The consequences of a cyber attack can be devastating. They range from financial loss to reputational damage to legal repercussions. And the risk increases. Usually three mistakes lead to a high risk and damage from cyber attacks
Recent studies confirm that ransomware attackers manage to encrypt the data in 71 percent of attacks and that paying a ransom doubles the total cost of recovery. In addition, data is stolen in 30 percent of ransomware attacks in Germany.
Build strong cyber resilience
The good news is that organizations can protect themselves by considering the five pillars of cyber resilience: Identify, Protect, Detect, Respond, and Recover. However, when implementing cyber resilience, mistakes occur again and again, which subsequently imply supposed security - until the cyber criminals find a gap in the apparently secure protective wall and cause major damage. The experience of Arcserve's data security and recovery specialists shows that in the affected companies, there are usually three errors that lead to a high risk and, as a result, contribute to damage from cyber attacks.
The value of digital data is underestimated
One of the most consequential mistakes in cyber resilience efforts is that organizations misunderstand the importance and value of their data. In order to realize the strategy of cyber resilience in cybersecurity, it is essential to fully understand the exact value of the data, including intellectual property, customer data and protected information. Only then will those responsible understand the importance of the data for the company and what resources, budgets and solutions are required to protect it. Oftentimes, insufficient awareness leads to inadequate safeguards, such as weak passwords, outdated software, and inadequate access controls, and exposes the organization to cyber threats in the first place.
In fact, with increasing reliance on digital technologies and data-driven decision-making processes, digital assets are more valuable than ever. Nevertheless, cybercriminals are on the hunt for precisely this data, because in addition to encryption, business interruption and ransom demands, these can be sold underground at horrendous prices.
Risk assessment quickly creates clarity
Organizations should therefore conduct a thorough risk assessment to identify their most important assets, better understand potential Achilles' heels, and implement robust security policies to protect data. These measures should include continuous monitoring, patching and updating of systems and software, and implementation of strong authentication mechanisms and encryption protocols.
Companies should also pay particular attention to checking potentially outdated operating systems and applications. Because these can be a significant problem and a significant gap in the data protection strategy - for example, if a backup provider cannot support the outdated operating systems. It is important to consider how many legacy applications are running on older operating systems and whether these can be backed up. If an organization is still using legacy applications, perhaps by force, and they cannot be secured, it is imperative to address this issue to ensure privacy and security.
The ineffective management of risk by third parties
Many companies are increasingly relying on third-party vendors, suppliers and service providers to support their business operations. These external partners often have access to important systems, data and networks. However, not all third-party providers have a solid cyber security structure and can therefore become a critical vulnerability or gateway for cyber attacks.
Organizations often fail to thoroughly assess the cybersecurity of their third-party providers and ensure that they adhere to at least the same security standards as themselves. Poor cyber-resilience at third parties can create vulnerabilities in the cybersecurity chain. This gives cybercriminals the opportunity to exploit vulnerabilities in third-party systems and gain unauthorized access to a company's data or systems via the digital chain (supply chain).
Third-party due diligence
A comprehensive due diligence check of third-party manufacturers provides a remedy. This assesses their cybersecurity capability, while also leading to robust contracts and agreements that clearly define security expectations and responsibilities. Of course, this unique status quo does not last forever. A regular check of the third-party providers ensures that they do not let up in their security efforts, but adapt and further develop their security with regard to the constantly changing threat landscape. Incidentally, such checks are also the basis for compliance with data protection regulations.
Cyber risk associated with third parties is particularly acute for organizations operating in a hybrid cloud environment. Because supporting different cloud platforms and making sure they work well together can be complex and introduce security gaps. The Solution: Enterprises should develop an appropriate data protection and recovery strategy for their hybrid cloud environment. This includes choosing a cloud storage solution that offers continuous snapshots, multiple recovery points, and security controls for private, public, and SaaS environments.
Contingency plans without testing are rarely good in an emergency
Organizations invest significant resources and budgets in developing contingency plans. The aim is to eliminate or at least mitigate the effects of cyber attacks in an emergency. However, such plans often just sit on the shelf without further review or continuous adjustments until one day they are needed.
But then it is often too late, because no one knows whether the plan really works, since the interaction between employees and technology has not been tested and practiced and since the plan was created, too many framework conditions have changed significantly. Experience shows that incident response strategies and plans are only effective if they are regularly tested, refined and updated based on evolving cyber threats and changing business needs.
To eliminate this problem and to determine the effectiveness of the contingency plans, companies should regularly conduct exercises or simulated cyber attack scenarios. These exercises help to identify gaps and weak points in the plans and to make necessary adjustments. This also includes a detailed evaluation of the tests to determine the effectiveness of the response and the potential for optimization. This continuous feedback loop is critical to improving an organization's responsiveness and the effectiveness and relevance of plans.
Certainly safe
One thing is clear: as the threat landscape evolves, organizations must avoid mistakes in their cyber resilience efforts. Understanding the value of data, effectively managing third-party risk, and actively testing contingency plans on a regular basis are the foundation for functioning and robust cyber resilience.
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About Arcserve Arcserve offers exceptional solutions to protect the valuable digital assets of companies that require complete and comprehensive data protection. Arcserve was founded in 1983 and is the world's most experienced provider of business continuity solutions for securing multigenerational IT infrastructures with applications and systems in any environment, on site and in the cloud. Companies in over 150 countries around the world rely on Arcserve's highly efficient, integrated technologies and expertise to reduce the risk of data loss and prolonged downtime while reducing the cost and complexity of data backup and recovery by up to 50 Reduce percent. Arcserve is headquartered in Minneapolis, Minnesota with numerous locations around the world.