Ways to Minimize the Financial Impact of Cyber-Attacks

Cyber Attacks

A recent report by Kroll published in 2022 titled “Cyber Risk and CFOs: Over-Confidence is Costly” suggest that nearly 79% of the survey respondents were victims of at least one security incident that resulted in data or financial loss in the last 18 months. The study also highlights that approximately 71% of them suffered from more than USD 5 million in financial losses arising due to these cyber-attacks.

Cyber-crime is becoming more sophisticated and criminals are successfully deploying full-blown cyber-attacks resulting in enormous financial damage and disastrous consequences. Businesses of all sizes, industries, and verticals need to have effective cybersecurity strategies and tools in place to mitigate the risk before it becomes a huge toll on the organization’s financial health. CISOs should consider designing and implementing effective threat detection and mitigation tools to eliminate threats before they become significant risks.

Businesses are increasing their cybersecurity budget to secure their IT infrastructure from various sophisticated risks, which the SecOps teams leverage to detect, mitigate, recover and remediate risks. However,

The SecOps teams should consider prioritizing a comprehensive cybersecurity strategy that significantly reduces the risks of being a victim of a cyber-attack and gradually reduce the financial impact of a data breach; if it occurs.

Following are a few cybersecurity measures that CISOs can consider to minimize the financial impact of cyber-attacks.

Develop and implement an effective cyber-crime defense strategy

There is a surge in the number of data breaches in businesses of all sizes; organizations need to have effective defense strategies to stay resilient during a data breach. Implementing a preventative cybersecurity strategy while ensuring network security can be a robust defense foundation to block many cyber-attackers before they enter the business network is essential. CISOs should consider securing the entire business network and assets connected to it with multiple layers of security to prevent infiltration. Many organizations find it challenging to implement an effective cyber security posture because of the lack of funding and talent gap.

Evaluate the entire business network to identify cybersecurity risks

Proactive cyber-attack protection strategies must have a two-part approach. In the first aspect, SecOps teams should evaluate the existing data security activities in regard to potential threats. During the second part, the insights gained can be utilized to develop a risk assessment strategy that considers all preventive strategies and measures to address the known vulnerabilities to secure the business network.

Implement advanced next-generation firewalls

Advanced firewalls are an effective defense shield at the network gateway on both legacy and cloud systems that keeps the cyber-attackers away from the IT infrastructure. It is a comprehensive cybersecurity solution that includes web content and application filtering, virus blocking, intrusion prevention, secure remote connectivity, and other features that secure the modern IT infrastructure.

Also Read: Three Game-Changing Strategies for Addressing the Cybersecurity Talent Shortage

Implement effective endpoint protection tools

The modern IT infrastructure includes multiple assets like laptops, phones, tablets, and other IoT devices registered on the business network. CISOs should consider implementing robust endpoint security throughout the network to add an additional cybersecurity layer to prevent various cyber-attacks. SecOps teams can implement effective governance policies to restrict web access to sites that are known to deploy malware. Moreover, they can design particular web filter controls for devices on the business network to minimize the risk of the system being compromised.

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