INSIGHT: The Importance of Cyber Security and Managing Risk

INSIGHT: The Importance of Cyber Security and Managing Risk

The operations of any modern organisation depend heavily on cyber security. The potential for damage caused by cybercrime grows dramatically as data and information management become more intricate and linked. This means organisations must take the initiative to create ways to mitigate their cyber risk. An important strategy is achieving cyber maturity, which involves understanding all potential risks posed by cyber threats and implementing measures to protect against them.

The ability to recognise and manage digital risks, establish security procedures, handle crises professionally, and use technology strategically to achieve business objectives is referred to as “cyber maturity.” High-level cyber-mature organisations are better able to safeguard their IT assets from harmful activities and assess their level of success.

Recent research from Checkpoint:

  • Global cyberattacks increased by 38% in 2022 compared to 2021
  • The global volume of cyberattacks reached an all-time high in Q4, with an average of 1,168 weekly attacks per organisation
  • The top 3 most attacked industries in 2022 were Education/Research, Government and Healthcare
  • The geography of Africa experienced the highest volume of attacks, with 1,875 weekly attacks per organisation, followed by APAC, with 1,691 weekly attacks per organisation
  • North America (+52%), Latin America (+29%) and Europe (+26%) showed the largest increases in cyberattacks in 2022 compared to 2021
  • The USA saw a 57% increase in overall cyberattacks in 2022
  • UK saw a 77% increase

Organisations must evaluate the possible risks brought on by their growing reliance on technology and develop strategies to reduce those risks without sacrificing corporate goals or operational effectiveness. Organisations must recognise the numerous internet risks they can encounter to accomplish this. For instance, phishing attacks involve attackers using fake emails containing links or files that look legitimate but are intended to distribute malware or steal personal data. Organisations should develop specific policies and procedures for defending against these dangers once discovered.

“If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.”
Gary Cohn (Vice Chairman of IBM and former Director of the National Economic Council, US)

Areas of Focus

Organisations should concentrate on preventing vulnerabilities and set procedures for securing systems against external threats. This involves ensuring staff members receive regular training on cybersecurity best practices, such as changing passwords often or refraining from sharing sensitive information with unauthorised individuals. Building a culture of Cyber Security will contribute to employees’ recognition of security policies. In addition, it will heighten awareness of how their actions affect the organisation’s overall security posture, significantly lowering the danger of human errors.

A strong cybersecurity strategy is crucial in today’s digitally connected world. Developing an effective strategy demands understanding the techniques and tools used to protect IT systems, including emerging patterns in threat intelligence, such as cyber criminals who target chosen industries at specific times.

As each organisation is different, copying another security practice without determining whether it suits your specific need is not recommended. Instead, a good cyber posture begins with clearly understanding your requirements and objectives and then identifying the most appropriate security measures. Regular policy reviews can also help you stay current with evolving patterns in threat intelligence (such as the approaches attackers employ), which should guide your decision-making process when assessing potential additions or revisions.

“As cybersecurity leaders, we have to create our message of influence because security is a culture, and you need the business to take place and be part of that security culture.”
Brittany Kennedy (Global BISO at Cardinal Health)

Due Diligence

Ultimately, while businesses must be aware of potential dangers, due diligence should go beyond investing in new tools. Staff at all levels (including senior management) must know how to best defend themselves against fraudulent activities by either malicious actors or unwitting sources like unsuspecting users who are tricked into downloading something malicious. Staff education and awareness training sessions should also be conducted regularly. In addition, it is essential to partner with recommended experts with relevant cyber security knowledge to assist you in configuring your overall cyber strategy.

Final Thought

By taking these actions, organisations will lessen their exposure to emerging threats and increase their overall cyber maturity level, creating an environment where risk awareness is not just an afterthought but engrained into regular decision-making procedures across management and departments.

Download the full insight here