Enhancing Cybersecurity Posture with Limited Resources
How can you achieve more in your cybersecurity strategies with limited security resources?
With the current COVID-19 pandemic still a dangerous phase, hackers continuously take advantage of the situation to target various organizations like hospitals, retail sector, financial institutions, eCommerce, and government agencies.
2020 will go down in history as the year when a global health crisis brought a cyber pandemic.
The pandemic that has disrupted almost every aspect of life has resulted in increased digital transformation and accelerated work from home models as businesses fight the spread of the coronavirus disease. The trend has, however, seen an increase in cyberattacks in recent months.
2020 was already the worst year on record by the end of quarter two in terms of the total number of records exposed. The three months of quarter three added more than eight billion records to the count, bringing the number of records exposed through the end of September to a staggering 36 billion.
In 2020, security teams have experienced a surge in ransomware attacks, with organizations paying bigger ransoms. For instance, hackers demanded $10 million in ransom after an attack took Garmin service offline.
A recent Ponemon Report on application security in the DevOps environment revealed 20 percent of software developers and vendors don’t test their products for software threats. This discovery translates to many vulnerable applications in organizations, creating backdoors to corporate networks.
Also, there is an increase in zero-day vulnerabilities that allows cybercriminals to strike before developers release official system flaw reports or patches.Security teams, hackers, and researchers publish 4 out of 5 public exploits before CVEs are published. On average, cyber actors post exploits 23 days ahead of CVE release, giving attackers nearly a month to exploit the vulnerabilities before owners announce the patches.
For quite some time, the ever-increasing threats don’t seem to slow down, and the COVID-19 pandemic is becoming a catalyst for cyberattacks.On top of that, security teams are struggling with the shift in budgets and priorities.
Undoubtedly, the current pandemic may have wiped your company strategy slate clean. Reduced businesses and revenues may force organizations to reduce or retire specific activities, while others could rescale and reinvent. The process will not spare the cybersecurity function whatsoever.
As businesses reset their strategies in COVID-19 recovery to build resilience, cybersecurity teams will struggle with limited resources to find ways to increase their security postures to deter frequent and complex threats like ransomware from taking hold.
Enterprises are now evaluating security and risk leaders not only on their technical performance but also on their ability to manage cybersecurity plans as a business. In effect, security teams need to estimate budgetary requirements and make a case for expenditures effectively. They need to demonstrate the financial value that information security provides. The process involves assessing and prioritizing certain cybersecurity activities to get the best return on investments.
How can your business detect ever-adjusting attack patterns with inadequate resources?
The cyber threat business remains ever-present, resulting in organizations investing more in cybersecurity. However, with dwindling resources, companies can leverage managed security services for more cost-effective cybersecurity services.
A managed security service provider (MSSP) manages all the security of a business off-site, allowing organizations to focus on what they do best with minimal disruption. An MSSP ensures that the enterprise’s IT remains up-to-date and makes them aware of any security issues. Security service providers have the expertise and tools to handle security administration tasks on behalf of their clients.
An MSSP eliminates the need for hiring and maintaining expensive IT security departments. Recruiting a full-time IT security team is not always cost-effective, especially for small and medium enterprises. Besides, a company requires expensive monitoring software on top of recruiting security analysts to achieve 24/7 security monitoring. MSSPs offer affordable capabilities since they have access to the latest information security software.
Collaborating with a security service provider enables effective budgeting. You can accurately budget for the financial year ahead since the partner’s monthly fee remains the same, with few unforeseen costs in the IT operations.
Overall, working with a managed security service provider who handles all your cybersecurity requirements ensures your business remains safe and compliant with regulations like HIPAA, GDPR, and PCI DSS. This approach prevents the cost of a data breach and non-compliance penalties, which is approximately between $1.25 million and $8.19 million.
Cyber Security Agency provides advanced cybersecurity services and solutions for complex and frequent cybersecurity threats. Our experts offer proven expertise and tailored security capabilities to detect, prevent, predict, and respond to cybersecurity risks. Cyber Security Agency’s strength is the highly skilled experts, rich experience, advanced technologies, and extensive knowledge that enable the team to provide perfect security solutions in all industries.
With our independent and vendor-agnostic approach, we focus on designing and developing reliable security strategies that align with your unique needs and limited resources. Some of our capabilities include application security, cloud security, data security, email security, endpoint security, and governance, risk, and compliance solutions.