07 September 2023

When a group of people with malicious intentions (cyber criminals) turn to breach the security systems of an organization or network, that act is called a cyber-attack. The plan and preparation that the firm must have taken beforehand to handle these issues from the scratch is what is called cyber security.

In this blog we will attempt to take you through the maze of cyber security and boil the defense strategy to basics so you can garner enough ammo to keep your firm safe from all sorts of threats. Welcome to Cyber Security Essential 8 and let's dig into this maze together.

Definition of Cyber Security:

“Cyber Security is the body of technologies, processes, and practices designed to protect networks, devices, programs, and data from attack, theft, damage, modification or unauthorized access."

"Cyber Security is the set of principles and practices designed to protect our computing resources and online information against threats."

Cyber security can also be termed as information security or technological security. It entails all practices of keeping data safe and secure from phishing, malware or ransomware attacks. Cybercriminals target the stored PI or SPI of individuals/customers of any company. They also target the credit card information stored by companies for their monthly payouts, which are then used to hack these cards.

PI or SPI includes name, phone number, address, the national identification number or social security numbers which they then sell to black marketeers or other companies trying to benefit from this data.

What is the scale of cyber security

A report by RiskBased Security revealed that a shocking 7.9 billion records have been exposed by data breaches in the first nine months of 2019 alone. This figure is more than double (112%) the number of records exposed in the same period in 2018.

In 2020, a report stated that a case of a data breach would lead to a global expenditure of USD 3.86 million. This number went up to USD 8.64 million in the States alone. A report by Gartner predicts in 2023 alone the world will witness a spending of around 188.3 billion in cyber security and the numbers may well rise up to 260 billion by 2026. In fact, the governments of US and Australia have set up bodies to combat cyber security threats. The National Institute of Standards and Technology (NIST) and the Australian Cyber Security Centre (ACSC) are bodies dedicated to framing cyber safe networks and building a better defence for their respective countries.

Types of Cyber Security Threats:

  • 1. Malware like rootkits and bootkits
  • 2. Trojans
  • 3. Spyware
  • 4. Virus
  • 5. Ransomware
  • 6. Adware
  • 7. Botnets
  • 8. SQL Injection
  • 9. Phishing
  • 10. Man-in-the-middle attack
  • 11. Denial-of-service attack
  • 12. Dridex Malware
  • 13. Romance Scams
  • 14. Emotet Malware
  • 15. Cryptojacking
  • 16. Formjacking

5 stages a Robust Cyber Defense Strategy:

CISCO’s almanac predicts that the cost of cyber security will rise to 75% in just a five-year span of 2012 to 2025. Their trajectory predicts the lack of willingness in companies to take cyber security threats seriously. They also predict that will only result in a loss further. With Cyber Security Essential 8 we explain you the 5 Stages of an effective Cyber Defense Strategy.

1. Threat detection

To kickstart any strategy for threat detection, one must first understand what the kinds of threats are faced or emerged that can harm their company. This can be broadly classified into 2 categories: -

  • a. Technical Vulnerabilities – Technical vulnerabilities are easy to point out too and can be bolstered with a strategic and well governed defense system.
  • b. Human Vulnerabilities – Phishing is one of the most common strategies that leads to cyber-attacks. Proper phishing training for the staff, along with updated knowledge of cyber threats can be an easy solution to avoid such threats.

2. Protect your data

Cybercriminals nowadays come with sophisticated tools and techniques, and it should not be a surprise if we find them hacking through the first level of company’s defense. Thus, companies need to prepare for more robust practices in implementing threats to security and initiating more widened and well-sought-after strategies for data protection. One easy way to do this is training and keeping your staff updated on the latest trends of security and the latest threats that have been noticed in the world of cyber security. This is our most stressed ssed policy and we are also highlighting this to all readers of Cyber Security Essential 8.

3. Management

By management we mean a set of ongoing process. If you are to manage cyber security properly the firm has to be aware and updated of every step and every requirement in a generic basis and take steps in direction of control at all points.

This will include measures like: -

  • a. Embedding risk-based security controls
  • b. Managing supply security
  • c. Regular audits ensuring all security points are always in place

ISO 27001 standards can be followed to maintain these protocols. This is an international standard set by Information security management system and happens to be a risk-based approach to processes, people and technology.

4. Response

The response time for any event should be minimal and this should be taken care of by companies at the very scratch. The faster the firm acts in case of a disaster the more they can prevent losses and move ahead. Fastest response to a breach is also the best way to minimize losses.

Response is very critical when it comes to PI. As any breach of PI data must be reported to the authorities within a period of 72 hours. A robust business continuity management system, together with cyber security as well as data protection audits, together with a strong supply chain security can be the best way to address this issue.

Most often cyber security response can also be teamed with response systems for other sorts of management issues like natural disasters, pandemics and even power outages. This is also the point that we are stressing at with our Cyber Security Essential 8 piece.

5. Recovery

Cyber threats and data losses have even resulted in organizations looking at total rebuilding of business from scratch. Thus, the aftermath of a cyber incident is as critical as the incident itself. Most firms are now opting for cyber insurance to ensure they can minimize losses as well as not look bankruptcy in a situation wherein all security levels were breached. Also, the time taken to recover from losses to BAU can take months and insurance is the best way to cover costs at this point.

Now that you are empowered through the knowledge of what needs to be done thorough our Cyber Security Essential 8, today is the time to actually get your firm powered with the best cyber defense strategy. If you need any help in doing that do feel free to give SafeAeon a call. We are happy to help your firm grow without any threats.

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