Keep attackers away with 24/7 cyber risk management

With the increasing frequency and sophistication of cyber attacks, a round-the-clock cyber risk management strategy can help to keep data and systems protected at all times.

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Keep attackers away with 24/7 cyber risk management

While cyber threats and attacks have been with us since the introduction of the internet, the rapid pandemic-driven digitalisation of the business world has amplified these threats and moved them into overdrive.

Decision-makers are under heavy pressure to find a trustworthy and round-the-clock risk maintenance provider, especially given that business processes have become increasingly reliant on digital or online networks and large amounts of data.

State of cybersecurity and biggest threats

Just as the adoption of digital transformation has accelerated post-pandemic, so too have cybersecurity threats, especially in recent years. In 2022, the number of cyberattacks rose by over 38% compared to 2021.1 Forecasts don’t see this number going down any time soon, and the number is expected to double by 2025.

This elevated volume of cyberattacks is due to many factors, one of which is the existence of criminal groups that specifically target business tools, such as team communication platforms.

Singapore is one of the countries found to be statistically most affected by malware.1 Businesses in the island nation experience an average of 54 cybersecurity incidents every day.2 In her article on cyberattacks in Singapore, journalist Eileen Yu notes that many companies do not report incident or lack resources to effectively address them, which only highlights the need to prioritise cybersecurity and take proactive measures to safeguard business operations, especially in a market that’s as robust as Singapore’s.2

Among the industries most affected1 are the communications sector, internet service providers, managed service providers, government, healthcare, and education.

Critical aspects of cyber risk management

Companies must proactively ensure that their data, tools, processes, and systems are properly protected at all times. But where should they start?

The first thing to do is understand the environment and landscape your business operates in. What security threats exist? What security measures are there to keep my company safe? What security measures does my company currently have in place to combat these attacks?

These are some of the fundamental questions business owners should constantly be asking themselves when thinking about the digital safety of their operations.

Some of the most common threats include:

●       Phishing: a type of internet fraud that attempts to trick people into sharing sensitive information through fake emails or websites.

●       Ransomware: encrypts data so that the user cannot access it. The attacker then demands payment to restore hacked files and networks.

●       Viruses and worms: networks are often infected through email attachments or downloads and allow hackers to hijack a person’s system.

●       Trojan attacks: malicious programs that perform unauthorised actions on a user’s system and network. This is an attack usually associated with the software.

Companies must review the technological solutions available to them and customise these according to their business’s specific needs. While the advancements in technology have opened up more opportunities for cyber threats, they have also heightened cybersecurity measures available in the market.

Cyber risk management in the age of intelligence involves using new technologies to combat new threats. Artificial Intelligence (AI) and Machine Learning, for example, can identify threats and predict attacks, reduce false positives, improve situational awareness, etc.

These are only starting points to help businesses protect themselves against cyber threats and ensure the continuity of their operations in today’s digital landscape.

Effective solutions

Business owners would be well-advised to think long-term and be proactive about cybersecurity: reviewing all options available to them and considering how they all fit into a single cybersecurity plan.

One way of ensuring that your data is properly protected is to have layers of protection instead of just one. The two-step verification process is perhaps the most commonly used form of cybersecurity. But there are many more besides that. Some examples of multi-layer cyber protection include:

●       Firewall: a first line of defence. It may seem like an age-old way of online protection, but it still proves to be useful. Firewalls track a system’s incoming and outgoing traffic and only allow verified or authorised applications and users.

●       Endpoint security: a proactive way of predicting, preventing, and responding to cyberattacks. Singtel’s endpoint security provides ease of access and management, greater accuracy, and constant automatic updates on the health of your network.

●       Email security: another essential, seeing how businesses constantly work with clients and customers online. It’s just a matter of clicking the wrong link for cyber attackers to come pouring in. A few ways of protecting your correspondence include spam blockers, malware scans, and encryption.

●       Security-as-a-Service or SaaS: a unified threat management system allows companies to gain a centralised view of their organisation’s threat landscape. Singtel’s SaaS allows for a company’s firewall, endpoint, and email security to be viewed and managed all from one place.

But having all these security measures in place may not be enough. Every piece of technology a business implements requires a team of experts to ensure it is used to its full potential.

Round-the-clock managed network security ensures that not only do you have the security layers in place to protect your business, but also a team of experts that will research, implement, and maintain every layer of security your business needs. With this solution, a business will be able to invest in the security measures necessary to keep its data safe without the added work of hiring in-house teams to carry out the maintenance. Singtel’s managed network security solutions also offer businesses insights into what is going on within their company–security-wise–and a live view of their network data.

One example of a managed security services digital network provider is Trustwave, a Singtel company with an extensive portfolio background in cybersecurity services and provides 24/7 cyber risk management. With Trustwave, businesses can expect to save time and money by letting a quick and efficient team of unmatched experience and proven methodologies do the heavy lifting to ensure that their data is always protected.

Lastly, employee education is also an aspect of cybersecurity that should be considered. While setting up a robust cyber risk management practice is essential, it is useless if your teams are not equipped to protect themselves and, by extension, the company. Some examples of effective cybersecurity awareness include training management teams to make risk-based decisions; providing themselves with both the theoretical and practical resources to stay sharp.

By implementing this multi-layered managed system, companies can rest easy knowing that their data is in a much better place than it was without proper cybersecurity.

Conclusion

The most important thing to remember is that regardless of the size of your company and the industry it is in, cyber risk and cybersecurity must be given proper consideration.

Establishing a system with 24/7 coverage and visibility is a step towards a better and safer data network.

Start your 24/7 cyber risk management journey with Singtel now.

 

References:

1. Anderson, Global cyberattacks increased 38% in 2022, 2023

2. Yu, Singapore firms see 54 cybersecurity incidents daily, struggle to keep up, 2022

3. ITU, Global Cybersecurity Index 2020, 2023

4. Embroker, 2023 Must-Know Cber Attack Statistics and Trends, 2023

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