According to a 2023 Cisco Cybersecurity Readiness Index, only 15% of organizations worldwide currently have adequate cybersecurity protocols to appropriately manage the risks posed by threat actors. At the same time, nearly 60% of respondents who participated in the report said they encountered a cybersecurity threat during the previous year.
As issues with malware, ransomware, and hacking attacks become increasingly prevalent, it's important that organizations build up their cyber readiness to mitigate these threats.
So what is cyber readiness? Essentially, cyber readiness covers actions taken by organizations to protect the security of digital infrastructure against a wide range of potential cyber threats. Just as threat actors constantly update their methods and tools for breaching targeted networks, organizations must stay current on the latest security strategies, risk mitigation efforts, and data protection procedures.
Read on to learn more about how to improve the cybersecurity of your business and minimize the chances of a breach negatively impacting operations.
Why cyber readiness is so critical for businesses today
It’s no secret that the volume and sophistication of cyberattacks have exploded in recent years. In May 2023 alone, no less than six major cyber incidents targeted an array of government agencies, tech companies, and other high-profile businesses across the globe. The next month, Russia-linked hackers used a software vulnerability to access the sensitive data of hundreds of companies and organizations with links to American federal government agencies.
Current international tension and conflict is certainly part of the problem, as many cyberattacks stem from organized groups directly tied to Russia, China, North Korea, and Iran.
According to the World Economic Forum, the sum of financial losses caused by hacks, ransomware attacks, and other incidents is expected to reach $11 trillion by the end of 2023.
With all that in mind, it's imperative that businesses take proactive steps to improve their cybersecurity readiness to mitigate the risk of being impacted by cyberattacks.
Best practices for achieving cybersecurity readiness
Improving cybersecurity readiness is an ongoing effort that involves many moving parts. It may sound like a colossal challenge but, fortunately, improving cyber readiness is easier than it seems. Here are a few key steps to enhancing cybersecurity that every business leader should consider.
Identify active risks and potential threats
First, organizations should devote the necessary resources to examining their risk exposure to various forms of cyberattacks and which applications, software platforms, or networks are most vulnerable to intrusion. Consider prioritizing private data depositories, key assets, and critical systems in this risk assessment.
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Examining past cyber incidents and near misses is an excellent place to start when identifying active immediate threats. Businesses should also evaluate the cyberattacks experienced by peers within their industry to gain fresh insights into how threats have evolved and where intrusions may occur in the future.
By conducting a complete review of current risks and possible future vulnerabilities, you'll be better equipped to defend against rapidly evolving cyberattacks.
Conduct maturity assessments
To improve and expand their cybersecurity readiness, many organizations turn to cybersecurity frameworks or maturity models to identify weaknesses in their security programs. Two commonly used guides are the:
Both provide a clear roadmap for measuring cybersecurity readiness while outlining practical approaches for improving cybersecurity in the future.
These maturity assessments look at an organization’s capacity to protect against and recover from different types of cyberattacks while also helping to set solid benchmarks for updating protections to meet changing future threats.
For even better results, organizations should conduct these assessments—either in-house or with the help of a third party—regularly to identify and address vulnerabilities before they become active threats.
Organizations may also want to compare future assessments with past ones to identify their biggest areas of improvement and where potential weaknesses remain.
Build an experienced incident response team
When an incident does occur, it’s critical to have a team, either internally or from a third-party provider, available to detect where the breach occurred and isolate it from other critical systems.
An effective rapid-response cybersecurity team can respond to critical cyber threats, such as phishing attempts, distributed denial-of-service (DDoS) attacks, and ransomware attacks. The team will work to minimize the scope and damage of any confirmed breaches.
Following the security incident, they can also offer invaluable information regarding the source of the attack, why it was successful, and actionable ways to prevent the issue from occurring in the future.
Take steps to better protect employee and customer data
One of the most significant threats cyber criminals pose is their willingness to steal vast amounts of private consumer or employee data. In the wrong hands, this private information can be incredibly valuable and is often used as leverage for weaponized extortion, as in the case of many ransomware attacks. Some bad actors may release this private information to the public to damage an organization's reputation or simply hold the data hostage in return for payment.
This happened in a recent ransomware attack against Taiwanese computer company Acer. After gaining access to sensitive company documents, the group responsible for the attack demanded $50 million, making it the largest known ransom cybercriminals ever sought from a private company.
Organizations can take additional steps to protect private data, such as implementing multifactor authentication (MFA) for employees, controlling access permissions (particularly with sensitive or confidential information), and upgrading firewalls and anti-malware software across all systems.
Ensuring all critical data is encrypted and properly secured through regularly scheduled backups is also an important risk mitigation strategy that can help to blunt the impact of a data breach.
Educate workers on cybersecurity basics
Employees are the first line of defense against cyberattacks, as most security incidents can be traced to human error. Phishing scams, business email compromises, and weak passwords are prime examples of how criminals exploit human behavior to gain unauthorized access to an organization's network.
Ensuring all employees are adequately educated on the risks of malware, adware, and phishing scams will help eliminate issues with unauthorized remote access that are often the root cause of many cyberattacks.
Look to the latest tools to help minimize risk
In the past, cyber readiness was often thought of as a concern for only federal governments and powerhouse Fortune 500 companies. This is no longer the case.
Today’s opportunistic cybercriminals will seek to take advantage of vulnerabilities wherever they're found, often targeting startups and small and mid-sized businesses less ready to defend against attacks.
At Field Effect, we understand the vital role cybersecurity readiness plays in protecting every organization's financial health and reputation.
We make being cyber-ready an easy task by equipping companies with the cutting-edge cybersecurity solutions and professional expertise needed to navigate the complexity of modern cybersecurity threats. Request a demo today to learn more.
