Why Increased Connectivity Means More Cyber Risks
How To Enhance Your Organization’s Cybermaturity To Combat Mounting Cybercrime
In 2020, the world has faced more than its share of adversities. Among them, accelerated digitalization has presented a number of fresh opportunities but also a variety of added risks. According to the World Economic Forum Global Risks Report 2020, cyberattacks rank highest worldwide among human-induced risks and RiskIQ forecasts that by 2021 cybercrime will cost the world $11.4 million every minute!
An increasing reliance on technology makes it essential for organizations to manage these threats and improve their cybermaturity.
First and foremost, it’s important to examine how the threat landscape has evolved. Particular trends have recently become more prevalent in the cybersphere:
According to Code42’s Data Exposure Report, 69% of businesses acknowledge that they have experienced data leaks as a result of negligence on the part of their own employees or subcontractors.
More often than not, these leaks take place because an employee has a flimsy grasp of the basics of cyberhygiene as opposed to a deep-seated evil intent.
Research indicates that since January of this year, the total number of targeted ransomware attacks has easily doubled. These complicated attacks are the principal threats that critical infrastructure organizations will face.
Cybercriminals disrupt the IT and business operations of the compromised organizations, infiltrate remote work services, encrypt business-critical systems, and exact a ransom in order to restore operations – they may even blackmail their victims. The average ransom figure is also increasing and may soon approach $1 million.
Attacks on supply chains concern a bad actor accessing the targeted company’s infrastructure via an unprotected organization within the same supply chain. Such attacks are difficult to identify and prevent.
In a recent report, the experts at Sonatype advised that in the last 12 months the number of supply-chain attacks actively angled toward cracking open-source software has skyrocketed by 430%!
These projections are staggering for critical infrastructure companies, with healthcare, finance, manufacturing, IT, and telecommunications – along with government agencies – being the most at risk of being attacked.
How to Enhance Your Cybermaturity
Cybermaturity is a concern that must be confronted on a daily basis. It’s imperative to survey the threat landscape and implement a variety of solutions and techniques. Here are a few helpful tips on how to do just that:
Establish Cybersecurity as a Strategic Priority
Amidst an active digital transformation, it’s essential for a company to remain cognizant of digital risks, ranking them side by side with other threats in the business’s risk profile. These represent the foundation of a cybersecurity strategy, in which both the CEO and chief information security officer (CISO) should be active and engaged participants.
Incorporate Varying Approaches to Maximize Cyber Resilience
An appropriate blend of risk and crisis management helps organizations make preparations for any emergency situations and minimize the repercussions successfully. A risk-oriented approach involves establishing preemptive measures and defining possible threats, while crisis management procedures and recovery protocols pave the way for effective responses to crises.
Educate Employees About Basic Cyberhygiene Practices
So long as people continue to open phishing emails or employ poor passwords, their risk of being breached is substantial. Consequently, it’s crucial to elevate employees’ cyberliteracy by equipping them with the requisite cyberhygiene guidelines and bolstering their ability to counteract social engineering techniques through enterprise-wide phishing simulations.
Enhance Your In-House Experts’ Skills
You can further strengthen your organization’s cybermaturity by having your IT specialists and engineers take part in practical, hands-on training sessions featuring interactive challenges and/or attack simulations.
You can carry out onsite exercises or participate in a dedicated event. One such event is Cyber Polygon, an international online cybersecurity exercise. This year, participants from financial institutions and the IT sector exhibited the highest level of cyber-resilience along with fully developed security assessment skills.
Outsource Cybersecurity Concerns to Skilled Professionals
In order to establish a cyber-resilient infrastructure, organizations must depend on certified professionals with extensive experience and advanced tools, in addition to sizable investments in staff training and technical maintenance. But these skilled professionals can be hard to find and expensive to keep.
To avoid this problem, many – if not all – IT tasks can be outsourced to external specialists with relevant expertise in managing a variety of threats each day. Not only is outsourcing considerably more convenient, it’s also a lot cheaper in the long run.
In order to keep pace with continuous technological advancements, it’s critical for organizations to elevate their cybermaturity and resilience.
When businesses gain a thorough grasp of the inherent risks and can apply appropriate mitigation techniques, then and only then will they be able to conquer these challenges. Of course, this is easier said than done.
If your company could benefit from outsourcing some or all of its IT needs to a team of dedicated professionals, give us a call at 252.329.1382 today!
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