Why should businesses make Cyber Security their core priority?
Cyber Security Management
In today's world, Cyber Security processes are fundamental to ensuring businesses and individuals reduce the risk of data breaches or cyber attacks. As smartphone and mobile device usage further becomes entrenched in everyday life, the risks involved are ever present and changing and safety and security should be prioritised like never before.
Broadly, Cyber Security refers to all aspects of protecting an organisation and its employees and assets against cyber threats. The key issues involved are...
Expanding Threats
The last 20 years has seen a surge in malware. Many instances are speculative attacks.
Evolving Issues
Ransomware is growing to the point whereby it may outgrow banking attacks. Criminals are exploring new attack methods.
Practical Assessment
When it comes to preventing cyberattacks, there are various methods of control. Managing admins and rights is one.
Security Policy
Organisations need to ensure software is regularly patched and up-to-date. Many exploits can be easily blocked.
The Correct Solution
Organisations will know their business better than anyone else. Identifying the risk landscape is one key solution.
Pro-Active Response
Responses can be heuristic as well as behavioural. For instance, being able to identify suspicious content is essential.
A proactive Cyber Security program requires real-time visibility of IT assets and continuous monitoring of security controls to help identify, prioritize and remediate risks. Solutions that provide the visibility and efficiency, like continuous controls monitoring (CCM), already exist.
Source
Forrester Research
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Are your Cyber Security Management processes up to scratch within your organisation?
Ensuring that your Cyber Security management processes are up to scratch can ensure you minimise financial loss, public image concerns and do your best to retain the interest of consumers...
Gerard Reseaux
HR Director
For Gerard, the success and stability of the people and the organisation he represents is essential. He is responsible for managing a small HR team and due to the remit of his role, any threats have a notable impact on the day-to-day functioning of his team and the capacity for his organisation to operate. His motto is 'be prepared'.
Margo Magine
IT Manager
As an IT professional, Margo enjoys her work and always seeks to ensure her organisation is operationally efficient. She is always on the look out for the latest Cyber Security trends and takes pride in ensuring technology is secure, adequate and accessible to all. Ensuring that all staff receive the latest training is paramount to her.
Christopher C'Pex
Operations Manager
Christopher always seeks to ensure his team are well managed and never short-staffed. He leads the Cyber Security operation across his business and is responsible for detecting, analysing, tracking and mitigating threats. Even the slightest security implication could mean his reputation is on the line. He is meticulous and projects this to staff.
Sheila Chasine
Financial Controller
Sheila is well-disciplined and she is no different when it comes to her company's finance and controlling costs. Even the tiniest threat could have a major impact on sales, brand reputation or her ability to correctly manage audits. Predictability and control are two essential variables in Sheila's work. Any small threat could be a huge disruption.
The Impact on HR Teams
Cyber security management has never been more important, considering the rise of hybrid and remote working. It is vital for HR workers to step up and do their part.
Training
Effective training is difficult to do well and statistics show 79% of employees engage in risky behaviours and only 44% have had any Cyber Security related training in the prior year.
Recruitment
Often, misconduct is a common cause of data breaches, establishing recruitment with a layer of vulnerability. IT and software measures and pre-employment checks are essential.
Response Times
When it comes to data breaches, a fast, effective response is vital to minimise further risks. Securing systems and notifying colleagues must be mandatory.
Access Control
If a bad actor has been cast through the net, the repercussions can be much worse. Determining permissions, adopting 2FA and SSO can significantly reduce risk.
The Impact on IT Services
IT services are responsible for device management in your organisation and any attacks can have a huge impact further down the chain. Ensuring your organisation is protected is essential.
Performance
For businesses whereby operations relies heavily on IT systems, work can be impossible to complete in the event of a cyber attack - or whilst there is an immediate threat.
Security
Modern systems can pose a risk, and, particularly with the arrival of ever-present technologies (such as IoT), maintaining data and performing regular updates is key.
Compromisation
Social Engineering is one of the biggest contributors when it comes to data loss and backdoor access to company information. Training is essential to warding this off.
Malware
In 2016, Mirai, an open-source malware strain which scans the internet for IoT devices, brought down popular sites including Twitter, Netflix and Amazon with targeted attacks.
The Impact on Finance
According to VMware, the first half of 2020 saw a 238% increase in cyberattacks targeting financial institutions. Consequently, the average cost of a breach can total $5.72 million.
Reputation
In financial circles, reputation is often paramount to securing investment and transactions. Cyber attacks can hugely damaging to trust and respect.
Customer Targeting
Cyber criminals can not only target organisations, however, can also target consumers and consequently lead to identity theft or customer frustration.
Financial Losses
Cyber criminals can cause financial losses by making false transactions, which when combined with garnered data and customer profiles, can be a recipe for disaster.
Safety Issues
Customer information can be stolen and sold in some cases and even used for spying or terrorism. It is essential to therefore minimise loss from the beginning of the incident.
The Impact on Operations
Operations is one of the core functions of a business. Cyber attacks can slow down your functioning considerably and it is crucial to have effective controls in place to minimise associated risks.
Business Continuity
Cybercrime can affect organisations of all sizes, however, small and medium-sized business may not have the capability to continue in the event of large-scale attacks.
Public Image
Many businesses work with a large number of clients and customers day-to-day and publicised attacks may have a considerable impact on trust in your organisation.
Service Quality
In the event of a cyber attack, time and resources are paramount. There is no guarantee on how quickly service quality can recover - especially for smaller players.
Onboarding
Businesses can be hit considerably when it comes to onboarding in the face of a cyber attack. Systems may need to be reconfigured and recruits may take longer to process.
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