Cybercriminals may be going into a stealth mode, but that doesn’t mean that cyberattacks are slowing down — quite the opposite, in fact. According to the 2018 SiteLock Website Security Report, attacks increased by 59% and accelerated going into December. Record numbers of businesses are being infiltrated by hostile actors, with data breaches affecting hundreds of millions of users in a single attack. This all comes during a time when cybersecurity costs are accelerating as more organizations scramble to bring expensive systems and well-paid IT assets online to help protect their business from attack or assist with recovery. By the year 2021, damage to businesses is expected to exceed $6 trillion annually from cybercrime alone. It’s becoming increasingly difficult for businesses to manage the complexity required for a comprehensive cybersecurity plan alone, but these basics will give you a starting point to managing the risk to your organization.
Many organizations begin crafting their cybersecurity plan by reviewing and documenting the current state of their risk-reduction efforts. This could include everything from data structures and storage locations, physical and cloud-based infrastructure models, third-party vendors and other connections. This “current state” report gives you a comprehensive view of the organization and allows you to capture potential risk centers that will need to be addressed in the future.
It’s a fact of life that IT professionals are often in top demand, making it difficult to implement the full range of cybersecurity protections that proactive leaders feel are necessary. This balancing act may take place as ongoing negotiations between business and technology teams as the risks of not taking specific steps to tighten security are weighed against the potential benefits of new functionality. IT teams need to have a full understanding of how data and applications are utilized throughout the organization, including how remote partners or staff members are connecting into business applications and databases. Going through this process prompts conversation around the replacement value of particular platforms. Where an IT team may feel that an older platform could be deprecated without undue business impact, one particular unit may be utilizing that data in an unexpected way. In this instance, business and IT leaders will have to negotiate whether it makes sense to enhance the security or simply move to a newer alternative.
Understanding all of the various assets that your business has available allows you to gain a more holistic view of the business, a crucial element of any successful cybersecurity plan. Define replacement or bypass recommendations for each of your core business assets, and then fully document any changes that need to be made to reduce the risk of a breach or the effect of any malware or ransomware attacks. Having the plan in place also requires determining the training level that your staff will need. According to Cisco, the majority of malicious file extensions are made up of popular files such as Microsoft Word, Excel and PowerPoint, making ongoing training an important part of any cybersecurity strategy.
Small and mid-size businesses are the organizations least likely to have a formal cybersecurity plan in place, but these businesses are a high-risk target that is extremely attractive to hackers. Managing the complexity associated with the various platforms and data sources is often cited as a significant challenge for over-taxed IT personnel. Making regular cybersecurity reviews a priority can help your organization not only stay safe online but also identify processes challenges that need to be addressed to improve operational efficiency. Even with a rock-solid cybersecurity plan in place, that doesn’t mean your organization is completely safe. Instead, it means that you’re ready for an attack and are able to respond appropriately and in a timely manner — which can save your company hundreds of thousands of dollars in the event of a breach.
Forty-three percent of attacks are aimed at SMBs, but only 14% are prepared to defend themselves (Accenture).
The internal team was energized. With the Level 1 work off its plate, the team turned its attention to the work that fueled company growth and gave them job satisfaction.
More than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018.
40% of businesses will incorporate the anywhere operations model to accommodate the physical and digital experiences of both customers and employees (Techvera).
The cost of cybercrime is predicted to hit $10.5 trillion by 2025, according to the latest version of the Cisco/Cybersecurity Ventures “2022 Cybersecurity Almanac.”.
The three sectors with the biggest spending on cybersecurity are banking, manufacturing, and the central/federal government, accounting for 30% of overall spending (IDC).
It takes an average of 287 days for security teams to identify and contain a data breach, according to the “Cost of a Data Breach 2021” report released by IBM and Ponemon Institute.
The average cost of a data breach in the United States is $8.64 million, which is the highest in the world, while the most expensive sector for data breach costs is the healthcare industry, with an average of $7.13 million (IBM).
We did a proof of concept that met every requirement that our customer might have. In fact, we saw a substantial improvement.
We did everything that we needed to do, financially speaking. We got our invoices out to customers, we deposited checks, all the things we needed to do to keep our business running, and our customers had no idea about the tragedy. It didn’t impact them at all.
“We believe our success is due to the strength of our team, the breadth of our services, our flexibility in responding to clients, and our focus on strategic support.”