Introduction
Did you know that cybercrime costs are projected to skyrocket to $10.5 trillion annually by 2025? This exceeds the damage caused by natural disasters one year and is higher than the global trade value of all major illegal drugs combined.
As businesses further digitize their operation, the necessary robust security measures becomes more important. Today’s cybersecurity threats are more sophisticated, frequent and harmful than ever before. Understanding these challenges is the first step toward protecting your business.
In the end, every business will find that a comprehensive approach to cybersecurity services is a necessity for businesses of all sizes. Now, let’s examine in greater detail without regard to size or industry the specific problems confronting today’s businesses.
The Evolving Threat Landscape
The world of a cybersecurity battlefield changes every day, meaning that what protected your business last year wouldn’t have half a chance in hell today.
Cyber attackers have shifted from random and opportunistic attacks to carefully planned campaigns targeting specific companies. Quite simply, they do their homework on the target company, seek for weaknesses, and then strike at the most opportunistic time.
The old methods like simple firewalls and antivirus tools aren’t enough anymore. Today, with advanced techniques and social engineering, threats can easily evade these basic protections.
Choosing the right protection for your business has never been more important, given that threats keep evolving at a very alarming rate.
Challenge #1: Ransomware and Advanced Malware Attacks
Ransomware attacks have risen by 150% in just over the past year. Ransomware works by locking up your key files and holding them ransom until a payment is made.
Today’s malware goes under the radar of conventional security tools and hides within files or software that looks normal, making it almost impossible to detect until it is too late for any remedial measure.
For instance, the recent attacks launched against major oil pipelines and medical systems have shown exactly how ruinous these incursions are. Businesses face losses not just in revenue but in reputation and customer trust.
To counter these threats and to maintain their operations through recovery, many companies are resorting to outsourced protective services for round-the-clock surveillance.
Challenge #2: Cloud Security Vulnerabilities
New security challenges are emerging as more companies move toward cloud services. Most companies erroneously believe that their cloud provider would handle security issues.
The truth is cloud security operates under the rule of shared responsibility model. While your provider secures the infrastructure, you are responsible for securing data and controlling access.
Common issues include:
- Misconfigured cloud storage where sensitive data is accidentally exposed
- Weak access controls allow unauthorized users inside their systems
- Data backing-up has not been adequately planned
You can compare security providers, which will assist you in finding a service provider who has experience securing cloud environments for your specifics.
Challenge #3: Insider Threats and Access Management
Not all security threats arise from outside your firm. Sometimes the most dangerous threats develop from inside.
Insider threats encompass malicious activity performed by employees as well as honest errors that unwittingly compromise security. A worker opening a phishing email or using weak passwords can provide an opportunity for those who wish to attack.
Managing who gets to see what data has become increasingly complex. Most companies will attest to having challenges in:
- Revoking access upon employee termination
- Limiting access to that which is strictly necessary for each user
- Tracking who accesses sensitive information
Zero-trust security approaches verify every user and every device, regardless of location. Hence, building a robust strategy to counter these internal vulnerabilities is just as important as defending against external threats.
Challenge #4: IoT and Supply Chain Vulnerabilities
The Internet of Things (IoT) has got everything connected now – everything from a simple office thermostat to a complex manufacturing equipment. All such connected devices now represent potential entry points for attackers.
Few of these devices can be said to be equipped with very basic security features and typically receive updates very rarely, thus creating permanent weak points in your network.
Supply chain attacks are essentially threats made through vendors and partners to target your business. They can enter even the most secure setups through less protected third parties.
Thus, the ability of a potential security partner to monitor and protect these extended networks should be one of the decision-making considerations when selecting an appropriate partner.
Challenge #5: Cybersecurity Skills Shortage
In fact, there is now a global shortage of cybersecurity professionals with a staggering 3.5 million positions available globally.
It’s this talent gap that makes it harder for an organization to:
- Upgrade the security system with time.
- React promptly to an attack.
- Be updated about new methods of attack.
Staying fully-staffed in security staff is a challenge even for large-scale enterprises. It is more so for small and mid-sized companies.
This would make outsourcing protection needs attractive, as one can access not only the expertise but also the enhanced security without the need to keep them on a full-time basis.able, providing access to security experts without the need to hire them full-time.
Challenge #6: Regulatory Compliance and Data Privacy
Navigating the complex world of data privacy regulations requires specialized knowledge. Be it GDPR in Europe or a CCPA in California, the business faces a patchwork of compliance requirements.
Some penalties for non-compliance can be too high, like 4% of annual global revenue under some regulations.
Some of the requirements are:
- Keeping records of all data processing activities;
- Implementing some security controls; and
- Reporting breaches within fixed time limits.
Following a comprehensive security checklist, particularly useful to small businesses, will ensure compliance with the major regulations, at times without the need to sink through a specialist for legal advice.
Preparing Your Business for These Challenges
Addressing such challenges necessitates a proactive approach to guarding security. Above all, conduct an extensive security audit in order to assess existing vulnerabilities.
Develop a clear incident response plan ready before it is needed. Having clear guidelines during a breach will save you valuable time and limit damage.
Periodic security awareness training for all employees is vital; they are your first line of defense against many common attacks. An comprehensive overview of security services available can help you determine which basic measures to apply in your organization, based on specific risks and industry.
Conclusion: Staying Ahead of Emerging Threats
New challenges keep coming up every day regarding cybersecurity threats to businesses. New vulnerabilities arise with every new technology, and the attackers keep on getting more sophisticated. You need to stay protected by being alert, flexible, and skillful.
By gaining insight into these major challenges, you have already taken the first good step to protect your business.
Also, remember that cybersecurity is not a one-off project but an ongoing process that has to be worked on and updated regularly.
Are you ready to take the next step? Review your present security posture and investigate possible solutions that mirror your long-term business vision. Your shielding for the future starts with what you do today.
