According to the Identify Theft Resource Center 2023 Data Breach Report, cyber-attacks increased by a staggering 72% from 2021 to 2023, making them one of the keenest risks to business continuity.
What to do to mitigate the growing cyber threat? Read on as we lay out the best available measures.
The cyber threat is rising
So, what’s going on? Well, there were 2,365 cyber-attacks in 2023, an increase of 72% from 2021. The monetary impact of those attacks was no less significant. As of 2024, the average data breach cost $4.88 million, according to the IBM’s Cost of a Data Breach Report.
As a result, 60% of small companies now close within six months of a data breach or cyber-attack, according to the industry data. Meanwhile, a fifth of firms based in the United States and Europe are in danger of bankruptcy due to cyber-attacks, according to a recent report published by one of the world's leading insurance companies.
Run regular risk assessments
Understanding the financial toll cyber-attacks take is one thing, though. Tackling risk in a systematic manner is quite another.
To fully mitigate the threat, organizations will first have to undertake the end-to-end process of identifying risks to business operations, organizational assets, individuals, and more; and that’s where running regular cyber-risk assessments comes in.
Regular risk assessments (RA) incorporate threat and vulnerability analyses, while considering mitigations provided by cybersecurity controls planned or in place. Applications of the end-to-end RA process may vary; however, they tend to include the following steps:
- Identifying critical assets
- Analyzing threats
- Prioritizing risks
Develop an incident response plan (IRP)
From the risks gleaned, organizations should build incident response plans (IRPs,) documenting the predetermined set of instructions or procedures to take to detect, respond to, and limit consequences of malicious cyber-attacks against the organization’s information systems.
What goes into an IRP? A well-structured IRP should include the following components:
- Established roles and responsibilities, ensuring team members are trained in incident response protocols.
- Detection and analysis.
- Steps to contain the threat, eliminate it, and restore normal operations.
- Post-incident review.
Implement common-sense cybersecurity measures
Beyond implementing best-practice measures, based on careful risk assessments, organizations might find they have neglected common-sense solutions to mitigate the cyber-threat. Some cyber-security measures to take right off the bat might include:
1. Firewalls
Gateways that limit access between networks in accordance with local security policy.
2. Encryption
Cryptographic transformation of data (called “plaintext”) into a form (called “ciphertext”) that conceals the data’s original meaning to prevent it from being known or used. If the transformation is reversible, the corresponding reversal process is called “decryption,” which is a transformation that restores encrypted data to its original state.
3. Running regular software updates
Often, software providers release periodic security patches to address vulnerabilities they’ve detected.
4. Multi-factor authentication
Authentication using two or more factors to achieve authentication. Factors include:
- Something you know (e.g., password/personal identification number (PIN))
- Something you have (e.g., cryptographic identification device, token); or
- Something you are (e.g., biometric).
Promoting a security culture at your organization
Indeed, the measures above point up a lingering vulnerability that many organizations don’t fully address – and that’s the threat posed by their own employees. In fact, Stanford University researchers estimate that approximately 88% of all data breaches are caused by employee mistake.
Organizations can go a long way to limiting that vulnerability by simply promoting a security culture. Undertaking the following measures would signal to employees that your organization values cybersecurity:
- Conduct regular employee trainings.
- Encourage employees to prioritize security in their daily activities and report suspicious behavior.
- Conduct simulated phishing attacks to help reinforce training and assess employees’ awareness of cyber threats.
In close, businesses can ill afford to ignore the threat cyber-attacks pose to their bottom lines and business continuity. And to that end, this article has laid out the many ways to mitigate the most pressing of business continuity threats.
Beyond defensive measures, organizations can also go on offense by investing in robust security management software to proactively safeguard their people, assets, and reputation. What capabilities to look for in such a solution? Check out our Security Management Software Buyer’s Guide for more.
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