There are two types of companies: those that have suffered a cyber-attack and those that do not know that they have suffered it.
Creating, owning or managing data instantly puts you at risk for malware and ransomware attacks. It’s important to pay attention to anomalies that tend to appear at early stages, showing as a result of poor data protection making a website vulnerable to cyber-attacks. Small businesses have started to take advantage of the benefits of using Big-Data to get to know the personal preferences of their customers and get better customer response.
Making consumer data every day more available, businesses all around the world have been targeted for malicious attacks, with an increase of 235% year by year. 2018 also suffered an increase in these attacks directly towards well-known e-commerce sites compromising thousands of customer’s sensitive information. Taking a look at your company through a perspective from risk assessment to evaluate what should be protected could avoid a bigger loss. As technology keeps evolving everyone can become a target to any cyber incident but being resilient means you anticipated the nature of the attack, and are prepared to respond and mitigate the damage.
As a security insurance agent, being part of a cyber resilience, it can also mean specializing inside the cybersecurity field, becoming a consultant and addressing the problem in which companies always seem to be involved as they attempt to protect every asset instead of understanding strategic business threats and creating actual assets to make it more difficult to attack, minimizing impact and potential loss when disaster occurs. To continue delivering the intended capacity to maintain a good oversight, it is required to count with the right tools and resources, as well as an expert team to formulate better responses for when it comes down to it be better prepared.
Every company must react quickly and decisively to manage a prompt recovery. Relying for support on a Chief Information Security Officer (CISO) whose role is to effectuate a risk-based security culture inside the company aligned with the organization’s business objectives, can reduce overall cybersecurity risk and offer effective measurements. Even without a CISO, a company can still implement different measurements for cybersecurity issues. It could also be through a cybersecurity consultant to provide valuable information on how to ensure cybersecurity in your organization. They will analyze an organization’s equipment, network and software weaknesses and from that build and generate security solutions applying the necessary needs through regular reporting of incidents as impacts can also go unnoticed, and the longer the period the greater impact and losses it will have.
To design and implement powerful strategies, we must understand our company’s vulnerabilities as this will provide threat factors making us more aware of an intrusion. Learning more and investing in better digital security would help anticipate each attack. Through routine maintenance tasks, we could identify potential threats and analyze patterns of attack in applications, services, hardware, knowing where and why you’re vulnerable.
The evaluation of data veracity, sources, security controls, and interactions make us aware of visible management, and let us deliver insights on risk mitigation and predict the susceptibility to cyber-attacks to elaborate counter-attack measures.
It’s also necessary to implement a human firewall as a defense strategy for breaches. According to a 2017 study by Ponemon Institute, on State of cybersecurity on Small and Medium-Sized Business, it found out that 54% of respondents who had a data breach during the last 12 months said that negligent employees were the main cause of data breaches, meaning that a big percentage of breaches are due to employee error. It’s important to take the right measurements to keep employees included and committed to stronger measurements through the correct security policies, like limiting the number of access to sensitive data to monitor to ensure the information is used only for necessary purposes.
As technology keeps evolving there are still going to be vulnerabilities and threat actors so it’s required the involvement of a data breach response plan implemented throughout all departments because cybersecurity affects an entire organization, leaving direct and indirect consequences behind.
The use of Big data like a response measurement has recently increased as a strategy to regain advantage from hackers. It promises a solid solution to identify cyber-attack trends while monitoring and automating workflows. Large amounts of data are stored and examine by analysists to detect irregularities within a network and with the help of machine learning, it can discover breaches in real-time and build individual defense responses. According to a study made by Verizon on 2019 Data Breach Investigations, every business is susceptible to data breaches, big data analytics solutions supported with artificial intelligence and machine learning can secure the company’s data adding value to a company by preparing them for any invasion.
The importance of each organization’s security risk management is creating smart approaches and powerful recovery strategies, instead of leaving the backdoor open to become easy targets.
The National Cyber Security Centre from New Zealand government identified on their 2017-2018 analysis, four areas of good practice where organizations can focus their efforts for the greatest effect. These areas where:
1. Governance: Promoting cybersecurity at a senior leadership level to protect an organization’s most important digital assets.
2. Investment: Investing in cybersecurity to minimize risk and maximize returns.
3. Readiness: Preparing the organization to detect, respond, and recover from a cybersecurity incident.
4. Supply Chain: Maintaining oversight and awareness of the cybersecurity risks in an organization’s supply chain.
Implementing the right technology could also protect the client’s sensitive information. Confide on tools that use strong privacy settings can make a difference, for Insurance agent’s Sentry can be a good option, with the most secure information management program, and unique access from the application itself. It also has a Wildcard SSL certificate, so that the exchange of information between the client and the server takes place through an encrypted and secure communication channel.
Also, Sentry creates a weekly backup, with on-site retention for two weeks, so you don’t have to worry about any privacy invasion and continue offering clients a safe space to save their data.
We know that not all organizations are the same, so every cybersecurity approach might vary one from another as smaller organizations might not have sufficient resources to rely on tougher or automated techniques. Each of them can focus their strategies on these four areas stated previously to reinforce their digital security.
Cyber resilience is an ongoing process, where you have to stay proactive and keep yourself informed as new threats will continue appearing, implementing a protocol within the industry will lead to best practices and better governance. Industries must invest in cybersecurity and stay vigilant to minimize risk and maximize returns. Lessening possible attacks with the help of technology equipped personal and building a human firewall where employees are committed and on constant alert for suspicious activity is your best course of action.