In today’s fast-paced world, protecting your organization from security threats and cyberattacks is more challenging than ever. Business and technological advancements are creating new pathways of opportunity, but unprecedented cybersecurity concerns are also emerging and attackers are ready to exploit vulnerabilities.
While there is no one-size-fits-all solution to these challenges, an effective cybersecurity strategy can help you prevent and manage risks. In this article, we will take a look at the most common threats and explain the process of developing an effective strategy to protect your business against them.
What is a Cybersecurity Strategy, and Why Is It Important?
A cybersecurity strategy is a comprehensive plan designed to maximize the security of your business. This plan outlines a series of steps your organization must take to identify, prevent, remediate, and manage risks while remaining compliant. Since most companies today conduct at least some of their activities online, implementing a solid cybersecurity plan to protect their assets against cyberattacks is essential.
Studies show that small and medium-sized businesses (SMBs) are the most vulnerable when it comes to cyber threats. According to Verizon’s 2021 Data Breach Investigations Report, 1 in 5 victims of data breaches last year were SMBs, with an average damage cost of $21,659. However, most cyberattacks can be prevented, or at least their consequences mitigated—with the proper security precautions.
The Most Common Cybersecurity Threats
Identifying the most common cybersecurity threats and their potential impact on your organization is a mandatory step before you begin developing a cybersecurity strategy. With this in mind, let’s take a look at some of the most common risks and types of cyberattacks and what they usually imply.
Phishing attacks are the most common cybersecurity threat to businesses. In fact, studies show that phishing is responsible for 90% of all security breaches that companies face. These happen when an attacker poses as a trusted contact and tricks a user into clicking on a malicious link, downloading a malicious file, or granting access to sensitive information, account data, or credentials.
Security misconfigurations occur when security settings are not implemented or are implemented with errors, which means that they don’t meet industry security standards. Misconfigurations are often considered easy targets for attackers because they aren’t difficult to detect. Some of the most common misconfigurations include unpatched systems, exposure of sensitive data, and outdated components.
Credential stuffing is a type of cyberattack in which credentials are stolen through a data breach at one organization and then used to access accounts or information at another organization. This type of attack is becoming increasingly widespread due to its ease of execution.
Ransomware is a type of malware that can take many forms, but the underlying concept remains the same: you have to pay a ransom to regain access to your data. Such incidents can severely disrupt business operations and leave organizations without the data they need to operate and provide services. Ransomware is usually the last step in a cyberattack process.
Developing an Effective Cybersecurity Strategy
Developing a cybersecurity strategy implies a detailed process that includes initial assessment, planning, implementation, and ongoing monitoring. An effective strategy should be comprehensive, dynamic, and capable of managing all the threats mentioned above.
These 5 steps will help you develop a successful security strategy that will efficiently protect your business from cyberattacks.
Determine the Particular Risks for Your Business
While it’s essential to know what are the most common threats, identifying the ones that can impact your business is critical. This will help you define a clear strategy that is aligned with your company’s needs. Once you’ve identified the particular risks that may affect your business, you can decide how much effort, time, and money are required to develop company-specific security policies to ensure adequate protection against those risks.
Identify the Data That Needs Protection
The next step is to determine the kind of data your company needs to protect from cyberattacks and how sensitive it is. In this regard, organizations should also be well aware of data security laws, such as GLBA, HIPAA, or ECPA, to find out which regulations apply to them. This way, you can integrate governance, risk management, and compliance processes to meet the constant challenge of regulatory oversight.
Use the Right Cybersecurity Framework
Frameworks provide a starting point for establishing processes, policies, and administrative activities for your company’s cybersecurity strategy. It’s important to determine which cybersecurity framework best fits your organization’s needs. There are many frameworks, but the most dominant in the market are ISO/IEC 27001, CIS, and NIST.
Provide Training for Your Employees
According to a report by the World Economic Forum, over 90% of cybersecurity breaches are caused by human error. This shows that the responsibility for data security lies with each employee, not just the IT department—all employees must follow a standard security policy to ensure the confidentiality, integrity, and availability of data and resources (the so-called CIA triad). Therefore, employee training should be an ongoing part of a comprehensive cybersecurity strategy. Areas of focus should include strong passwords and appropriate Internet use, as well as proper handling of customer information and other sensitive data.
Monitor Your Cybersecurity Strategy
A cybersecurity strategy is not a one-time activity and therefore assessments must be done at least quarterly to measure the effectiveness of implemented initiatives. The strategy should be revised periodically to reflect changes in legislation, business, and technology. Furthermore, active monitoring is absolutely critical to addressing ongoing security challenges—as your company’s risk profile changes, so must your security plan. This includes creating or updating risk assessments, policies, guidelines, and procedures to meet your organization’s ongoing security objectives.
Final Thoughts
Cyberattackers are targeting organizations through phishing, security misconfigurations, credential stuffing, and ransomware. Developing a cybersecurity strategy can be an effective way to protect your organization from threats and potential attacks. Remember that a cybersecurity strategy is an ongoing process. Therefore, it is important to revise it regularly to ensure it remains effective against all types of attacks.
