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CYBERhythm

5 Cybersecurity Facts Every Business Should Know

Cybersecurity has skyrocketed in importance as our society continues to digitalise. Even amidst the COVID-19 pandemic, it remains a hot topic. As world governments/ businesses scramble to roll out crisis-management measures and people adjust their lifestyles to fit new social orders, hackers are more active than ever. With lockdowns and social distancing, companies are digitalising their businesses by moving to the cloud, giving cybercriminals the perfect opportunity to orchestrate attacks and steal information. Reports of email phishing, cloud hacking and fake websites continue to surface and likely will not cease any time soon.

Being a Cybersecurity provider ourselves, we felt the need to highlight the importance of prioritising data security. A data breach will just open a pandora’s box of challenges that no business wants to deal with. Thus, here are 5 Cybersecurity Facts Every Business Should Know and how CYBERhythm can help protect you against malicious attacks.

Table of Contents

  • Nobody is safe
  • Prevention is better than cure
  • Employee errors play a huge factor
  • Awareness is key
  • Follow compliance standards
  • What CYBERhythm can offer
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1. Nobody is safe

A lot of businesses have the “it will never happen to me” mentality and have the misconception that cybercriminals only target established companies. We’re here to tell you that everyone is vulnerable. No matter how small your business is, there is a hacker ready to pounce when you let your guard down. In fact, according to Verizon’s 2019 Data Breach Investigations Report, 43% of data breach victims were small businesses [1]. This sufficiently shows that data is valuable, and a company’s status or size will not deter hackers. If your organization has been free of cyber threats so far, we urge you to start tightening your security measures to keep it that way. Implementing stricter security may seem like a hassle and an extra cost, but trust us, the pros far outweigh the cons of suffering from a security breach.

Once your security is compromised, all operations will be jeopardised until the breach is fixed. This will hinder business growth as cyberattacks cannot be dealt with overnight and your business may take a significant amount of time to recover. Customer loyalty will also take a huge hit as once news of the breach reaches the public, your company credibility will plummet and customers may lose trust in you and move onto your competitors. Moreover, security breaches are rarely detected in the early stages, a report by IBM indicates that it takes an average of 279 days before a breach is discovered and contained [2]. This means that by the time you realise that you are under attack, your business assets are already long gone. Stopping the attack will do very little to salvage the already stolen information.

All these factors will greatly impact your company’s financials, thus, the sooner you acknowledge that you could be a victim of cyber attacks the better.

2. Prevention is better than cure

Undoubtedly, the best way to deal with cyber attacks is to prevent them from ever happening in the first place. Many incidents of data breaches are a result of companies practising poor cyber hygiene and having inadequate protective infrastructure. Businesses underestimate the capabilities of cybercriminals and believe that simple security measures are enough to keep them at bay. However, it is this complacent attitude that leads to stolen data. Additionally, many businesses are running their operations on clouds nowadays as it is cost-effective, easy to use and flexible. As cloud providers are third-party platforms, businesses relinquish the responsibility of data protection to these cloud providers. They believe that data in the cloud is safe and that the security efforts the cloud hosts provide are sufficiently effective. However, they tend to forget that information in the cloud can be assessed through mobile phones, tablets and computers, so if any of these devices has malware, the company assets will be threatened.

So, to protect yourself from cyber threats, there are various measures you need to enforce. Firstly, make sure your data is encrypted, this means that even if the information is leaked, the data cannot be accessed without a secret key. Secondly, ensure that internal firewalls are set up so that not all accounts have full access to all assets. This offers an extra layer of protection when an account is hacked as even with the stolen credentials, the hacker cannot reach your entire vault of sensitive information. Thirdly, employ the multi-factor authentication feature when it comes to logging in to view classified data. This adds a layer of difficulty for cybercriminals during hacking attempts and gives you a heads up regarding suspicious activity. With advanced measures like these in place, you will have a better chance of defending yourself against potential attacks.

3. Employee errors play a huge factor

Human carelessness plays a huge role when it comes to cloud security being imperilled. With the majority of employees telecommuting as a result of current circumstances, the risk of employee negligence leading to a security breach has risen. With employees working off their mobile phones, home computers and tablets, company information is being exposed to numerous external threats. When staff are left to their own devices, they may visit potentially harmful websites that they would not otherwise use when in the office. The devices could also be connected to unsecured WIFI networks, giving cybercriminals the golden opportunity to swoop in and steal confidential information.

Also, with employees unable to engage in face to face communications, there is an over-reliance on emails and other online communication tools. This means the chances of employees falling victim to phishing scams will inevitably increase. Weak passwords or poor password management is another act that jeopardises company data. Many employees do not bother setting strong passwords for their company emails or other company accounts and many even write their passwords on paper. These poor practices just makes stealing their account details so much easier. Once an account is obtained, hackers can gain access to business assets from wherever they are.

Another careless act that can result in a security breach is when employees get their electronic devices that contain sensitive information stolen. This gives the perpetrators direct access to company secrets. This is why it is crucial for your company to implement the advanced security measures that have been mentioned above.

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4. Awareness is key

Although it’s been mentioned that security breaches are hard to detect, it is still good practice for companies to monitor their assets and learn how to catch unusual activity. This is because early detection allows you to contain the threat and gives you the chance to nip the problem in the bud. Thus, being aware of who has access to company information and how it’s being used is important.

Another issue that companies need to address is employee awareness regarding cyber threats. It is essential that employees know the potential cyber threat that could befall the company and how to react when it does. Employees should know the necessary precautions to take when it comes to opening suspicious emails and logging into their work accounts on new devices or over unsecured networks. There should also be a protocol set up for security breaches so that if the situation does occur, employees know what steps to take so that the breach can be controlled.

5. Follow compliance standards

Businesses should abide by compliance standards in their industry to keep business data secure. Use the compliance frameworks to verify that your security measures align with what is expected. Also, make sure to conduct regular checks to ensure that your measures are working correctly and to constantly improve on them. Remember, hackers are always upgrading themselves and refining their skills, so you have to ensure that your security infrastructure is always a few steps ahead of them to defend against potential attacks.

What CYBERhthm can offer

CYBERhythm is a cloud security platform that helps to quickly detect and respond to cybersecurity threats to your business assets in the cloud. We have taken into account the above points and developed a platform to help businesses protect your assets without the hassle.

We know that some companies may be hesitant to implement cloud security as it seems tedious, thus we ensured that CYBERhythm would have an easy onboarding process. Our guided setup process and automatic cloud onboarding will seamlessly get your cloud assets connected and protected. CYBERhythm also supports multiple cloud providers (Microsoft Azure, AWS etc.), giving you a holistic view of your cloud infrastructure even if you’re hosting your assets in various clouds. This also means that your data across all your cloud platforms will be under 24/7 surveillance and that you will be able to detect any unusual activity at one glance.

Furthermore, as cyberattacks can happen any time, our automated threat detection and alert system notifies you whenever we detect potential threats. This effectively allows you to take immediate action and stop the security breach from causing further damage.

CYBERhythm also helps you keep up with compliance standards as we help to verify your cloud compliance levels against standards such as PCI-DSS, HIPAA, MTCS, ISO 27001.

We understand that some businesses may be reluctant to engage a third-party cybersecurity provider as you may feel uneasy onboarding your assets into our platform. However, there is no need to worry as CYBERhythm can work without touching any of your systems or applications. We make extensive use of the APIs provided by each cloud vendor to connect, monitor, and automatically contain threats to your cloud assets.

References:

[1] 2019 Verizon Data Breach Investigations Report
Retrieved from: enterprise.verizon.com

[2] 2019 Cost of a Data Breach Report
Retrieved from: databreachcalculator.mybluemix.net