Do you have any idea how vulnerable your organization is when it comes to cybercrime and data breaches? Cybercriminals now use highly sophisticated tools for their shadowy practices, and that translates into an increase in cyberattacks every year. And also as a result of human error, sensitive information – financial data, personal customer data and trade secrets – unintentionally ends up “on the street,” with dire consequences.
The Problem Is That We Are Becoming Increasingly Dependent on Technology as a Society to Conduct Business Online. This Makes Us – Both Businesses and Individuals – Extremely Vulnerable. Yet, This Awareness Is Often Lacking.
The risk of an attack and its consequences are still too often underestimated. While many companies already have robust data security plans, there is still an even larger number that simply does not consider itself vulnerable to a cyberattack.
In this article, we explain why developing a cybersecurity strategy is crucial for optimal data protection, using the five most relevant aspects, whether for large or small organizations.
Standard antivirus software and firewalls are no longer sufficient in the fight against cybercrime and data breaches. As hackers’ techniques and tactics rapidly evolve, they are becoming increasingly resilient to conventional cyber defenses. Even the best-secured networks can contain vulnerabilities.
Forensic investigations at companies that were victims of a hack often revealed that cybercriminals gained access through an IT resource that was mistakenly thought to be protected. It turned out that no security solution was active, or that patches were missing to ‘seal’ the vulnerabilities, giving hackers an easy entry.
Knowing where the vulnerabilities lie makes it much easier to minimize them. This is precisely why it is crucial to develop a solid cybersecurity strategy that allows you to mitigate risks and defend yourself as effectively as possible against an attack or data breach.
Governments around the world are also paying more attention to cybercrime. Since the introduction of the General Data Protection Regulation (GDPR) in 2018, organizations in the EU are required to comply with laws and regulations regarding the use of personal data.
Additionally, since January 2023, a new European cybersecurity law has been in force, NIS2, where NIS stands for ‘network and information systems.’ This new law raises cybersecurity requirements across Europe and designates more organizations as essential businesses, which must therefore meet higher standards. Data security is increasingly becoming a priority, driven by the unfortunate rise in cybercrime.
A good cybersecurity strategy helps companies meet these obligations. But it doesn’t stop there. Developing a cybersecurity strategy also naturally creates the awareness that is indispensable for compliance. An action plan like this helps your organization stay informed of best practices and meet industry standards. It provides insight into vulnerabilities so that you can intervene and make adjustments effectively.
A cybersecurity strategy helps you take targeted measures instead of shooting in the dark. No two organizations are the same: every company has its own vulnerabilities and weak spots. Based on a solid strategy and risk analysis, you can determine which measures are important for your organization and which approach is most effective. This way, you can be sure that you are using your available security budget optimally without overcompensating.
Even though no approach offers 100% certainty, an effective cybersecurity strategy certainly ensures maximum security and resilience. It helps organizations to:
An effective cybersecurity strategy is therefore a ‘living’ document that constantly evolves based on technological developments, new insights, and best practices.
The focus is often on the direct and indirect consequences of a cyberattack, such as the enormous costs involved. The costs of the ‘ransom’ that must be paid to regain access to hacked systems, for example. But also the costs associated with data loss, system recovery, and the impact on business processes caused by an attack. Research1) has shown that in 2021, organizations experienced an average of twenty-two days of operational downtime after a ransomware attack as a direct consequence of the attack. Just do the math!
The direct costs only reflect part of the impact. Consider the reputational damage your organization suffers when it is revealed that sensitive customer data has been exposed. Unfortunately, customers and business partners are not very forgiving when it comes to such ‘carelessness.’ They trust that their data is safe with your company, and when this trust is broken, it often leads to business loss and sometimes even lawsuits.
A solid cybersecurity strategy can limit the impact of an attack and ensure business continuity. Moreover, it contributes to the trust of (potential) customers. For some tasks, cybersecurity protocols are required, such as for government contracts. But even if that’s not the case, such a strategy can provide a competitive advantage by increasing customer confidence.
1)Statista
Another aspect that makes a cybersecurity strategy so crucial is that it not only helps organizations protect their data and systems but also prepares them for a potential attack. Proactively addressing cybersecurity in policy, procedures, tools, and training contributes to early detection and a quick and effective response. This reduces cost implications and helps limit reputational damage.
Thanks to the combination of a set of basic rules and continuous monitoring, your organization is in an excellent position to detect unusual or suspicious activity. And if every employee knows exactly what is expected of them if the organization becomes the target of a ransomware attack, a rapid response is possible.
Creating a response plan is therefore an essential part of a cybersecurity strategy. It is a detailed step-by-step plan that all employees can follow to ensure that the company is as safe and compliant as possible. Since this reduces the risk of security incidents and limits the impact of a potential attack, it also leads to greater efficiency and productivity for the company.
A cybersecurity strategy is indispensable for organizations of any size. It helps reduce risks and costs and leads to greater efficiency and productivity. It provides structure and clarity to strengthen the security infrastructure and ensure that it evolves dynamically with new developments. And while the future is unpredictable, a well-thought-out cybersecurity strategy provides the peace of mind that you are optimally prepared for any security incident.
In our whitepaper ‘Security Assessment: The First Step in Cybersecurity,’ we delve deeper into the importance of periodic security assessments. How mature is your organization in terms of cybersecurity? What are the vulnerabilities, and where are they located? What steps can you take to improve security, and where should your priorities lie? Concrete, actionable information that you can apply immediately.
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WHITEPAPER LEZEN
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