If your cybersecurity program has not been evaluated in the last year, your organization may be vulnerable to attack. Hackers typically troll the internet in search of an organization with a deficient cybersecurity strategy. These nefarious individuals then breach the system and steal valuable and sensitive information. Without a forward-projecting cybersecurity strategy, your business remains at risk.
A report created by IBM and the Ponemon Institute indicates the average data breach cost to companies with fewer than 500 employees is nearly $3 million. And each digital record lifted by cybercriminals results in a $164 loss. Although these figures vary, with healthcare incurring the highest losses, no business walks away financially unscathed. When an organization fails to upgrade its cybersecurity strategy, its network grows increasingly vulnerable. That’s why it’s critical to undergo a risk assessment and implement cybersecurity solutions.
One of the primary reasons that small and mid-sized companies put their cybersecurity program on the back burner involves a cultural misconception. After seeing the splashy headlines and television news media coverage of multi-million ransomware attacks such as the 2021 Colonial Pipeline incident, they think hackers are looking for big paydays.
Nothing could be further from the truth. Online thieves target companies with fewer than 1,000 employees approximately 46 percent of the time. They are searching for organizations with weak or outdated defenses to make easy scores. These are things to consider about the state of your cybersecurity program.
There are essentially two types of cybersecurity strategies being employed today — proactive and reactive. Proactive measures involve processes such as early detection, threat hunting, and 24/7 monitoring. These and other cybersecurity solutions are designed to respond to cyberattacks in real-time. By contrast, reactive programs do not necessarily fight back. Things like firewalls and antivirus software are designed to repel known threats. Hackers devise new schemes every day to adapt and overcome reactive defenses.
It’s not uncommon for business professionals to continue to use the software even after its end of life. When programs time out, companies stop sending cybersecurity updates to close gaps and cure deficiencies. Sophisticated hackers prepare for end-of-life dates by crafting hacking tools to breach emerging vulnerabilities. Sometimes called “zero-day attacks,” companies using outdated technology and software are at a heightened risk of a data breach.
If you run a Google keyword search for “data breach human error,” expect wide-reaching sources to peg the percentage at or above 90 percent. Cybercriminals are keenly aware that employees are often not adequately trained to recognize email phishing schemes and fake websites, and are susceptible to doling out their login credentials. The fault does not necessarily lie with the office worker performing digital tasks. When employers do not offer cybersecurity training, good people are more likely to fall for a clever scheme that triggers a breach. If your employees are not provided with awareness training, it’s time to adjust the cybersecurity program.
Is Regulatory Compliance a Struggle?
The federal government continues to create heightened regulations designed to protect confidential and sensitive information. For example, the U.S. Department of Defense is rolling out the complicated Cybersecurity Maturity Model Certification policy. This cybersecurity program will significantly change how thousands of businesses in the military-industrial base will address data storage and transmission. Other examples include the Health Insurance Portability and Accountability Act (HIPAA) and wide-reaching consumer data protection laws. If remaining compliant with these and other rules has become difficult, it’s time to undergo a risk assessment and partner with a cybersecurity consultant.
To create a robust cybersecurity program, a risk assessment is needed to identify weak points and prioritize digital assets. It will also be necessary to test the level of cybersecurity awareness frontline workers possess. A cybersecurity consultant analyzes everything from Wi-Fi setups to endpoint devices to software packages.
When the vetting is complete, company leadership teams receive a detailed report that shows strengths and vulnerabilities. Then a proactive strategy is implemented that delivers cybersecurity solutions across the network. These may involve cybersecurity services such as changing to zero-trust login credentials, adding two-factor authentication, and replacing outdated applications. When the initial process is complete, your operation enjoys a proactive cybersecurity program.
At CyberTeam, our managed IT and cybersecurity consulting experts have the experience and technology to implement a cost-effective strategy. Schedule a risk assessment with us and begin the process of improving your defenses.