Cybersecurity is a standard business practice for large companies today. This is because cybercrime is one of the most significant issues that these industries need to solve. But then, according to reports, cybercrime has increased by 600% since the Covid-19 pandemic struck the world, affecting businesses globally.
There is no single business that is immune to cyber-attacks. However, large companies are the most susceptible because they have complex organizational structures. Their vulnerability has also been because, unlike small companies, they have larger servers that cybercriminals can exploit.
Thus, despite having more significant budgets and resources, large businesses are not entirely safe. They have to be smart enough to stop sophisticated attacking techniques that hackers use today. This includes protecting themselves from phishing attacks, insider threats, malware, ransomware, and others.
Cybercriminals primarily target business and client data whenever they attack. The aim can be either using it for malicious purposes, selling it, or using it to soil a business’s reputation. The impacts of data breaches show why large industries and companies need to invest more in cybersecurity.
This article takes an in-depth look at cybersecurity in large industries. Read on to find out more.
Are data breaches inevitable for large scale industries?
Many cybersecurity specialists wonder if data breaches are inevitable. Kaspersky conducted a survey and 86% of the 250 top security officials who participated believed that data breaches are inevitable. This means that every business with an online presence is on the path to a data breach, even with top security infrastructure.
As a business owner, you need to prepare for data breaches. This means that you need to install the proper security infrastructure in your business. It would be best to have a solid data breach response plan to prevent the potential impacts of data breaches, financially and in other aspects.
However, the current response plan stats are not pleasing. According to IBM, an average company takes 197 days to detect a breach and 69 days to contain it. This is enough time for attackers to access every part of a network and cause severe damage worth millions of dollars.
More precisely, a data breach averagely costs a business $3.86 million. About $740,000 of this amount goes to notifying customers of a data breach in a company’s systems. But then, research shows that businesses can save more than $1 million if they can detect and contain data breaches within 30 days.
The impact of a single data breach can severely affect the profitability of a business. Losing up to $3.86 million isn’t good news even to the most prominent brands worldwide. Companies, especially the large ones, should not trust the security systems on their network as every business with or without security systems operates at risk.
Threat detection and reporting in cybersecurity
Cybersecurity for large-scale industries comes with a fair share of its challenges. As mentioned earlier, one is the availability of a large surface that persons with malicious intent can exploit. This makes large organizations more vulnerable to data breaches that turn out to be costly and damaging to reputations.
Data breaches, caused by malware, when detected early enough, cannot be a threat. The problem arises when a business cannot see and identify then prevent these threats in time. If a company has weak security, a data breach can go unnoticed for a long time and become more embarrassing for the company in question.
Despite the pressure that companies face, responses to data breaches remain slow. Many large businesses still can’t act swiftly and transparently when they get attacked. This drawback has made them pay hefty fines, lose customer trust and even get more exposed to attack after attack before they even recover.
Why do businesses fail to detect data breaches in time?
Breaches get more time to fester because of different reasons. We have already looked at the average response times, and they show that most businesses are slow in such a crisis. But then, how soon you respond to a data breach determines whether it ends up as a minor or significant security incident.
The problem is that attackers get this well and are changing their attack techniques every day. For instance, they are devising ways to stay within a network longer without raising eyebrows. Staying hidden for long helps them study networks well and check for crucial data before doing the worst.
There are two main reasons why it takes businesses so long to detect and identify breaches:
- Poor Perception of Security
Most large-scale companies are fighting a security perception problem. The fact that they have many resources makes them believe that they are already doing enough and won’t be vulnerable to data breaches.
This misplaced confidence has made several businesses suffer huge losses. It has been the cause of blind spots and more security holes on business networks. Besides, it has led to a disconnect between business managers and security personnel, reducing the visibility of their networks.
- Poor Monitoring and Intelligence
Challenges surrounding monitoring and intelligence have made it difficult to detect data breaches. Attackers have invested time and money into devising hacking techniques that are difficult to detect. Businesses can only stop them if they also invest in the best monitoring and detection tools.
To understand threat actors, the security department should analyze attacks properly. Investigating malicious files can give the full picture of criminals’ actions and plans. One of the services that can help with that is ANY.RUN. The interactive sandbox keeps a company safe during analysis and saves cybersecurity specialists’ time.
Besides, security teams need to identify where the pinch points are before they start using these tools. Poor placement of monitoring tools can’t bring the desired results. There are several ways of determining where to place these tools and increase their effectiveness. Behavior-driven analytics can help them know the part of your network that is most vulnerable.
There are also different monitoring tools that businesses can deploy. An excellent example of a breach monitoring and detection tool that every company needs to invest in is a proxy. This can help them monitor their security, ads, SEO, social media, and support web scraping for insightful data.
If looking to get the best out of a proxy, you need to pick the right type. Private proxies have for long proved to be the most reliable for different business purposes. They are an excellent pick for any company looking to enhance data breach monitoring and detection on their networks.
How to go about cyber risk identification
The cyber risk management process includes four main steps. Businesses need to undertake them to prevent the risks these attacks expose them to. These steps include:
- Identifying risks
- Assessing risks
- Determining the possible mitigation measures
- Deciding what to do with the residual risk
Therefore, managing cybersecurity risks starts with identifying them. Nowadays, identification is the most challenging step of the process, and it is where failures begin. With cybersecurity evolving every day, risk identification is becoming complex. Finding the best way to approach risk identification isn’t easy.
But then, three main steps can help security personnel identify risks on their networks. They include;
- Identifying business assets
- Determining what threats the assets could be susceptible
- Identifying how vulnerable a business is to threats
These steps can help a business understand its cybersecurity risks better. For instance, identifying your assets allows you to direct your security efforts to where they are needed. In this step, you can know what assets need protection and create a priority list depending on the potential damage that can happen if each gets compromised.
Identifying threats is determining the sources of harm to your assets. There are different sources of threats to your data, but not all of them may be relevant to your situation. For instance, fires might be a threat but won’t affect your data if it is on the cloud. But hacking is a more relevant threat in your case.
We also mentioned identifying vulnerabilities in your environment. These are weaknesses that may make you a potential victim of a data breach. Identifying them helps you design a relevant response plan, which determines how successful you will be in preventing or stopping an attack.
The cyber risk management process helps you know your risk profile. Without a clear profile, you could waste many resources preparing for improbable events and overlooking potential ones. If you follow this process, building a relevant and effective cybersecurity strategy will not be a challenge.
In summary, it is not easy to detect and identify a data breach. Sometimes, you may not even succeed if you decide to go on it alone. It is advisable to join a cybersecurity community where people share their experiences. This can help you understand the types of threats in your industry and how to detect them.
Risk assessment – the first step to improved cybersecurity
Cybercrime is one of the biggest challenges that companies face worldwide. This is because attacks happen every day, and businesses, small and large, are all victims. As a company, you need to ensure that your security is top-notch and can handle the advanced techniques cybercriminals use today. Risk assessment helps with the following;
- It Boosts Security
Assessing your business’s cybersecurity risks is a big step towards safety. It gives you a more informed view of where you stand in terms of security preparedness. Besides, you get to understand what areas need improvements and then develop an actionable plan to boost your security.
For instance, you may not know if there is an insider threat in your firm without assessing your security. An assessment helps you identify any bad practices by an employee that could put your business at risk. Besides, it helps you know how far a security threat has established its roots within your network.
As a security expert, this will guide you on what you need to get rid of a threat. Otherwise, tackling a potential threat blindly may not bring the desired results. You may think you have dealt with it entirely while there are deeper roots. Without a risk assessment, you may also take actions that may expose your network further instead of securing it.
- It Enhances Security Compliance
Risk assessment can also benefit your business in compliance. There are different industry-related security compliances that governments and international bodies have put in place. With risk assessment, you can see if your business meets the requirements and avoids paying hefty fines.
- It Increases Business Revenue
Businesses increase their revenues when they assess their risks in time. When not identified in time, threats such as DDOS can affect the amount of income a company makes. They affect customer engagement, online purchases, and overall transactions, making risk assessment vital.
- It Supports Decision-Making
As a critical decision-maker for your business, you need risk assessment more than anyone else. You cannot make security decisions from guesswork but facts. Risk assessment provides insights that you can base your security decisions on, build a robust cybersecurity strategy, and make your business less vulnerable.
If you think your business doesn’t need a risk assessment, think again. Risk assessment isn’t for small or large companies alone or specific industries. Businesses of all types need a risk assessment to succeed. With internet security becoming an issue every day, all businesses need solid cybersecurity strategies.
Data security is a big concern for large businesses today. That is because there is no secure business, especially now when cybercrime is on the rise. There is a lengthy process with different tactics that companies can use to ensure that their networks are secure from breaches.
Good cybersecurity helps businesses protect their most important assets. With companies processing and storing a lot of customer data, they are targets of cybercriminals. They risk losing the integrity of their data and getting their reputations damaged, impacting how overall business.
As a business, developing a solid cybersecurity plan should be top of your list. It would be best if you had a strategy that makes it easy to assess your risk. A solid strategy makes it possible to identify risks, the areas of your network that are under threat, and the vulnerabilities you must keep in mind.
Practices such as continuous monitoring can help you assess your cybersecurity efforts. As mentioned earlier, you will need monitoring and intelligence tools to know what’s happening in your network. If looking to monitor your network with a proxy, or analyze cyber threats in a sandbox, contact us for insights on how to do it.