Making Security A Habit

Multiple organizations fell victim to an attack revolving around Progress Software’s MOVEit file-transfer platform. Cybernews reported that while the full extent of the attack by the Cl0p ransomware group is still unverified, several major corporations (from Ernst & Young in the US to the BBC in the United Kingdom) have either validated that they were hit or have shown up on lists of compromised companies provided by the threat actors themselves.  It has also highlighted how these instances compromised the company's sensitive data and shattered the trust its customers and investors reposed in the organization. 

The aftermath serves as a poignant reminder that cybersecurity breaches can cause significant damage to a company's reputation and financial stability. A recent cyber security report by CyberArk found that 91% of Indian companies experienced ransomware attacks in 2022, and about 55% said they had faced financial implications. 

According to Gartner, Inc., end-user spending on security and risk management in India is forecast to total $2.65 billion in 2023, an increase of 8.3% from 2022. Rustam Malik, senior principal analyst at Gartner, stated that the increased adoption of digitalization, cloud applications, and the rise in remote workers uncover Indian organizations to more prominent security risks. He said- “In addition, growing concerns on the rising number of ransomware attacks coupled with stringent government measures on digital data protection and security breach reporting are pressing chief information security officers (CISOs) to increase their security and risk management spending for 2023.”

The report noted that security services will witness the highest levels of end-user spending in India in 2023, similar to last year. It is expected to represent 40% of overall end-user spending on security and risk management products and services 2023. 

This means that the C-suite well comprehends that companies are getting more exposed to the threats of cyberattacks with their dependence on digitization and the internet-connectedness of their business applications. They are willing to allow CISOs to make prudent spending decisions to thwart potential security breaches, a welcome development for technocrats.

Adopting the right security posture

To mitigate the risks associated with cybersecurity, it is essential that companies should adopt a proactive approach that encompasses both preventive and responsive measures. This is possible only if security is superimposed in the company’s DNA. 

Here are some practices that can help bolster a company's security posture:

Education and training- Promoting a culture of cybersecurity awareness throughout the organization is not a one-off incident but a continual activity. Regularly educate employees about the latest threats, phishing techniques, and social engineering tactics. Conduct training sessions to enhance their understanding of safe online practices, emphasizing the importance of strong passwords, secure browsing, and data protection.

Implementing strong access controls- Establish strict access controls for sensitive data, limiting access to authorized personnel on a need-to-know basis. Implement multi-factor authentication (MFA) and strong password policies to prevent unauthorized access. Regularly review and update access privileges to align with employee roles and responsibilities.

Robust incident response plan- Develop a comprehensive incident response plan that outlines the steps to be taken in the event of a cyber-attack. This plan should include clear communication channels, roles and responsibilities of the response team, backup and recovery procedures, and coordination with relevant stakeholders, such as legal and public relations teams.

Safety in numbers

Cybercriminals are becoming increasingly sophisticated, necessitating a multi-layered defense strategy to safeguard company assets. Implementing the following measures can help companies establish multiple defensive layers within their IT infrastructure:

Network segmentation- Divide the network into segments, separating critical systems and sensitive data from regular user traffic. This approach restricts lateral movement for attackers and limits the potential impact of a breach.

Regular vulnerability assessments- Conduct routine and penetration tests to identify and address weaknesses in the company's IT infrastructure. Patch vulnerabilities promptly and prioritize the remediation of high-risk vulnerabilities to minimize the potential for exploitation.

Intrusion Detection and Prevention Systems (IDPS)- Deploy IDPS solutions to monitor network traffic and identify suspicious activity. These systems can detect and respond to potential threats in real-time, reducing the likelihood of successful attacks.

Adopting a layered defense approach

By adopting a layered defense approach, companies make it significantly more challenging for cybercriminals to exploit vulnerabilities and compromise their networks, systems, and data. Each layer acts as a barrier, increasing the complexity and time required for attackers to breach a company's defenses. This approach reduces the likelihood of a successful attack and provides additional time for incident response teams to detect, contain, and mitigate potential threats.

Furthermore, implementing multiple layers of defense demonstrates a commitment to cybersecurity, which can deter opportunistic hackers. Cybercriminals are more likely to target organizations with weaker defenses, opting for low-hanging fruit instead of investing significant time and resources to breach well-protected systems.

Cybersecurity- an integral business component 

In today's interconnected world, cybersecurity is no longer limited to defending a company's IT infrastructure; it has become an integral part of business itself. The ramifications of a cybersecurity breach extend beyond data loss and financial implications. They include reputational damage, legal consequences, regulatory fines, and erosion of customer trust.

As CIOs, it is essential to embrace cybersecurity as a fundamental business priority and work collaboratively with other executives and departments to embed security practices into the organization's fabric. By integrating cybersecurity into strategic decision-making, companies can effectively manage risks, protect valuable assets, and ensure the long-term sustainability of their operations.

The growing instances of cybersecurity breaches are a powerful reminder of the dire consequences of inadequate security measures. Companies can mitigate the risks associated with cyber threats by implementing robust practices to enhance security posture, strengthening IT infrastructure, and adopting a layered defense approach. 

Embracing a holistic risk-based cybersecurity approach as an integral part of the business will safeguard valuable assets and instill confidence among stakeholders. This will position the organization as a trusted industry leader in an ever-evolving landscape of digital risks.

The author, Shailendra Sahasrabudhe, is a Country Manager at Cymulate Ltd. 

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