While the IT department traditionally spearheads the fight against cyber threats, the current business environment demands a collective approach. With cyberattacks accumulating costs of an average $4.2M per data breach and the frequency of ransomware attacks seeing a 60% uptick since the previous year, the stakes are higher than ever.
Having defenses to protect against the risks of a cyber attack is critical, and Novatech has the team to help ensure your business stays protected from threats to your data. If you would like a free cyber security assessment, please reach out to our team to see how you can learn what all of your risks may be.
The Current Cyber Landscape
With cyberattacks becoming more refined, many organizations, notably SMBs, find themselves unprepared. Recent statistics showcase that only half of SMBs have formulated a cybersecurity plan, with only 43% feeling financially ready to confront a cyber onslaught in 2022. The repercussions of an attack can be catastrophic, often leaving SMBs out of operation and companies offline for approximately 22 days, translating to considerable financial losses.
Shared Responsibility: Beyond the IT Department
The shifting cybersecurity dynamics mean everyone within an organization needs to play their part. Given the pace of today’s work environment and our multi-device dependencies, it’s easy to overlook simple, protective steps, leading to costly errors. Case in point, the notable 2021 breach of Colonial Pipeline was initiated through a single stolen password. Similarly, Intercontinental Hotels Group (IHG) witnessed a disruptive attack due to an easily decipherable password.
The Importance of Vigilance
The evolving sophistication of cyber threats, like business email compromise (BEC) scams, which amassed losses of US $43.31B between 2016 and 2021, reiterates the importance of vigilance. Techniques like spoofing and phishing are commonly employed by attackers, with emails being the primary medium for phishing attacks. Recognizing these threats and exercising caution before engaging with suspicious URLs or messages is paramount.
Challenges Posed by Remote Work and Cloud Services
The rapid adoption of remote work during the pandemic, coupled with an increased reliance on cloud services, has expanded the potential attack vectors. With a surge in device usage and potential vulnerabilities in hastily configured cloud services, the risk quotient has never been higher. This is why you need to have policies and procedures in place to enforce the rules that will help to protect your business.
Fortifying Your Cyber Defenses: Tips from Novatech
- Robust Passwords: Incorporate a mix of letters, numbers, and symbols.
- VPNs: Mandate VPN usage for remote employees.
- Tailored Security Protocols: Match security measures to data sensitivity levels.
- Restricted Access: Implement least-privileged access principles.
- Device Management: Ensure all devices are properly secured and regularly updated.
- Regular Security Checks: Periodically assess business-critical applications.
- Employee Education: Keep your team informed about potential threats.
- Continuous Monitoring: Ensure compliance and recognize exemplary cybersecurity practices.
Novatech: Your Trusted Partner in Cybersecurity
If your IT department is stretched thin, Novatech can step in. We offer centralized and customized anti-malware solutions, bolstered by continuous monitoring and rapid response mechanisms. Our Managed Security Awareness Training helps nurture a cybersecurity-conscious workforce through engaging and tailored training modules.
In this Cybersecurity Awareness Month, and throughout the year, Novatech remains committed to safeguarding our clients against the evolving landscape of cyber threats.