Protecting your data and reputation from cyberattacks
As we move towards a smarter society, digital trust is more important than ever to consumers.
While organizations recognize the need to safeguard their systems against cyberattacks and data breaches, their efforts often fall short of expectations.
This article delves into the main cybersecurity risks faced by organizations and provides insights on how they can enhance their security measures to build trust among consumers and stakeholders.
Identifying the underlying risks leading to cyberattacks
IBM’s recent Data Breach Report revealed that 83% of organizations experienced more than one data breach during 2022 – either a result of malicious intent or well-intended but misinformed actions of employees and business stakeholders.
And in the same year, the number of ransomware attacks surged by 13%, a rise that is equal to the previous five years combined.
Organizations that rely on digital services including email addresses, websites, or social media, can be especially vulnerable. E-commerce, which allows customers to order, book or pay online in connection with an online business bank account is another point of potential exposure. Organizations that use cloud computing services or personal devices for regular work are also at risk.
Areas of focus for organizations to tackle the cybersecurity challenge
Michael Gale, in an insightful interview, highlights the lack of awareness within organizations as a significant hurdle in addressing cybersecurity concerns. Another obstacle is the allocation of adequate resources to combat these threats effectively.
His extensive research reflects that, while most organizations are failing to keep up with digital transformation, by pooling knowledge and collaboration, cyber challenges can be addressed more successfully.
IBM’s Cost of a Data Breach report, published yearly and most recently in 2022, reflects how costly cyberattacks and data breaches can be. It cites healthcare as the industry worst hit and notes that nearly half of all data breaches happen in the cloud.
In today’s digital operating world, good cybersecurity and digital risk management can be a positive and strategic enabler, leveraging organizational resources towards success. Organizations have an opportunity to view digital trust and cybersecurity management not solely as a cost centre but as a strategic investment in the operations and future of the organization.
Helping you manage cyber breaches
As the world becomes increasingly digital, there is no sign that the upward trends in cyberattacks are about to change. From working with clients around the world we know how reassuring the use of industry best practice can be in protecting your organization, employees, and customers from cyberattacks and threats.
Whether it’s international frameworks on information security, cybersecurity and privacy protection requirements, or more specific guidelines on managing network security or the cultural side of cybersecurity risk, access to a range of standards provides a great resource.
As spending on cybersecurity is set to increase, working with us to enhance your cybersecurity journey can help you embrace digital changes that are shaping our futures.
Here are three examples:
Information security, cybersecurity, and privacy protection requirements (BS ISO/IEC 27001:2022). This standard sets out what’s required for an information security management system (ISMS). An ISMS deals with all kinds of threats, whether technological, human, physical or environmental. It helps an organization to make sure that information is treated with integrity and made available or kept confidential as needed.
Network security Part 1 (BS ISO/IEC 27033-1: 2009). This standard goes into detail about most network security issues and answers questions that small business owners are likely to have.
Managing cybersecurity risks (ISO/IEC 27005:2022). This standard provides guidance to help organizations with information security risk management activities such as risk assessment and treatment.
