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Is your organization part of the 15%?

In today’s digital age, cybersecurity is a critical aspect of a company’s overall security posture. However, a new study conducted by Cisco reveals that only 15% of companies surveyed are fully prepared to defend against cybersecurity threats. The study highlights the need for companies to take proactive measures to enhance their cybersecurity measures.

Introduction

TEAP Supports Multiple Authentication Methods

As more and more companies move their operations to Software as a Service or other cloud based solutions, the risk of cyber attacks increases. Cyber attackers are becoming more sophisticated, and the consequences of a successful attack can be devastating. Companies need to be proactive in their approach to cybersecurity to protect their sensitive data, maintain their reputation, and avoid financial losses.

Company Threats

The study conducted by Cisco identified several cybersecurity threats that companies are facing. These threats include phishing attacks, ransomware attacks, and distributed denial of service (DDoS) attacks. Phishing attacks are one of the most common types of cyber attacks, where attackers use social engineering tactics to trick employees into revealing sensitive information such as login credentials. Ransomware attacks involve the use of malware that encrypts a company’s data and demands a ransom to be paid for its release. DDoS attacks, on the other hand, involve overwhelming a company’s network with traffic to cause a denial of service.

Phishing attacks are particularly concerning, as they rely on human error to succeed. Cyber attackers can send convincing emails that appear to be from a trusted source, tricking employees into clicking on links or downloading attachments that contain malware. Ransomware attacks are also on the rise, with many companies falling victim to this type of attack. These attacks can be costly, both in terms of the ransom demanded and the downtime caused by the attack. Ransomware is a common outcome of a successful phishing email. Many phishing and resulting ransomware attacks don’t even need a human element with the rise of ChatGPT. Check out out other blogs (Humans vs Bots, ChatGPT & Cybersecurity) on the use of AI like ChatGPT in cyber attacks.

DDoS attacks are another significant threat to companies. These attacks involve overwhelming a company’s network with traffic, causing it to become unavailable. This can be particularly damaging for companies that rely on their online presence to conduct business.

The Cost of Being Unprepared

The study highlights an average cost of approximately $500,000 for almost half of the surveyed customers that have been impacted in the last year. This estimate is about on par with other sources like this Business.com article showing a range of $120,000 to $1.2M for small business breaches. This impact can reach far higher depending on the size of the organization and the data that the organization holds or has control of.

The Importance of Cybersecurity Preparedness

With the financial impact in mind the next question is how to combat it. The Cisco survey shows that almost 90% of the companies plan to increase their cybersecurity budget by 10% over the next year. Is that on new security tools, cybersecurity insurance, or people and processes? Don’t know but when evaluating where the money should go organizations should take into account their risk tolerance (how many punches can you take) and risk profile (how likely are you to get punched) and weigh that into where they invest.

Nintendo's Mike Tyson Punch-Out

Nintendo’s Mike Tyson Punch-Out

The study highlights the importance of cybersecurity preparedness. Companies that are fully prepared to defend against cybersecurity threats are more likely to prevent data breaches, reduce downtime, and minimize the impact of cyber attacks. A proactive approach to cybersecurity involves implementing robust security measures such as firewalls, intrusion detection systems, and regular security assessments. Companies should also educate their employees about cybersecurity best practices to reduce the risk of social engineering attacks.

It is not enough for companies to simply react to cyber attacks. They need to be proactive in their approach to cybersecurity, implementing measures that can prevent attacks from occurring in the first place. This includes regular security assessments to identify vulnerabilities in their systems and networks, as well as ongoing training for employees to keep them up-to-date on the latest threats and best practices. Additionally, many organizations can greatly benefit from the use of automation to be proactive. Not only should all the security tools in the environment share information with each other to increase situational awareness and threat efficacy but they should also work together to protect, prevent, and contain the threats in near real time. Using tools on the endpoint, networks, and cloud that can see once and block everywhere is a critical component to stopping threats before they become debilitating and/or costly to the organization.

Conclusion

The study conducted by Cisco serves as a wake-up call for companies to take cybersecurity seriously. With the increasing sophistication of cyber attacks, companies need to be proactive in their approach to cybersecurity. By implementing robust security measures and educating employees about best practices, companies can enhance their cybersecurity posture and reduce the risk of cyber attacks. It is crucial for companies to prioritize cybersecurity and allocate the necessary resources to mitigate the risks posed by cyber threats.

As the world becomes more digital, the risk of cyber attacks will only continue to increase. By taking a proactive approach to cybersecurity, companies can protect themselves from these threats and ensure the safety of their sensitive data. It is essential for companies to invest in cybersecurity measures to avoid the potentially devastating consequences of a successful cyber attack.

ModernCyber’s Services

If you are looking for help with understanding and assessing where your company is on the readiness scale let us know. We provide multiple consultative services that can be customized to the outcomes and requirements you need to meet. We would love to help you in becoming part of the 15%!

Schedule some time to speak with one of our cybersecurity experts.

*** This is a Security Bloggers Network syndicated blog from ModernCyber Blog authored by ModernCyber Blog. Read the original post at: https://www.moderncyber.com/blog/cybersecurity-readiness-index