Build Cyber Success
Business cyber resiliency
The consequences of a data breach can be devastating for a business. Not only can it result in the loss of confidential information, but it can also damage a company’s reputation and lead to financial losses. Despite the past lessons, businesses are still making the same mistakes regarding cybersecurity. They’re not investing enough in security, not implementing the right solutions, and not preparing for the worst-case scenario.
In the last 20 years, NCX Group has conducted thousands of cybersecurity and resiliency assessments in banking, finance, retail, healthcare, critical infrastructure, and higher education industries. Through our work, we have seen a pattern emerging for businesses struggling to meet these challenges – 2022 and beyond will be no different if you don’t prepare now!
Learning from others’ mistakes can help build more resilient cybersecurity operations in your organization. So, by preparing early on, with proper planning before an emergency or a cyber attack occurs, one might stand taller than others when disaster strikes because they were better prepared. This way, not only do those individuals retain customers, but they also gain new ones too. Regardless of the size of your business, these cybersecurity pitfalls can cripple your business and leave you vulnerable to cyber-attacks.
The first step in avoiding these pitfalls is understanding what they are.
Understanding Your Business is More at Risk Today Than 10 Years Ago
Cybersecurity is more important than ever for businesses of all sizes. 10 years ago, business risks were largely physical: theft, property damage, and data breaches via stolen laptops. Today, the majority of business risks are now digital. Cyber attacks are becoming more common and more sophisticated and can devastate operations, brand reputation, and customer trust. Businesses must take cybersecurity seriously and invest in robust protections like firewalls and intrusion detection systems. Cybersecurity awareness training is also essential for all employees, as they are often the first line of defense against attacks. By understanding the threats they face and taking steps to protect themselves, businesses can help reduce the risk of a costly cyberattack.
Ransomware – This is your Greatest Threat in 2022
Ransomware is still the top threat to businesses in 2022, with recent studies showing that 53% of businesses experienced a cyber attack or breach in 2021. Of those businesses, 66% will be out of business within 6 months. Ransomware attacks are costly and can cause irreparable damage to a company’s reputation. To protect your business, it is important to have a comprehensive cybersecurity plan in place. This plan should include measures to prevent attacks and steps to take if an attack occurs. Taking these precautions can help ensure that your business remains safe from the ever-growing threat of ransomware.
The Importance of Your Corporate Culture
A corporate culture that encourages Cybersecurity and Business Resiliency throughout the organization is critical in today’s business environment. Cybersecurity and Business Resiliency is the ability of an organization to rapidly identify, contain, and recover from a Cybersecurity Incident. A culture of Cybersecurity and Business Resiliency starts with employees who are aware of the importance of Cybersecurity and are diligent in their efforts to protect the company’s information assets. For an organization to be truly Cybersecure, all employees must be on board with the Cybersecurity initiatives and committed to following best practices. A corporate culture of Cybersecurity and Business Resiliency will help ensure that your organization is prepared to rapidly respond to and recover from a Cybersecurity Incident.
Cybersecurity is a critical concern for businesses of all sizes. While many organizations focus on digital security measures, it’s important to remember that physical security is just as important. After all, without physical security, you won’t have data security. That’s why businesses must take a comprehensive approach to security, including digital and physical measures. By fortifying their buildings and implementing security protocols, businesses can create a safe environment for their employees and customers and protect their data from theft or damage. Cybersecurity measures alone are not enough; businesses must also ensure their premises are secure. With a robust physical security plan in place, businesses can ensure their data is safe, and their operations are resilient.
There’s No Silver Bullet
Cybersecurity is a daunting task for any business, but it’s important to remember that there is no silver bullet that will protect you from all threats. The best way to approach cybersecurity is to think about it in terms of People, Process, and Technology. People are the weakest link in any security system, so it’s important to have strong policies and procedures in place to manage them. Processes are how you handle data and information, so it’s important to have controls in place to ensure that they’re secure. And finally, technology is the tools and systems that you use to support your security posture. By thinking about cybersecurity in terms of these three components, you can develop a more holistic and effective approach to protecting your business.
One of the most important aspects of an effective cybersecurity strategy is clear and concise communication between the company executive and Information Technology teams. Unfortunately, this is often one of the greatest failings regarding cybersecurity. Too often, the executive team is unaware of the day-to-day operations of the IT team, and as a result, they are unable to make informed decisions about security. Conversely, the IT team may be so focused on their operations that they fail to see the bigger picture and how their actions fit into the security strategy. Effective communication between these two groups is essential to developing a comprehensive and effective security plan. By working together, the executive and IT teams can ensure that all aspects of the company’s operations are taken into account and that everyone understands their role in protecting the business from cyber threats.
Importance of Cloud Security
The Cloud is not a new concept, but its use has changed dramatically in the last two and half years. As a result of the pandemic, many companies have moved their IT Operations to the Cloud to meet the need for dynamic change and IT Operations. This has created many new Cybersecurity risks that go undetected. Cloud Security is the combination of policies, technologies, and controls used to protect the cloud’s data, applications, and infrastructure. It includes the roles and responsibilities of the Cloud provider and customer, as well as Identity Management and Configuration Management. While there are many benefits to moving to the Cloud, it is important to be aware of the increased risks and take steps to mitigate them. Working with a reputable Cloud provider with strong security policies and procedures is a good place to start.
Poor Password Management Practices
Credentials that are leaked due to data breaches have become increasingly common in recent years. In many cases, these credentials are available on the Dark Web, where they can be bought and sold by criminals. This poses a serious risk to businesses and users alike, making it easy for criminals to gain access to sensitive information. One of the best ways to protect against this is to ensure that strong passwords are used and that they are managed properly. This includes using a password manager to store passwords securely and using two-factor authentication whenever possible. By taking these steps, businesses and users can help protect themselves from the risks of leaked credentials.
Vendor & Supply Chain Risk Management
Third-party cybersecurity risks are growing day by day and increasing as I write this post. Supply chain risks, in particular, have become a major concern for businesses in recent years. As more and more businesses outsource their operations, they become vulnerable to the cybersecurity practices of their suppliers. The customer’s data may also be exposed if a supplier’s systems are breached. This can lead to loss of revenue, damage to the customer’s reputation, and legal liabilities. Insurance companies and potential business partners evaluate your cyber risk score to award contracts and provide insurance for your business. Cybersecurity is no longer an optional expense; it is a necessary investment in protecting your business. By improving your cybersecurity posture, you can minimize your exposure to third-party risks and create a more secure environment for your business.
Always Rethink Your Risks
Emerging threats in the cybersecurity landscape are constantly evolving and mutating. To stay ahead of these new threats, enterprises need to have a robust cybersecurity strategy in place. One key way to do this is by understanding the sources of these emerging threats. Global unrest, for example, can lead to increased cyber-attacks as terrorist groups and other malicious actors attempt to exploit vulnerabilities in digital systems. Additionally, new technologies are often vulnerable to attack, as attackers look for ways to exploit weaknesses in these systems. By understanding the sources of emerging threats, enterprises can be better prepared to defend against them. In addition to having a strong cybersecurity strategy, organizations must be aware of the latest trends in the threat landscape. By monitoring these emerging threats, they can adapt their defenses accordingly and stay one step ahead of the attackers.
Have a Plan or Plan To Fail
Business resiliency planning is essential for any organization that wants to be prepared for disruptions caused by cyber attacks or other events. Unfortunately, many organizations fail to plan effectively for these types of disruptions. As a result, they are often at a complete loss in who to call when the disruption occurs. Business resiliency planning can help organizations keep their operations running during a disruption by providing them with a comprehensive list of who to call and what to do in the event of an attack or other event. Organizations can minimize the impact of disruption by having a plan in place and quickly returning to business as usual.
When businesses are consistently facing the same security issues, it is time to face the fact that there is an evident struggle with the risk management process. Information security is not only an IT matter; it requires everyone’s daily involvement. You must have a solid cybersecurity process that deals with assessment and a control or governance group within the organization to develop policies and procedures. You can only start turning your cybersecurity program around within your organization.
You have to start by developing a strategy that aligns the organization’s business goals and objectives with the needed cybersecurity needs clearly defined. This planning is especially critical for smaller organizations. The data clearly shows that 66% of the businesses hit with a breach or ransomware attack are out of business in less than six months.
Cybersecurity is a never-ending battle, and we know that you improve your data protection by taking the proper steps to build a cyber-resilient organization. Furthermore, you grow revenues when you are a secure and trusted business partner. Today you need to be able to take a punch and get back on your feet as quickly as possible. Survival of the fittest.
Understand that to be successful in business; you must first understand the cybersecurity risks that come with operating in the digital age and take steps to mitigate these risks.
Let’s get started with Building a Cyber Resilient Business in 2022.
Remember, Be Secure – Be Resilient!
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