Cybersecurity - an essential building block in organisational success

Cybersecurity - an essential building block in organisational success

Cybersecurity is vital for companies of all sizes because their networks and systems containing valuable information could become the targets and victims of malicious actors. 

Organisations that lack a cybersecurity strategy cannot defend themselves in case of cyber attacks because they lack the necessary tools to identify and remove threats. Together with the way cybersecurity and technology have evolved lately, there has also been a steady increase in the number of risks companies are exposed to. Over the last few years, companies have adopted a series of methods enabling them to carry out their operations more efficiently (data stored in the cloud). Even if these methods are convenient, companies fail to secure the data when using internet-based services, so they expose themselves to risks that could succumb to their success in case of a data breach or cyber-attack. 

Unfortunately, organisations cannot rely on simply online security solutions like firewalls and anti-virus to stop malicious entities from breaching their services. Cybercriminals are becoming more efficient at evading simple defences, and companies must upgrade their protections to identify threats and stop them in time. Businesses must collaborate with cybersecurity specialists to create strategies that provide them with multiple layers of protection. It's also paramount that companies from all industries take cyber criminality seriously, regardless of their size, and prioritise implementing programs that boost their security because attackers do not discriminate. 

What is cybersecurity?

Cybersecurity is a series of strategies and processes that aim to protect individuals' and organisations' sensitive data against online threats. Over the last couple of years, cyber attacks have been increasing, and criminals have been using more sophisticated tactics to evade traditional security controls, so it's necessary for companies and individuals to boost their efforts to protect themselves. Businesses can now integrate top-notch technology to improve their cybersecurity and keep attacks at bay. 

A strong cybersecurity strategy includes several measures that defend organisations against all kinds of online threats, including data breaches and attacks designed to extort money from employees and customers. When creating a cybersecurity program, companies must consider the following:

• Network security
• Infrastructure security
• Information security
• Application security
• Cloud Security
• Employees awareness
• Security training
• Disaster recovery
• Organisational continuity

Cybersecurity risks

It's no secret for companies that the frequency, sophistication, and scale of online crime are on the rise. While businesses are concerned that cyber threats could disrupt their operations, they're slow in reducing risks. Companies from all sectors are scrambling to fight online threats, and organisations from the government, finance, and healthcare sectors report increasing volumes of data breaches. 

Understanding the risks that lurk online could help companies boost their resilience and protect against digital crime. 

• Human errors are among the main vulnerabilities for companies. Companies that fail to train employees on online security could accidentally expose sensitive information to malicious attackers.
• Basic vulnerabilities are internal risks that facilitate the access of hackers.
• Budget constraints prevent companies from creating a strong security framework. Even if organisations have started to understand that becoming cybercrime victims could become daunting for them, they still fail to provide their security teams with the necessary budget and resources. 
• Third-party risks are common vulnerabilities, and businesses need to carefully pick partners and solution providers as their points of entrance in their organisations.
• Business continuity is vital for a company that falls victim to digital criminals. Companies must prove they're resilient in case of a security breach. 

How can companies protect themselves from online threats?

The implementation of the General Data Protection Regulation requires companies to share how they manage and store customer-sensitive information. Businesses need to put adequate processes in place to meet the GDPR deadlines and requirements and avoid placing themselves in a vulnerable position. Companies that fail to protect themselves against online threats can face GDPR non-compliance fines. 

Cyber attacks can impact companies of all sizes in several ways, damage their reputation, impact productivity, trigger financial loss, cause legal liability, and many other business continuity issues. 

Here are some simple ways to enhance their protection. 

Train employees

Businesses should hire security experts to train employees on how to prevent and mitigate risk. Training sessions aim to provide workforces with how to complete their tasks securely when it comes to upholding information security. An effective security awareness program teaches employees about cyber etiquette and provides them with information about the risks associated with their actions. 

Implement privileged access

It's crucial for companies to manage access to sensitive information because not all employees should access data. Companies must assign employees strategically, according to their responsibilities and roles, to manage the risk of exposing sensitive data. The fewer people access the information, the lower the risk of becoming the target of an internal or external threat. 

Cyber monitoring

It's crucial for companies to monitor their networks and systems continuously to ensure no malicious actor tries to access them to change them. If cybersecurity systems are in place, businesses can easily identify a threat before it puts their data in danger. All organisations should have a response strategy to reduce the impact of a cyber-attack. 

Companies should adopt a proactive approach to online security

The only way to fully prepare for online threats is to implement procedures and rules customised to the business' specific. Not all companies are the same, and therefore their cybersecurity plans differ. An online security policy results from a joint effort of the business strategy team, IT department, and employee feedback. Businesses must maintain a balance between providing their employees with easy access to information to conduct business operations and securing data. The plan should include procedures to secure all software, hardware, networks, and applications. Before putting an online security program to work, all systems should be assessed and tested. 

Security might be an afterthought for some companies, but the present times require the recognition of cybersecurity as an essential function of business success.