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How to keep up with evolving cybersecurity threats?
Cybersecurity is now an un-ignorable global issue and a priority for corporations and non-government organizations (NGOs) of all sizes. In August 2021, The World Bank launched a new global fund for Cybersecurity. A release from The World Bank stated,
“As digital transformation becomes essential to the functioning of states, economies, and societies, cybersecurity solutions must keep up.”
With the widespread recognition of the consequences of inequitable development of cybersecurity infrastructure across the world, what is the response of Caribbean organizations? Is your business keeping step?
Digital Transformation involves the implementation of new technologies, talent, and processes to improve business operations and satisfy customers. As more information is moved into digital spaces, a common mistake is leaving security as an afterthought, which can introduce new risks into the business.
As digital transformation continues to create an ever-growing attack surface, ‘Internet of Things’ (IOT) devices, cloud technologies and remote work, it means more sophisticated ways for attackers to circumvent your IT systems.
The IoT is one of the biggest disruptors for companies across industries and transforming how many of them do business. As more devices connect to the internet and to one another, it’s moving beyond consumer devices to businesses of all kinds. This also means that the IoT is continually presenting new, and often unknown vulnerabilities, leaving security measures scrambling to keep up. T-Mobile’s cyber-attack in 2021, the fourth breach in five years, is one of many examples of this. The hack resulted in the exposure of personal information of as many as 40 million current and former T-Mobile customers, including names, driver’s license numbers, and social security numbers.
Your company’s IT security could have a vanishing perimeter with employees working remotely at times on personal computers that may be connected to unaccounted devices, like webcams, baby monitors, even Alexa and other smart home devices. The doors of your company could be opened to all manner of cyber-mischief.
With all these elements growing and changing, cybersecurity must be a central concern, rather than a marginal ‘IT issue’. It is a business imperative that should be considered at the highest level. Businesses that fail to realize and respond to the changes that are already underway will fall behind and fail to remain competitive in the break-neck pace of innovation today. According to EY’s 2021 Global Information Security Survey, only 19% of the companies ensure their cybersecurity team is involved right from the start of a new business initiative. This reflects a significant decrease from 36%, reported in 2020. Where does your business stand?
Often, in the rush to get new ideas, products and services to market, technology is delivered and deployed in new ways. When the aim is to drive value more quickly, often cybersecurity measures play catch-up to defend the increasing attack surface area. Fast upgrades and deployments of technology such as those seen through the COVID-19 pandemic can create problems such as cloud misconfigurations.
Data breaches can be significant and catastrophic. The impact includes increased customer turnover, loss of revenue due to system downtime, regulatory fines, reputational damage, and the increasing cost of acquiring new business due to diminished reputation.
● The average cost of a data breach globally in 2020 was US$3.86 million, according to a report from IBM and the Ponemon Institute.
Data breach when implementing new technologies and expanding the supply chain.
Credit card breaches and sensitive data storage
Poorly secured remote access connection
Social engineering attack: Phishing, Vishing, Smishing
Denial of service and distributed denial of service attacks
Human Error/Careless employees
Infiltration of Internet of Things (IoT) devices
Artificial Intelligence (AI) as a weapon
Here are some ways your business can combat Cyber Threats through transformed security thinking:
Align cybersecurity and business strategies to ensure they move in tandem. Rewards should always be balanced with the potential risks involved.
The Security-by-Design approach makes cybersecurity a central consideration from the very start of each new project. Using this approach, security flaws can be addressed more effectively rather than waiting until the testing phase towards the end of development. One such example is DevSecOps, in which security is integrated into development and operational activities at every phase.
Balance Customer Experience with Security Needs to ensure customers are offered a seamless journey while being protected from exploitative attackers.
Evaluate your choice of security solutions wisely to ensure the solutions you choose are aligned to your strategy and provide the protection you’ll need now and in the future. Be willing to invest in these solutions on an ongoing basis. Don’t depend on a ‘silver bullet’ to solve all issues at once. See; Security Solution Selection/Evaluation
Conduct regular risk and security assessments to identify and mitigate potential risks as they develop. At Symptai, we provide rigorous, end-to-end testing, such as our External and Internal Network Penetration Tests, Mobile and Web Application Testing to ensure that our client's network infrastructure and applications are completely secure from attacks while minimizing the risk exposure to an acceptable level. Remember, forewarned is forearmed.
Equip your staff with the knowledge and understanding of industry regulations and best practices concerning cybersecurity. Your staff should have access to the tools required to maintain security standards, and this will go a long way toward building a cyber-resilient organization. Provide them with a learning path based on their areas of interest, invest in certifications, expose them to cutting edge tools and encourage them to participate in security challenges (capture the flag challenges/hackathons) and conferences.
Build and foster a Culture of Security. This is an essential component of an effective security regime as best practices become second nature at all levels of your organization. Solutions such as Security Awareness Training, Social Engineering exercises, IT Security Strategy, and Security Staff Augmentation/Outsourcing allow your organization to ensure high levels of responsiveness while maintaining quality security standards.
Seek Expert Guidance. Digital transformation can create new risks that existing team members might not be experienced enough at identifying and addressing. Seek the Support of professionals. Short-term skills can be acquired through outsourcing security functions to a managed security service provider (MSSPs) or by reaching out to our team of Cybersecurity experts at Symptai Consulting
To take the first step towards transforming your company’s security team, give us a call at (876) 968 6189, or email us at email@example.com.