CyberSecurity: Why your organisation needs to Get Wise to the New Threat Landscape

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The CyberSecurity landscape changes every day, with new actors, new threats, new schemes, and new ways to infiltrate websites, emails, devices, and almost anything that is connected to the internet. We’re constantly reading about the rise of spear phishing, DDoS attacks, global malware threats, ransomware, CEO fraud, and more.

Despite all of the attention that CyberSecurity is receiving, there is still a widely held belief in the small- to medium-sized business or organization (SMB) that cyberattacks happen to someone else - the “Ostrich Effect”

Apparently, this is something that is prevalent in humans; it is our natural instinct to avoid unpleasant or difficult news or situations. Unfortunately, hiding from a problem doesn’t make it go away. It just continues without you, delaying the inevitable.

This is the state of CyberSecurity in the SMB market today. The threat exists. It’s real. It’s growing. It is not going away, and if we continue to bury our heads in the sand, it is going to get much worse. 

Ransomware as a Service or RaaS is a direct threat to SMBs

SMBs should be aware that Ransomware as a Service (RaaS) can be used by anyone with the desire to commit cyberextortion and this has changed the threat landscape. SMB's are now at more risk than ever before.
Consider these statistics:

  1. Cybercrime is expected to cost the world over $6 trillion USD by 2021.
  2. SMBs are under attack as cybercriminals understand SMBs have fewer resources and far less protection than larger entities.
  3. Half of all cyberattacks are against SMBs.
  4. Ostrich Effect statistics: 77% of SMBs say their companies are safe from cyberattacks, yet 83% of them have no formal cybersecurity plan.
  5. 6 out of 10 SMBs do not have a contingency plan should they undergo a cyberattack.
  6. 66% of SMBs say they are not worried about a cyberattack.
  7. Most SMBs do not have policies in place to provide procedures for employees in the case of an attack.
  8. While most small businesses feel that they have adequate protection for themselves and their customers, Visa, Inc. reports that SMBs represent over 90% of payment data breaches.  
  9. Most small businesses do not have any cybersecurity training in place for their employees, while 83% of breaches are caused by untrained employees being duped by phishing and spear phishing activities.

Being Proactive is the Way to Defend against Cyberattacks

While the news on the CyberSecurity front is daunting, SMBs with a proactive plan of protection are far less likely to suffer a breach. When considering a plan for protection, these four areas should be reviewed:

  1. Risk Assessment—it is critical to know what data is at risk, where it is, and how to protect it.
  2. Risk Remediation—have a process to remove/back up/encrypt data to bring to “clean state.”
  3. Protection—utilize advanced technologies to secure a safe environment for your business and your customers.
  4. Education—instigate employee CyberSecurity awareness training.

A proactive approach to protection is the key to being safe for most businesses and organisations, whatever their size.

Remember,
if you are connected to the Internet,
you must be protected!

If you would like us to assist, please Ring us now 01-2166 970 or click here to send us a form.