Navigating the Cybersecurity Landscape: Embracing Challenges, Building Resilience

September 1, 2023

3 min read

At Novatech, we are always excited to share important information about privacy. Over the years, we’ve learned more about this topic, which has made us very aware of how rapidly threats are deployed and how quick hacking has become. Today, we want you to learn with us how threats have changed over time and how you can keep your business safe from them.

We are navigating a changing world where we used to tell people not to get into strangers’ cars or meet strangers on the internet, but now we love the ease of rideshare apps. Even though this shift may be good for progress and ease of use, it also has its own set of cybersecurity effects.

The threat situation has changed a lot, which has led to new ideas and concepts. This has made our lives easier by making it easier to get around, but it has also changed how we think about danger a lot compared to 20 years ago. As a result, we look into new trends and pay attention to how they affect us as business owners and what they mean for our protection.

Dwell time

One important thing we think about is “dwell time.” This is the amount of time an attacker can stay in a network without being noticed before they are found and removed. The average length of a ransomware attack is about 23 days, which is a long time for an attacker to have access to your data and resources.

Recovery costs

In the past few years, the average cost of recovering from ransomware has risen to $1.8 million. But from what we’ve seen, these numbers are more useful for businesses with fewer than 1500 workers. Novatech is an expert in cybersecurity, so they know how complicated this is, and they want to help you figure it out.

Risk assessments

Over the years, our polls have shown that companies that have done a security risk assessment and those that haven’t are almost split down the middle. This trend shows how important it is to be aware of cybersecurity risks and, based on that knowledge, decide how much to spend on protection.

Our population is spread out across the country in many different places. People from Nashville, East Tennessee, Atlanta, Florida, Texas, and other places have talked to us. This wide reach makes us more determined to spread the word about hacking no matter where we are.

Where compromises come from

Email: About 31% of all known cybercrime losses are caused by business email compromise (BEC). This type of cyber threat includes sophisticated email attacks that try to steal credentials or get people to change their account numbers or send money. The FBI says that the average loss from a BEC attack is about $120,000 per report. This adds up to about $2.4 billion in losses in the US every year.

Ransomware: Also, ransomware is a big problem for businesses because it often causes long times of downtime. The damage can be so bad that it takes a business an average of 66 days to get back to normal after an attack.

Non-Reporting: On the bright side, regulations are being made to deal with these cyber dangers. During President Biden’s time in office, he signed an order to improve cybersecurity’s ability to find problems. A year later, the Senate passed a cyber package that requires companies to report cyber-attacks.

Contact Novatech to improve your business’s cybersecurity

Novatech is still committed to keeping you up to date on the changing cybersecurity scene and giving you the tools you need to be proactive. By knowing the risks, keeping up with the rules, and doing regular risk assessments, we can all work together to make the digital world a better place for everyone.

Written By: Editorial Team

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