Cyber Security Month: Is it time to review your Cyber Security position?

In an age where digital threats are becoming increasingly sophisticated, and ecosystems are becoming more complex, regular reviews and testing of cyber security practices are critical.

The Importance of a Robust Cyber Security Framework

As the digital landscape continues to evolve, and IT environments become more complex, companies of all sizes need to implement and work towards a strong cyber security framework. A strong posture not only protects sensitive and critical data but protects the integrity and availability of business systems. This can not only lead to increased damage control costs for paying for ransomware attacks but also damages your business reputation and productivity, reducing your revenue. Organisations that don’t implement and keep on top of their cyber security position risk potentially devastating attacks that will highlight oversights when it’s too late.

With 84% of businesses hit by ransomware reporting a loss of business and revenue alongside a costly and time-consuming response, many businesses struggle with recovering after successful cyber-attacks.

It is recommended that you review and reposition your cybersecurity position annually to keep up with ongoing changes and threats within the IT security space. A strong strategy and plan are needed to mitigate risks by identifying vulnerabilities and implementing the right defences. By taking a proactive approach, businesses can safeguard their business and maintain the trust of their customers and stakeholders.

84% of businesses hit by ransomware reporting a loss of business and revenue

Evolving Threat Landscape: What You Need to Know

The cyber threat landscape is continually changing, with new and more sophisticated threats emerging regularly. Cybercriminals are becoming increasingly adept at exploiting vulnerabilities, making it essential for organisations to stay informed about the latest developments in cybersecurity. As ecosystems and networks become more advanced, the area in which cybercriminals can attack is ever-growing. Cyber risks are diverse, from ransomware attacks to phishing scams to Zero-day exploits and insider threats. Staying up to date with the latest threats and how to mitigate these threats effectively is crucial.

With the rise of AI, it is becoming an ethical dilemma. Organisations must work quickly to harness AI to defend the network before it is exploited to launch extensive and sophisticated attacks. It may take the form of sophisticated phishing campaigns, deepfakes and getting around endpoint security defences.

Indicators That It’s Time to Review Your Cyber Security Position

CIT teams have dealing with an increasingly complex ecosystem and demanding users that require hands-on support. This leaves little time for a continuous overlook and analysis of the network’s security. It is recommended that companies review their security on an annual basis to analyse changes in the network, changes and developments in cyber-attacks, and changes in defence tools.

Introducing New Technology

If the business is looking to introduce new technology and business processes, it is important to analyse how this will affect your current position. With the speed at which new technology is developed and introduced, devices and technology should be assessed to understand its effect on risk.

Regulations

Another internal factor that will indicate the need for a review of your position, is the regulation that your industry and business need to adhere to. Many industries have minimum standards that must be kept to. This is particularly important for industries with vast amounts of sensitive data such as the finance sector. Within the finance sector, businesses must comply with the Digital Operational Resilience Act.

Business Growth

If your business is also looking to grow its customer base in new regulated markets, potential customers will have their own requirements and regulations regarding your cybersecurity position. In particular, the construction and public sector often look for supply chain security by requiring a Cyber Essential certification.

A Rise in Attacks

A significant increase in cyber attacks within your industry or your business should indicate that you need to review your security. Attackers will often attack multiple businesses within the same industry in quick succession. Often targeting businesses which have lower cybersecurity or have highly valuable data. A rise in attacks in your industry often means that attackers have looked at your industry as an industry worth attacking.

If someone was trying to break into your neighbour’s house, would you make sure that your house is secure from attackers?

In summary, it is important to understand that attackers are always advancing to exploit the latest technology to gain an advantage over outdated cybersecurity practices. With an advanced, flexible and robust framework in place, you will be able to combat and defend against many cyber security threats. These frameworks and tools need to be reviewed on an annual basis or if you are experiencing changes to your business. While these frameworks and tools can be time-consuming and require a completely new skill and knowledge set, an external provider can be an effective way to secure your network and keep up to date with the latest threats and tools.

Is it time to review your Cyber Security?

Is it time to review your Cyber Security?