Cybercrime’s Global Financial Impact
The cost of cybercrime has escalated to an alarming $11 million USD per minute, which breaks down to $190,000 every second. This staggering economic toll has led to the unfortunate reality that within six months of experiencing a data breach, 60% of small and medium-sized businesses are forced to shut down due to the inability to shoulder the financial burden. The expenses associated with a cyberattack can be extensive, ranging from lost business and productivity downtime to customer restitution for compromised data.
The Necessity of Effective Cybersecurity Measures
While the solution might seem to simply invest more in cybersecurity infrastructure, such as anti-malware and firewalls, a significant number of the most damaging breaches can be traced back to basic cybersecurity errors made by organizations and their staff. The 2021 Sophos Threat Report, which analyzed thousands of global data breaches, highlighted that “everyday threats” were among the most perilous. The report emphasized that a disregard for fundamental security hygiene is often the underlying cause of many severe attacks.
Common Cybersecurity Oversights
Could your organization be making a critical cybersecurity error that increases your risk of data breaches, cloud account takeovers, or ransomware infections? Here are some prevalent mistakes to avoid:
Lack of Multi-Factor Authentication (MFA)
IBM Security identifies credential theft as the leading cause of data breaches worldwide. As company operations and data storage increasingly move to the cloud, login credentials become prime targets for various network attacks. Neglecting to secure user logins with MFA is a widespread error that significantly heightens the risk of a breach. MFA implementation can reduce fraudulent sign-in attempts by an impressive 99.9%.
Ignoring Shadow IT Practices
Shadow IT refers to the use of unapproved cloud applications for business data by employees, which can pose multiple risks, such as:
- Data storage in insecure applications
- Exclusion of data from company backup strategies
- Potential data loss when an employee departs
- Non-compliance with company regulations
Employees might resort to unauthorized apps to bridge workflow gaps, often unaware of the security risks. Companies should enforce clear cloud usage policies to inform employees about permitted and prohibited applications for work purposes.
Overreliance on Antivirus Applications
Merely having an antivirus application is insufficient to protect businesses, regardless of their size. Many modern threats, such as phishing emails, operate without malicious files and can bypass traditional antivirus solutions. A robust, multi-layered security approach is essential, incorporating next-gen anti-malware, advanced firewalls, email and DNS filtering, automated security policies, and cloud access monitoring.
Inadequate Device Management
With the rise of remote work since the pandemic, managing the security of remote devices, including smartphones used for business, has become crucial. Failing to administer security or data access for all endpoints puts businesses at a heightened risk of data breaches. Implementing a device management solution, such as Intune in Microsoft 365, is a vital step for organizations.
Insufficient Employee Training
Human error is the culprit behind an astounding 95% of cybersecurity breaches. Many organizations fall short in providing ongoing training for their employees, leaving them ill-equipped to maintain a culture of strong cybersecurity. Regular IT security awareness training is imperative, utilizing resources like short videos, posters, webinars, team sessions, and newsletter tips to reinforce good practices.
Conducting a Cybersecurity Health Check
Organizations should not remain unaware of their IT security vulnerabilities. It’s advisable to schedule a cybersecurity audit to identify and address weaknesses, thereby reducing the risk of future attacks.
Article adapted with authorization from The Technology Press.
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