The COVID-19 outbreak caught several businesses off guard, and the abrupt transition to remote working necessitated some improvised solutions to meet the needs of remote teams. As a result, IT and security teams were often unaware of whether the remote working teams had adequate security controls, secure Wi-Fi connections, or the latest security updates.
Remote working, which became necessary for the sake of business continuity during the pandemic times, resulted in a massive increase in cyber-attacks. Because of this emerging critical business paradigm, businesses must prioritize security and cyber-resilience in order to keep up with the evolving threat environment. While returning to the “new normal” in 2021, businesses must consider how to be cyber-resilient and safe.
COVID-19’s effect on cybersecurity
Cybersecurity is a critical consideration for all companies, and it became even more so in 2020, as attackers tried to capitalize on the social fear, confusion, and uncertainty created by the pandemic. Furthermore, digital technology has become increasingly important in both professional and personal lives, and both individuals and businesses have been targeted by cyber-attacks.
Another important consideration is that the total cost of a security breaches caused by remote working. The Global average total cost of a data breach in 2020 was about US$ 3.86 million and the impact of remote work on the average cost of a data breach could add up to another US $137,000, according to a study by IBM. Furthermore, hackers have discovered new malware to penetrate networks as a result of this remote move.
Before the pandemic, it appears that about 20% of cyber-attacks took place with unknown methods or malware, but that percentage has risen to 35% since the pandemic, as per research by Deloitte.
Cyber resilience is now a top priority
Everything is evolving right now, including how companies handle cyber-resilience. In the event of an illness, a power outage, or a natural disaster, traditional disaster recovery plans and business continuity strategies are structured to immediately suspend current operations. They don’t adequately discuss cyber-risks and the potential to recover from a cyber-attack. Being prepared is not a choice, given the effect of COVID-19 and other factors such as digital transformation and consumer demand for companies to be online.
Cyber-resilience isn’t something that can be achieved immediately. IT leaders and security teams should have a specific plan in place for resuming business operations quickly if it is unavoidably targeted. Here are three quick ways to improve cyber-resilience and fill any security holes.
CEOs and cybersecurity leaders must be concise about the current threat and formulate a strategy to proactively defend against being targeted in order to better protect their businesses. Cyber-resilient businesses understand that cyber-criminals with enough resources and time can find a way in. When this occurs, they must take the necessary measures to prevent the process from completely collapsing and to recover as quickly as possible.
Security systems should be reset
Businesses must check for security holes by restarting both digital and physical systems. Examine the data and device access rights companies have given out for remote work to see whether they need to be updated or revoked. Vulnerability assessment tools can be used to check the website and application for fraudulent identities, cracks, false identities, and foul paths.
Stay ahead of the competition by understanding the opponent
Organizations must put themselves in the shoes of a hacker and recognize the valuable assets that cyber-criminals want to exploit and steal. Businesses should expect attacks at any moment and be ready to defend themselves. As a result, the business and technological architecture will continue to function even if ability is reduced. Furthermore, using what businesses have learned during a pandemic, they should be diligent and prepared to recover as well as restore their company to minimum viable functionality.
Using cutting-edge technology
One of the best ways to enhance cyber-resilience is to automate time-consuming and repetitive manual security processes. For threat hunting, vulnerability management and assessment, SOAR (Security Orchestration, Automation, and Response), and user behavior analytics, companies should consider using automation tools.