How to Secure Your Business Against Rising Cyber Threat

 

It’s not if a cyberattack will happen, but when. This is a reality that every business leader must confront today. Remember the Equifax breach of 2017? The credit reporting agency’s failure to patch a known vulnerability exposed the personal data of 147 million people. This resulted in a massive lawsuit, regulatory fines, and reputation damages that continue to haunt them.

Imagine waking up to headlines about a major data breach affecting a business firm. Now, picture your business being the next headline. The thought is unsettling, isn’t it? But it doesn’t have to be your reality. The truth is, no businesses are 100% immune to this. Cybercriminals are exploiting vulnerabilities you might not even know exist. Businesses face a wave of digital dangers, from AI-powered phishing scams to ransomware-as-a-service. And the stakes? Nothing less than your company’s reputation, finances, and survival.

This blog serves as your guide to understanding and mitigating these rising cyber threats, ensuring your business remains resilient in the face of digital adversity.

Rising Cyber Threats: What Every Business Must Know

Let us try and understand this better with a hypothetical scenario. You arrive at your office on a Monday morning to find your systems locked, your data encrypted, and a ransom note demanding a hefty sum in Bitcoin. This scenario is a reality for businesses worldwide, as evidenced by the recent surge in ransomware attacks. In fact, according to a report by Sophos, 66% of organisations were hit by ransomware in 2023. The digital battlefield is constantly shifting, with cybercriminals unleashing sophisticated tactics. In 2025, businesses are likely to face security and cyber threats like:

• Ransomware: This crippling malware, as highlighted in the opening scenario, encrypts critical data, holding it hostage until a ransom is paid. The Conti ransomware gang, for example, reportedly extorted over $180 million from their victims in 2022 alone.
• Phishing: Deceptive emails or messages, often disguised as legitimate communications, trick individuals into revealing sensitive information. The FBI’s Internet Crime Complaint Center (IC3) received over 241,000 phishing complaints in 2022, with adjusted losses exceeding $52 million.
• Insider Threats: Risks posed by employees, contractors, or business partners with access to sensitive data. A recent study by the Ponemon Institute found that 57% of organisations believe insider threats have become more frequent in the past years.
• DDoS Attacks: Overwhelming a system with traffic, rendering it inaccessible to legitimate users. In June 2023, Google mitigated a record-breaking 46 million requests per second in a DDoS attack, highlighting the sheer scale of these threats.
• Data Breaches: Unauthorized access to confidential information, potentially leading to financial loss and reputational damage. The 2023 Verizon Data Breach Investigations Report found that 80% of breaches involved compromised credentials, emphasising the importance of strong authentication.

Why Small and Medium Businesses (SMBs) Are Prime Targets

While large corporations often have dedicated cybersecurity teams and robust infrastructure, SMBs are particularly vulnerable to most cyber attacks and security threats. Think of it like a neighbourhood with two types of houses. Some are large, well-protected mansions with high fences, security cameras, and guard dogs. Others are smaller houses with basic locks and maybe an alarm system, but not much else.

Cybercriminals are like burglars, always looking for the easiest targets. They’re more likely to go after the smaller houses with weaker security because they know it’ll be easier to break in and steal valuables. That’s kind of how it is with small and medium businesses (SMBs) and cyberattacks. So, while big companies are also at risk, cybercriminals often see SMBs as easier targets with potentially bigger rewards. It’s like choosing the house with the weaker lock and hoping for a bigger payoff. Let us take a look at some of the reasons for cybercriminals targeting SMBs:

• Limited IT Resources: Many SMBs lack the personnel and budget for comprehensive cybersecurity measures, making them an easy target for cybercriminals seeking low-hanging fruit.
• Increased Reliance on Cloud and Remote Work: The shift towards remote work and cloud-based solutions has expanded the attack surface, creating new vulnerabilities that attackers can exploit.
• Significant Impact of Attacks: For SMBs, a successful cyberattack can be devastating, leading to financial losses, reputational damage, and even business closure. A report by the National Cyber Security Centre (NCSC) found that 48% of small businesses suffered a cyberattack in the past 12 months.

Essential Cybersecurity Best Practices for Businesses

In the ongoing battle against cyber threats, hoping for the best is not a strategy. Every business needs a solid foundation of cybersecurity best practices. Think of these practices as the essential building blocks of your digital fortress. This will fortify your business against the tactics of cybercriminals. Ignoring these fundamentals is like leaving your front door unlocked – an open invitation for trouble. Here’s how to establish that crucial first line of defence:

• Regular Risk Assessments: Identify vulnerabilities and prioritise security efforts. A comprehensive risk assessment can help you understand your specific weaknesses and develop a targeted security strategy.
• Software and System Updates: Patching security flaws at the right time prevents exploitation. The WannaCry ransomware attack, which affected hundreds of thousands of computers worldwide, exploited a vulnerability in the outdated Windows systems.
• Strong Access Control and Authentication: Enable multi-factor authentication (MFA) to add an extra layer of security. Microsoft reports that MFA can block over 80% of account compromise attacks.
• Data Encryption: Protect sensitive data both in transit and at rest. Encryption ensures that even if data is accessed by unauthorised individuals, it remains unreadable.

Employee Training & Awareness: Your Human Firewall

Strong passwords and sophisticated software are indeed vital components of cybersecurity. But your employees are often the first line of defence against cyberattacks. Let’s call it a human firewall! Once educated and equipped, they are capable of identifying and deflecting threats before they can penetrate your digital defences. By encouraging a culture of security awareness and providing ongoing training, you can transform your workforce into a powerful shield against cyber threats. Here’s how to build your human firewall:

• Phishing and Social Engineering Awareness: Train employees to recognise and avoid suspicious emails, messages, and online interactions.
• Cyber Hygiene Policies: Establish clear guidelines for password management, device usage, and data handling.
  Regular Security Awareness Training: Keep employees informed about emerging threats and best practices.
• Secure Remote Access Practices: Educate employees on secure ways to connect to company networks and resources while working remotely.
• Data Protection and Privacy: Emphasise the importance of protecting sensitive information and complying with data privacy regulations.
• Incident Reporting Procedures: Teach employees to report suspicious activity or potential security breaches promptly.

As an ISO Certified Company, Emvigo understands the critical role employees play in cybersecurity. We conduct training sessions and awareness campaigns to keep our employees informed and vigilant against cyber threats. We believe that a well-informed workforce is the strongest defence against cyberattacks.

Investing in Cybersecurity Tools & Technologies

A medieval knight wouldn’t go into battle with only a sword. Just like that, a modern business needs a layered security approach with a variety of tools to combat the diverse range of cyber threats. Let us take a look at some essential components of your digital weaponry:

• Firewalls, Antivirus, and Endpoint Security: These are the frontline defences, protecting against malware and unauthorized access at the device level.
• Password Managers and MFA: Strengthen authentication and protect against compromised credentials, making it much harder for attackers to gain access to your systems.
• Security Information and Event Management (SIEM) Tools: Provide real-time monitoring and analysis of security events, enabling rapid detection and response to threats.
• Intrusion Detection and Prevention Systems (IDPS): Actively monitor network traffic for malicious activity and take action to block or prevent attacks.
• Data Loss Prevention (DLP) Solutions: Prevent sensitive data from leaving your network, protecting against accidental or intentional data leaks.
• Vulnerability Scanners: Regularly scan your systems and applications for vulnerabilities, allowing you to patch security holes before they can be exploited.
• Cloud Security Tools: Secure your cloud environments with tools specifically designed to protect data and applications in the cloud.

Compliance & Regulatory Considerations for Cybersecurity

Businesses collect and process vast amounts of sensitive information. This makes them potential targets for cyberattacks. To protect their customers, and their reputation, and avoid costly legal penalties, businesses must navigate through compliance regulations. These include regulations, such as GDPR, CCPA, and HIPAA.

Here are some key aspects to consider when looking through the world of compliance:

• Understanding the Legal Landscape: Familiarise yourself with the specific regulations that apply to your business. Consider key factors like industry, location, and the types of data you handle.
• Data Security Policies: Develop and implement comprehensive data security policies that address data encryption, access control, data retention, and incident response.
• Data Breach Response Plan: Establish a clear plan for responding to data breaches, including notification procedures, mitigation strategies, and recovery processes.
• Employee Training: Educate your employees on data protection best practices and their responsibilities under relevant regulations.
• Regular Audits and Assessments: Conduct regular audits and risk assessments to identify vulnerabilities and ensure ongoing compliance.
• Third-Party Risk Management: Assess and manage the risks associated with third-party vendors and partners who may have access to your data.
• International Data Transfers: If you transfer data across borders, ensure compliance with regulations governing international data transfers.

Need help navigating the complexities of compliance? Emvigo can assist you with this as we have 14+ years of experience and we understand compliance policies quite too well!

Creating an Incident Response Plan: Your Cyberattack Fire Drill

A cyberattack is like a digital fire. Despite your best efforts to prevent it, a breach can still occur. Having a well-defined incident response plan can help reduce it to a minor inconvenience rather than a catastrophic disaster.

One real-life example of the importance of an incident response plan is the 2017 NotPetya ransomware attack. Maersk was a global shipping giant. They faced disrupted operations worldwide and estimated losses exceeding $300 million. However, they had a robust incident response plan in place. This enabled them to quickly isolate infected systems, and contain the spread of the malware. They successfully restored critical services from backups. The attack was definitely a damaging one. But their swift and organised response prevented even greater losses facilitating a faster recovery.

Here’s what a comprehensive incident response plan should include:

• Immediate Actions: Steps to take immediately after an attack is detected, such as isolating affected systems, containing the breach, and gathering evidence.
• Data Breach Reporting: Procedures for complying with legal requirements for reporting data breaches to authorities and affected individuals.
• Communication Strategy: A plan for communicating with employees, customers, and other stakeholders during and after an attack.
• Backups and Disaster Recovery: Strategies for ensuring business continuity, including reliable backups, disaster recovery plans, and regular testing.
• Post-Incident Analysis: A process for reviewing the incident, identifying lessons learned, and improving your security posture to prevent future attacks.

Building a Cyber-Resilient Future for Your Business

To safeguard your business, your data, and your reputation, you need to adopt a multi-layered strategy. This includes implementing strong security measures, having a culture of security awareness among your employees, and investing in the right cybersecurity tools and technologies. You should also ensure compliance with relevant regulations, and having a well-defined incident response plan in place. By taking these steps, you can build a cyber-resilient business that can withstand and recover from attacks.

Emvigo, an AWS-certified IT partner, can help you navigate the complexities of cybersecurity and build a robust security posture tailored to your specific needs. Our expert team provides a comprehensive range of services which includes a free Well-Architected Framework Review, risk assessments and security awareness training to incident response planning and compliance support. Contact us today to learn more about how we can help you build a resilient and secure digital future.

Don’t wait for a cyberattack to happen. Contact us for a free consultation and architecture review. Let us help you build a secure foundation for your business’s digital future.