘catastrophic cyber event’ that could have more of a societal impact than Covid-19 in next few years, and what ITDMs can do today and longer term to mitigate those risks.
It may be pure co-incidence, but it was certainly chilling to see that in a matter of weeks after the World Economic Forum’s (WEF) 2023 annual summit in Davos, Switzerland that warned of a total “grid down” scenario caused by a ‘catastrophic cyber event;’ a mysterious high-altitude balloon was seen floating across America.
And while many in the mainstream media have quickly judged this and subsequent other balloons to be a surveillance or spy balloons, other commentators claim that most state sponsored espionage is done via satellites1 and that this vehicle has potentially a more sinister capability: The ability to activate an electromagnetic pulse or EMP at high altitude (HEMP) using a smaller lighter nuclear payload.
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Therefore, if the balloon was carrying an EMP device or was just a drill to test the detection and response time of such devices, at the sort of altitude the vehicle was flying it would have a greater geographical reach than a ground detonated device and could have knocked out a big chunk of the infrastructure it was flying over.
A grid down scenario would make Covid’s impact seem like, ‘a small disturbance’
Klaus Schwab, founder of the WEF.
he result would be an instant shut down of power, communication, finance, and business systems that would have a devastating effect to emergency services and supply chains that could tip society into chaos in a matter of days.
A grid down scenario would make Covid’s impact seem like, ‘a small disturbance,’ according to Klaus Schwab, founder of the WEF.
President of the Centre for American Defence Studies, Paul Crespo also confirmed the high-altitude vehicles could be a trial run for a cyber-attack using a balloon-mounted weapon.
Speaking in the Epoch Times Crespo said:
“While China has tested hypersonic missiles launched from balloons in the past, that isn’t a likely use for these airships."
“The biggest threat is sending one or more of these high-altitude balloons over the US with a small nuclear EMP device.”
While we hope the vehicle may be nothing more than a ‘weather balloon,’ with rising geopolitical tension between the US with China2, over Taiwan, tensions with Russia, over Ukraine; an increasingly unstable regime in Iran and a reescalation of tension with North Korea, the usage of EMP enabled weapons for a global pre-emptive strike seems alarmingly possible.
Military strategists at these countries may be in favour of a high-altitude pre-emptive HEMP strike over a conventional full blown nuclear attack as it limits immediate death, radiation fall out and keeps the infrastructure intact, albeit broken, that can be repaired in time.
With more balloons and objects being spotted and shot down by the US and also sightings over other countries such as India, some emergency disaster recovery planning would seem prudent for all businesses to see if there are short-to-midterm policies that can be adopted as well as longer term solutions to keep communications, business systems and
supply chains up and running.
And it is not just the enterprise and big companies that will be affected as many SMEs and mid-size business have been moving their formerly static sensitive data to Softwareas-a-Service companies or moving on premise systems to cloud infrastructure, which can introduce more rather than less security vulnerabilities.
With a massive grid down scenario many watchers believe at best it can get back up and running in a year but more likely more. But even a 12-month delay could cause massive increase in societal instability.
Jonathan Hollerman of Grid Down Consulting explains that although the US and the EU has been aware for a while that ‘critical infrastructure,’ is open to attack there has been a reluctance to do so because upgrading grids and infrastructure many of which are still using 1970’s technology would cause massive disruption to governmental, business, communication and residential needs.
In other cases, firms have been reluctant to make the necessary changes for fear of being subjected to stricter governmental audits and certifications needed to be labelled ‘critical infrastructure.’
Citing the US commander of Cyber Command Admiral Michael Rogers, Hollerman explains that in a meeting of the House Select Intelligence Committee in 2014, Rogers told the House he believed there would be a catastrophic cyber-attack before 2025:
We see multiple nation states and, in some cases, individuals and groups that have the capability to engage in this behaviour… It is only the matter of when and not if we are going to see something traumatic.
US COMMANDER ADMIRAL MICHAEL ROGERS
Since 2014, there have been increasing attacks on critical infrastructure via cyber warfare which have grown in sophistication. Using an EMP device however, albeit as a worst-case scenario, would at a stroke and when needed bypass the need for sophisticated malware and hacks.
Although these threats have been identified for some time, more than half of the US Government Accountability Office’s recommendations for protecting critical infrastructure from cyber threats have not been implemented since they were put in place in 2010, according to Edward Graham of Nextgov who states:
“The report found that of the 106 public recommendations for bolstering cyber critical infrastructure that have been issued by the agency since 2010, only 46 have been implemented as of December 2022.
“Until these are fully implemented, key critical infrastructures will continue to have increased cybersecurity risks to their systems and data,” Graham warned.
So, what can enterprise and SMB ITDMs do to extend ever growing cyber security polices to include mitigating for EMP or other kinetic attacks to critical, IT infrastructure, communication and supply lines? And with the growing threat of ‘conventional’ cyber warfare and attacks such as Distributed Denial of Service (DDos) attacks, Ransomware that is increasingly destroying data rather than encrypting it and other phishing and data breaches, what do you prioritise first?
For the enterprise, the answer is perhaps easier. Government and military organisations have for many years used underground data centres to prevent satellite espionage and mitigate from EMP that until recently was more likely considered to be generated by solar storms that emit localised EMP strikes, than man-made airborne attacks.
More recently, finance and pharmaceutical companies have been looking to datacentre companies that have been repurposing abandoned Cold War nuclear bunkers to offer secure data facilities that have independent power systems to keep systems up and running in what many people are calling ‘underground clouds.’ In the EU there are many such facilities in the Swiss Alps, dubbed the Swiss Fort Knox.
Even in land-based or co-located facilities—eg datacentres near wind, solar or sea-generated energy, datacentres and IT infrastructures can be EMP-proofed by either the combination of materials used in the construction or internally essentially creating Faraday cages around IT cabinets and servers which can be certified as EMP proof.
“When it comes to protection, the first thing to do is take a good review of the security systems that you have in place now and see how your servers are protected.”
GUNNEBO MATT BROOKES
For on premises servers, Brookes suggests protecting your servers with the right kind of pulse-shielding. If hosted, Brookes suggests you can ask your provider what EMP certification they have either at the Datacentre level or rack/cabinet level. It is also a wise move, Brookes says, to see what general EMP protection the actual physical datacentre has in place—such as the materials used in construction, double skinned outer walls etc, if you are looking to do some partial or complete cloud migration.
For smaller midsize operations Brookes suggests:
“The room itself or the building can be made EMP-proof, but that is expensive. It’s much better to look at individual server installations and protect them with the right kind of pulse-shielding. Any electric cable which goes into your server is a possible conductor of an EMP so isolate all of those cables and have connectivity via fibre-optic cables which will not conduct that pulse.”
In conclusion, while threats from EMP until recently have perhaps not been seen as a massive priority, with the rising geopolitical instability and capability to launch such an attack growing daily, it seems that it should be part of all businesses disaster recovery and cyber security policies. And while before the pandemic this might have been another headache for an enterprise ITDM, the migration to hybrid and cloud infrastructure is also making it a headache for the SMB ITDM as more data is being held on third party systems.
And if it is a lower priority for SMB ITDMs because there are so many other threats from more conventional cyber-attacks, it might be a good idea to enlist the services of an managed service provider (MSP) as HelpNetSecurity suggests:
“MSPs can play a vital role for SMBs when it comes to cybersecurity support. Since many SMBs don’t have the resources to hire several in-house IT / cybersecurity professionals, MSPs can shoulder a lot of that load, providing services to help reduce risk, enable growth opportunities, and support end users and customers alike.”
Even without the emerging threat of EMP strikes, state sponsored, criminal and other generated cyber-attacks are set to rise in 2023 for enterprise and SMB alike, with more sophisticated software and the growing use of Artificial intelligence.
Although EMP strike is the worst case and hopefully only a theoretical scenario, the number and sophistication of cyber-attacks is growing at an exponential rate with more state-sponsored attacks accompanying criminal groups, mercenaries and ‘hacktivist’ attacks on business, governmental systems and critical infrastructure.
Security vendor Kaspersky has noted there is a “looming threat of reoccurring attacks” of state sponsored attacks in 2023:
“If a company was compromised once, with the attack successfully remediated, attackers are highly likely to try hacking this organization again. After an unsuccessful attack this organization is most likely to be attacked again, as it is a long-term goal of threat actors. This is especially noticeable in government organizations, which tend to get attacked by state-sponsored actors.”
As well as the state sponsored attacks there is also the growing threat and sophistication of other ‘bad actors.’ For example, since its discovery in 2014, Cloud Atlas has, according to research by cyber security vendor Check Point:4
“Launched multiple, highly targeted attacks on critical infrastructure across geographical zones and political conflicts, however its scope has narrowed significantly in the last year (2022), with a clear focus on Russia, Belarus and conflicted areas in Ukraine and Moldova.”
And although cyber-attacks are increasingly using AI and other sophisticated malware to launch attacks, email is still the major delivery vehicle for initiating cyber-attacks, and people clicking on links are still the unwitting culprits of launching them, according to Check Point that noted that in 2022 86% of file-based attacks in the wild were delivered-by email.
In the US a major energy provider found malware on its system that operated turbines, controllers, and other industrial machinery. It had been undiscovered for a year and infiltrated the network due to an employee clicking a bad link in an email!
86% of file-based attacks in the wild were delivered-by email in 2022
according to check point
And with AI being deployed to create more convincing and genuine emails this threat emphasises the importance of zero-day prevention of attacks, across the entire IT infrastructure, including email, endpoint, network, cloud, and everything in between according to Maya Horowitz, VP Research at Check Point Software Technologies who noted:
“In the last days of 2022, we witnessed a dramatic advancement in the field of generative artificial intelligence, which is able to generate highly professional text (code included) on demand in seconds. As we step into 2023, we should keep in mind that this technology may quickly be adopted by threat actors, to craft even more malicious emails, in even better quality than those typically authored by threat actors, and with endless variations of malware and malicious code in general.”
Although the technology exists, it may not be possible to completely guard systems from a Grid-Down scenario the likes of which the WEF want us all to be mindful of. As well as EMP and electronic based warfare that will also look to spread disinformation on mainstream and alternative media outlets, there is still the risk of more conventional ‘kinetic’ warfare that can pose a similar threat, like the discovery of an apparent Russian spy ship that was thought to be observing undersea power and internet cables that connect the UK from the rest of Europe, according to Dutch intelligence services. Gas, electricity and wind farm critical infrastructure are also likely targeted by the Russians, according to Dutch Intelligence. Such conventional or nuclear strikes would be very difficult to prevent.
However, for the other cyber security vulnerabilities the weakest chain in the link, humans, can be managed in order to prevent or mitigate an attack and with email still being the primary vehicle for such attacks , raising awareness and continual training are perhaps the most important areas to focus on either internally or with the assistance of an MSP as these factors can be controlled whereas other scenarios such as EMP are more problematic.
· Geopolitical landscape for nuclear powers standing off against each other has not been as dire since the Cuban Missile crisis in the 1960s.
· Developments in smaller footprint nuclear EMP devices could be behind recent sightings of high-altitude vehicles being spotted in the US, Canada, and other regions.
· EMP can bring down infrastructure and critical infrastructure without the same levels of devastation and radiation than conventional, however the consequences would be equally catastrophic as a nuclear strike and affect power, communication, supply chain.
· Businesses and Governments have been slow to patch vulnerabilities in critical infrastructure and to move to EMP proof premises.
· EMP proofing IT infrastructure is relatively cheap to do and underground cloud infrastr ucture looks likely to become the new norm, but time is running out if action is not done now.
· Despite emerging EMP threats, state sponsored attacks on critical and business infrastructure will further increase.
· Email is still the most likely vehicle for transmission for malware/cyber-attacks.
· Employees that are not trained or regularly briefed about emerging and existing cyber threats will be the weakest link in the security chain.
· Rise of AI combined with sophisticated malware looks likely to be more commonplace.
THIS MONTH'S LATEST CYBER SECURITY RESEARCH From security vendors, bloggers, and analysts
Author: Maya Horowitz, VP Research at Check Point Software Technologies
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Authors: Sergey Solatov, Roman Nazarov
The first three blogs of our cybersecurity and digital transformation series focused on the threats and security challenges faced by businesses when implementing a digital transformation strategy. In this concluding installment we will lay out the steps you can take to protect your company from potential attacks.
SMBs face a significant risk of cyber-attacks and security breaches. Businesses can take this steps to improve cybersecurity practices. A single attack can cause irreparable damage to the business. Therefore, it's essential for businesses to establish robust security practices to mitigate security threats to their infrastructure and organization. In this fourth and final installment of our cybersecurity series, we will lay out the best ways to tackle these challenges and threats.
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Preparing your business for potential security breaches may seem daunting, but there are many steps you can take to improve your security measures. Here are some ways to improve your business's cybersecurity practices:
Backing up your data on the cloud is an easy and secure way to ensure that your data is safe and accessible even in the event of hardware failure or corruption. Cloud storage is less susceptible to theft or damage than physical on-premise devices as cloud service providers offer firewall protection, making it a safer choice for data storage. Public and private cloud options are available to businesses of all sizes, and data can be accessed from anywhere with an internet connection.
Access control policies limit access to your business's critical assets. Avoid sharing user IDs for accessing systems and data. Instead, use unique IDs and login credentials to make it easier to track who is accessing your resources. Implementing automated Identity Access Management (IAM) systems helps streamline this task and eliminates a large amount of risk.
Humans are often the weakest link in the cybersecurity chain. It is essential that your employees and adequately trained in your more updated security procedures. They need to be equipped with the knowledge and skills to be able to identify and avoid potential threats. Without this, they may be more likely to fall victim to sophisticated phishing attacks, and unintentionally expose the company’s data or put it at risk of an attack.
User authentication is the process of verifying the identity of a user before they are granted access to a system or application. Multi-factor authentication creates a layered security system that requires employees to use a randomly generated one-time code sent via SMS or email in addition to their password to verify their identity. This type of security system protects your data by preventing unauthorized third-party users from gaining entry to business systems and websites.
Small businesses and their IT security teams can struggle to keep pace with their growing volume of technology and threats. A Managed Detection and Response (MDR) service is a cybersecurity service that combines high-end technology with human expertise to rapidly identify and limit the impact of cyber threats without the need to hire additional staff. This service monitors your systems and applications 24/7 to detect and respond to any security incidents.
In conclusion, improving your business's cybersecurity practices is essential to safeguarding your data and ensuring the continuity of your business. By implementing these security measures, you can help protect your business from cyber threats and avoid the devastating consequences of a security breach.
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In part one of our cybersecurity and digital transformation blog series, we set out the importance of keeping security needs at the forefront of any digital strategy. This installment will present the most common cybersecurity threats that businesses are faced with.
Cybersecurity threats come in various forms from different sources, and can be defined as either passive or active, attacking both operating systems and hardware.
Passive cybersecurity threats are attacks which does not harm a company’s system directly, but information is obtained which may be sensitive data. A hacker will attempt to remain unnoticed while gathering information about the victim’s machine, network, or other systems.
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An active attack encompasses a wide range of different techniques that jeopardises a system’s integrity and availability. This type of attack poses a threat to both the organisation and individuals where a hacker attempts to directly modify resources. Unlike a passive attack, these breaches are more easily identified.
Cyberattacks can affect both operating systems and hardware, creating challenges for businesses who wish to fortify their infrastructure against cybersecurity threats. This can create even greater challenge for smaller businesses who are trying to manage this with limited resources. The third installment of this blog series will discuss the challenges caused by these security breaches.
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In part two of our cybersecurity and digital transformation series we detailed the most common forms of cyberattacks. In this blog, we will discuss the biggest cybersecurity challenges facing businesses.
As digital transformation introduces new, and ever evolving technology to small business IT infrastructure, it is inevitable that an organization’s potential attack surface grows, introducing more cybersecurity challenges.
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As they try to navigate a wide range of potential threats, small businesses can struggle to distribute the right resources to ensure they stay safe, meaning they are vulnerable to various cybersecurity challenges such as:
One major cybersecurity challenge that small businesses face is the secure back-up and recovery of data. Companies must have adequate systems in place to ensure that their data is securely backed up and recoverable in the event of damage or corruption.
Data-driven companies, in particular, must protect their information from sophisticated ransomware attacks. As small businesses increasingly include multi-cloud and on-premise storage of data in their IT infrastructures, cyber resilience is essential to ensure business continuity in the event of a data loss.
The vulnerability of cybersecurity breach above and below a company’s operating system will inevitably increase as the business grows. Threats can present themselves in various forms with the intention of accessing, changing, destroying, or deleting information without authorized access.
The challenge arises for businesses to install the right systems that can promptly identify these threats and adequately defend their IT infrastructure. According to IBM, in 2022 it took an average of 277 days or 9 months to identify and contain a breach. The longer a breach lasts, the greater the strain on a business’ resources.
Supply chains are a multi-party ecosystem. Businesses rely on advanced technology to support connectivity and sophisticated logistics networks. However, this technology is also vulnerable to attacks, threatening the integrity of supply chain systems. It is vital to maintain the security of the supply chain eco-systems to avoid operational disruptions, lost revenue, jeopardized data, reduced productivity and potential brand and reputation damage.
Technology supply chains can also be infiltrated with counterfeit devices that have been tampered with. IT teams work hard to secure their infrastructure, but this is a futile activity if a third party does not maintain their defence along the supply chain. Businesses must ensure devices and their components are safe to deploy using secure verification.
With cyber-attacks posing a threat at any time of day, businesses must remain vigilant around the clock. However, companies often face the challenge of not having the necessary resources in house to physically monitor their networks continuously.
As threats continue to increase in frequency and complexity, efficient threat detection systems are essential in identifying and preventing attacks before any damage can occur. This can mean having to invest in outsourced services to ensure networks are monitored 24/7.
Small businesses face numerous cybersecurity challenges in the ever-changing landscape of digital transformation. To ensure their safety, companies must prioritize cyber resilience and invest in efficient threat detection systems. By doing so, they can protect their data, maintain supply chain integrity, and prevent cyber-attacks from disrupting their operations. In the fourth and final blog in this series we will lay out the steps you can take to improve your security measures to keep your infrastructure safe.
Part four will conclude this blog series by detailing the steps needed to implement practices that best address your cybersecurity challenges.
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In this four-part blog series, we will discuss the importance of cyber security in digital transformation, types of cyber security threats, security challenges, and how you can improve your cyber security practices to overcome them.
Digital transformation has undoubtedly been accelerated in recent years due to the pandemic. The rise of hybrid, digital-forward working environments has forced companies to re-evaluate their digital strategies and invest in new technology. However, as companies transition to more digital systems, cyber security must remain a top priority.
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Businesses are at risk as they expand their IT infrastructure. A security breach can have serious consequences, including the loss of valuable data, supply chain integrity, and ransomware attacks. To avoid such risks, security needs to be at the forefront of digital transformation strategies.
The rise of hybrid, digital-forward working environments has forced companies to re-evaluate their digital strategies and invest in new technology.
One of the most significant aspects of digital transformation is becoming a more data-driven organization. As companies centralize their data, they become more vulnerable to attacks from hackers, who are always on the lookout for valuable data.
Furthermore, the pandemic has highlighted the need for hybrid working environments. While this is great for flexibility and convenience, it poses a significant challenge for IT security teams. The challenge is to manage a vast infrastructure that includes PCs connecting from multiple and potentially global locations, which amplifies the need for each employee to uphold their personal responsibility to follow cybersecurity best practices.
Cyberattacks are on the rise, and small companies cannot afford to take risks when it comes to securing their IT network. On average, a cyberattack happens every 11 seconds, and the cost of an attack can be as high as $13 million. With the evolution of Artificial Intelligence and Machine Learning, attacks are becoming increasingly sophisticated, and many companies do not have stringent measures in place to handle these risks.
To tackle this problem, cybersecurity must no longer be viewed as solely an IT issue, but rather a business risk. A company is only as strong as its IT infrastructure, meaning that its business strategy must revolve around IT security. As a result, employees play a crucial role in upholding the security of their systems and fully understanding the risks that the business can face.
In conclusion, as digital transformation continues to shape the business landscape, cyber security is becoming more critical than ever. Small businesses need to prioritize security to mitigate the risk of cyberattacks and ensure business continuity. Executive-level employees will also need to be accountable for treating cyber security risks as part of their employment contracts and any at-risk payments.
By taking these steps, companies can protect themselves from the increasing threat of cybercrime and maintain their reputation and ability to operate effectively.
In part two, we will examine the most common types of cyber security threats.
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