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#cybersecurityawareness

Companies around the globe are facing huge challenges related to cybersecurity as remote work operations aren’t showing any signs of slowing down due to the Covid-19 pandemic. Their biggest concern is how to ensure their business continuity along with handling vulnerability related to cybersecurity. Reports have shown that the rapid growth of remote work has increased security incidents. According to Accenture’s Cost of Cybercrime Study, cybercrime will cost companies worldwide an estimated $10.5 trillion annually by 2025, up from $3 trillion in 2015.

At a growth rate of +20 percent year over year, this advance underlines huge challenges that businesses have to face as every system is potentially threatened. Thus, it’s important, more than ever, to secure your own infrastructure as well as possible. We’ve listed few tips here below on how companies can keep their IT systems safe and secure.

Build a cybersecurity-friendly corporate culture

Companies should appoint responsible persons and motivate employees to fill the security code of conduct. It is not something that takes place alone, the company must invest in a security culture. All employees must be trained on how to keep data safe and the training plan should address both onboarding training and continual reinforcement. Strong security and privacy awareness training program will not only support your business policies but also keep your company’s sensitive information safe. Knowing that no company or organization can function without the internet, a targeted and sophisticated defense strategy must be developed, no matter what industry the company is in or what size it is.

Evaluate the risks

You can’t protect what you don’t know. Companies must be carefully evaluated which departments are absolutely essential for the smooth handling of their business. Knowing your own infrastructure allows you to choose which components and information are particularly worth protecting. Once all the areas of protection are identified, where the basis of business existence is located, it’s easier to develop a security strategy. Along with that, the company’s most valuable data must be identified and prioritize for better protection.

Identify external and internal threats

Not only attacks from outside, but especially attacks from inside, whether deliberately or through negligence, lead to high economic damage year after year. While external threats are certainly a problem and should be closely monitored, insider threats are at least as dangerous and should be closely monitored as well. IBM estimates that around 60% of all attacks on IT systems occur within their own infrastructure. Verizon even found that successful phishing attacks account for around 90% of all security incidents. Therefore, it is important to have a system for preventing and monitoring insider threats, such as Intelligent User Behavior Analysis (UBA).

Maintain strict identity management in the cloud

Digitization is increasingly forcing companies to move into the cloud. Numerous companies have already outsourced their IT systems to the cloud or have started to switch dramatically since the COVID-19 outbreak. But in addition to the numerous advantages, there are also some implications with regard to IT security.

As the employees and consumers have the possibility to log on to numerous services that are hosted on different platforms – locally in the company, in public clouds, private clouds, and on third-party systems, data and applications are available to users everywhere, but at the same time the door is also opened to cybercriminals. Therefore, user identities and access must be well managed while enabling convenient single sign-on for all applications and data, regardless of whether they are hosted online or on-site. The access rights of individual user accounts must be strictly regulated and defined. Also, the number of accounts that combine many authorizations must be as low as possible. Employees should only have those powers that are absolutely necessary for their day-to-day work in their position. Companies with large numbers of users use Identity and Access Management (IAM) solutions to both facilitate access and ensure security in hybrid environments.

Backups, prepare for any emergency

“Hardware failure, theft, or malware infection (such as the crypto-locker ransomware attack) can make recovering data that is critical to your business expensive or impossible. To avoid this, you need to back up your data”. Creating a backup of the most important data in an emergency is now common and very effective for data security. All data that is essential for business continuity must be identified as it gives you the possibility to back up your most important files more frequently, and performing a full backup less often.

Sources:

• IBM Security Report: Attacks on Industries Supporting COVID-19 Response Efforts Double
• Cyber Resilient Business: Eighth Annual Cost of Cybercrime Study

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