It is high time to protect your business against a cyber-attack

During these extraordinary times wherein the world is fighting against the deadly COVID-19 pandemic, issues like the threat of a catastrophic cyber-attacks have fast mushroomed along with it. Business leaders are coming face to face with rising cyber-attack cases being reported, the need to be prepared with better data and cyber security solutions are arising. The World Economic Forum’s Global Risks Report 2020 ranks cyber-attacks as the second risk of greatest concern to businesses in the coming decade. As the tools of the Darknet become more sophisticated and accessible, cyber-attacks are increasingly borderless – taking advantage of jurisdictional constraints of regional authorities. As per Frost & Sullivan, 46% of Indian organizations that are in the process of digital transformation have encountered a security incident in the year 2019. When high-profile cybercrime hits, like 2020’s SolarWinds attack, companies focus on preventing-or at least preparing for-the most sophisticated strikes.

As per an industry report, India witnessed two to three times increase in the number of cyber-attack incidents, during its lockdown phase. We’re seeing more and more large-scale data loss and the rise of ransomware attacks – so business resiliency planning is key to business survival. Reacting in real-time to a cyber-attack is already too late. Managing the risk requires agility, meticulous alignment across the business and testing to maintain awareness – it’s about being proactive rather than reactive. Cyber resilience is more important than ever as medium-sized businesses assess their risk of being attacked, whether at the hands of criminals or as collateral damage in cyber warfare. Any data loss can put the nails in the coffin for unprepared businesses.

Cybersecurity encompasses everything that pertains to protecting our data

Cybersecurity risk is increasing, driven by global connectivity and usage of cloud services, where many store their sensitive data and personal information. Widespread poor configuration of cloud services paired with increasingly sophisticated cyber criminals means the risk that your organization suffers from a successful cyber-attack or data breach is on the rise.There is urgent need of the cyber security expertise and a holistic approach to resilience. Awareness needs to be built across the business – this is not just a tech problem. Synergy between technology and business processes is where true resiliency is attained. Experts say that 95% of cybercrime results from leaving the doors open for the attackers. Sophisticated and large-scale attacks will always stand out, but day-to-day security measures are key to minimizing risks.

Every arm of the business needs to understand where their most sensitive data and services sit and the level of risk around them. To understand the level of risk an agile approach is needed, because risk changes along with the business landscape. Every business must understand what its DNA is – that’s the critical 10-15% of data that must be protected at all costs. This is the life-blood of an organisation and, in the event of a cyber-attack, is the difference between its life and death. Businesses are increasingly aware of the dangers of a cyber-attack, but they need to truly invest in cyber resilience and investment to appoint dedicated cyber-security expertise is a vital solution.

By Dr. D. K Sahu, Publisher-VARINDIA