Online and On Guard: 10 Cybersecurity Tips to Protect Your Business

The World Economic Forum reports that today’s economic and geopolitical instability, coupled with rapidly emerging technologies, are making it challenging for business leaders to build cybersecurity resilience. Meanwhile, the State of Cybersecurity in 2023 report underscores the increasing demand for technical skills like identity and access management and incident response to ensure companies are equipped to manage cyber threats.

Cybersecurity is not purely the responsibility of your IT department; it is about securing the very core of your business. As a CEO, you know you can't afford to close your eyes to this essential aspect and expose your business to legal issues, substantial fines, and damage to your hard-earned reputation.?

It only takes a single cyber incident to erode stakeholder trust. This Cyber Security Awareness Month, we urge you to improve your security posture with these cybersecurity tips.?

“Cybersecurity should align with an organisation’s overall business goals and risk management strategy. CEOs play a crucial role in setting the tone for the organisation’s cybersecurity culture.” - Werner Webb, Cybersecurity expert at IPT.

Cyber Threats in Today’s Digital Landscape

Phishing, insider threats, and social engineering are just a few threats circling businesses today. Werner Webb has also observed first-hand a concerning trend in the realm of cybercrime: information-stealing malware. These malicious programs infiltrate users' devices, including Android and iOS mobile devices, and stealthily harvest sensitive data such as bank account login details, credit card information, and personal credentials.?

What's even more alarming is the subsequent monetisation of this stolen data, as cybercriminals sell these ill-gotten credentials on the dark web.?

“This trend not only underscores the growing sophistication of cybercriminals but also highlights the urgent need for heightened user awareness and stringent security measures to mitigate the risks associated with such attacks.” - Werner Webb.

Cybersecurity Tip 1: Conduct Risk Assessments

One of the most common misconceptions in cybersecurity is the tendency to view risk assessments as a one-time task, often conducted at the onset of cybersecurity initiatives and then conveniently tucked away in the archives. However, this approach can prove to be a costly mistake in the shifting landscape of digital threats.

The threat landscape is a complex ecosystem. New vulnerabilities are always emerging, and attackers devise novel methods to breach defences. A static risk assessment conducted once and forgotten quickly becomes outdated, akin to relying on a map from a bygone era to navigate uncharted territory.

To maintain a robust cybersecurity posture, embracing risk assessment as an ongoing, continuous process is essential. Here's how to implement this:

• Regular Reviews. Consider conducting risk assessment reviews at least quarterly or more frequently if your organisation is particularly vulnerable to rapidly evolving threats.

• Engage Experts. Involve cybersecurity experts or consultants who are well-versed in the latest threat landscape to leverage their valuable insights.

• Threat Intelligence. Stay informed about emerging threats and vulnerabilities specific to your industry or region.?

• Incident Response Drills. Conduct regular incident response drills to test your organisation's ability to react to real-world threats.?

• Adaptive Planning. Use the insights gained from ongoing risk assessments to adjust your cybersecurity strategies and resource allocation accordingly.?

Cybersecurity Tip 2: Drive Employee Awareness

While technological safeguards are essential, the human element remains critical in defending against cyber threats. Alarmingly, 52% of businesses admit that employees are their biggest weakness in IT security, with their careless actions threatening the company’s IT security strategy. Verizon also reports that 82% of breaches in 2021 involved human error .

Employees who are educated and aware of security best practices are the first line of defence against phishing attempts, social engineering attacks, and other forms of cybercrime. They can recognise suspicious activities, report potential threats, and adhere to security protocols, reducing your organisation's vulnerability to breaches.?

“Awareness programs are essential, but the impact is limited if employees don't feel a sense of ownership in cybersecurity. Building a security-conscious culture is as important as training,” urges Werner Webb.

Here's a practical approach to ensuring that your cybersecurity efforts have a lasting impact on your employees:

• Leadership Commitment. Secure support from stakeholders to prioritise cybersecurity.

• Clear Policies. Develop and communicate clear cybersecurity policies and guidelines.

• Employee Engagement. Encourage active participation in reporting threats and vulnerabilities.

• Regular Training. Conduct ongoing training and awareness campaigns.

• Feedback Loop. Establish a feedback mechanism for continuous improvement.

Cybersecurity Tip 3: Manage User Access

User access management is a complex issue influenced by a variety of factors, and achieving an optimal balance between security and usability can be a challenge. The term "over-privileged users" refers to individuals within an organisation who possess more access rights or permissions than necessary for their roles. While it might seem harmless, this situation can create a significant security vulnerability.?

Conversely, overly restrictive policies can inadvertently hinder productivity and disrupt essential business operations. Werner Webb recommends that organisations strike a balance between the two extremes.

• Granular Control. Organisations should employ advanced access management solutions that allow for granular control. This enables the fine-tuning of permissions, ensuring that users have precisely the access they need to perform their duties and no more.?

• Role-Based Access. Implementing role-based access control (RBAC) is also a valuable strategy. It assigns permissions based on job roles, making managing and auditing access easier. When an employee's role changes, their access permissions can be adjusted accordingly, reducing the risk of lingering over-privileges.

• Monitoring and Alerts. Employ tools that can detect suspicious or unusual access patterns. Additionally, set up alerts for potential security breaches to enable rapid response and mitigation.

Cybersecurity Tip 4: Establish an Incident Response Plan

According to SecurityHQ's 2023 research , 36% of organisations focused on prioritising incident preparedness above all other aspects of cybersecurity this year. While this is good news, it’s important to note that crafting an incident response plan is just one part of the equation. What some organisations tend to overlook is the vital follow-up step: testing that incident response plan.

Your plan may look impressive on paper, but its true effectiveness can only be gauged through realistic testing and simulations. It's akin to having a well-thought-out fire evacuation plan but never conducting a fire drill. Testing ensures that your team can execute the plan efficiently when a real incident occurs, reducing damage and recovery time.?

Key components of an effective incident response plan include the following:?

• Incident Response Team. Form a dedicated team with clearly defined roles and responsibilities. This team may include IT, security, legal, communications, and management representatives.

• Incident Classification. Develop a framework for classifying incidents based on severity and impact. This helps determine the appropriate response level and actions required for each incident category.

• Incident Detection and Reporting. Define mechanisms for detecting and reporting incidents, both internally and externally. Ensure that employees know how and when to report suspicious activities.

• Incident Response Procedures. Create detailed, step-by-step procedures for responding to different types of incidents. These procedures should cover detection, containment, eradication, recovery, and post-incident analysis.

Cybersecurity Tip 5: Uphold Network Security

The rise of remote work and the proliferation of Internet of Things (IoT) devices have brought about a new era of network complexity. “This complexity makes it harder to secure your networks,” shares Werner Webb. He also observes some good news: due to these complexities, many organisations are shifting away from traditional perimeter-based security models and adopting the zero-trust model.

Implementing a zero-trust model necessitates the following actions (among others):?

• Identify and Classify Assets. Start by identifying and classifying your organisation's digital assets. Determine which assets need protection and categorise them based on their sensitivity and criticality to your business.

• Implement Strong Authentication. Enhance user authentication by implementing strong authentication methods, such as multi-factor authentication (MFA). MFA adds an extra layer of security by requiring users to provide multiple forms of verification before granting access.

• Network Segmentation. Divide your network into segments or micro-segments to limit lateral movement for potential threats. Implement network segmentation policies based on user roles, device types, or specific applications.

Cybersecurity Tip 6: Validate Data Backup and Recovery

Acronis tells us that 41% of users rarely or never back up their data , while only 10% conduct daily backups. A common misconception is that having data backups in place is synonymous with being prepared for data recovery. While backups are indeed the backbone of data preservation, the ability to efficiently and swiftly recover and restore systems and data is equally, if not more, critical.?

Unfortunately, the often-overlooked aspect of this equation is regularly validating data backup and recovery processes. An organisation might invest significantly in establishing robust backup mechanisms but then fail to test the recovery process. Without regular validation, there's no guarantee that your backups are functioning correctly or that you can recover from a data loss event swiftly and effectively.

• The Value of Testing. Testing backup recovery processes provides several invaluable benefits. Firstly, it verifies the integrity of your backups, ensuring that the data is not corrupted or incomplete.?

Secondly, it allows you to assess the speed and efficiency of the recovery process, which is critical for minimising downtime during a real incident. Finally, it provides an opportunity to identify and address any issues or challenges that may arise during the recovery phase.

• Creating a Testing Schedule. Implementing a routine testing schedule is essential. Simulate various scenarios, such as data corruption, hardware failures, or cyberattacks, to assess how well your backup systems can recover data and systems. Document the results and use them to fine-tune your backup and recovery procedures.

• Consideration for Critical Data. Consider implementing automated monitoring and validation mechanisms for particularly critical data and systems. These tools continuously check the integrity of backups and the viability of recovery processes, providing peace of mind and proactive alerts in case of issues.

Cybersecurity Tip 7: Ensure Endpoint Protection

A concerning attack trend has emerged: the increasing sophistication of attacks targeting endpoints. Endpoints include devices such as laptops, desktops, smartphones, and servers.

Traditional antivirus solutions, while valuable, may no longer be sufficient to counter the full spectrum of threats. Organisations need to embrace more advanced endpoint protection measures to protect against advanced threats, including fileless malware and zero-day exploits:

• Endpoint Detection and Response (EDR). EDR solutions represent a proactive step forward in endpoint protection. They go beyond the traditional antivirus model by continuously monitoring endpoint activities, collecting data, and analysing it for signs of malicious behaviour.?

EDR solutions provide real-time threat detection and response capabilities, allowing organisations to identify and mitigate threats swiftly.

• Proactive Threat Hunting. Proactive threat hunting involves actively searching for signs of malicious activity within your network rather than waiting for automated systems to raise alerts. Skilled threat hunters use a combination of tools and human expertise to identify threats that may have slipped through automated defences.

• Behavioural Analysis. EDR and threat hunting focus on behavioural analysis. Instead of relying on known signatures, these approaches examine the behaviour of files and processes, identifying anomalies that might indicate a cyber threat.?

This stance is particularly effective against zero-day exploits and fileless malware.

Cybersecurity Tip 8: Tighten Physical Security

Cyberattacks often conjure images of hackers operating in the digital realm, but physical access to devices, servers, and data centres provides a direct avenue for malicious attackers to compromise security. Unauthorised access can lead to data breaches, equipment theft, or malicious hardware or software installation.

“Physical security is sometimes underestimated in the digital age,” shares Werner Webb. “However, it is crucial because unauthorised physical access can lead to significant cybersecurity breaches.”?

Here are several ways to tighten your physical security:

• Access Control. Implement stringent access control measures, such as biometric authentication, card readers, and PINs, to restrict physical entry to authorised personnel only.?

• Surveillance. Deploy security cameras and access logs to monitor and record physical access to sensitive areas. This not only acts as a deterrent but also provides valuable evidence in case of an incident.

• Security Awareness. Educate employees about the importance of physical security. Ensure they understand the role they play in maintaining a secure physical environment, including safeguarding access cards and reporting suspicious activity.

• Visitor Management. Implement visitor management systems to track and control access for guests and contractors.?

?Cybersecurity Tip 9: Monitor Vendors

Organisations frequently rely on third-party vendors for essential services and tools like cloud hosting and software applications, which boost efficiency and innovation. However, this dependence also brings a concerning rise in vendor-related cybersecurity risks. Breaches or compromises within a vendor's network can potentially result in data breaches or service disruptions for your own organisation.

In 2022, Gartner reported that 84% of respondents experienced operations disruptions due to third-party risk incidents. Risk Optics also found that 54% of businesses do not properly vet their third-party vendors . With your company’s future at stake, it is essential to proactively manage and mitigate third-party threats.

• Conduct Due Diligence. Thoroughly evaluate potential third-party vendors' cybersecurity practices, including data protection and incident response capabilities, to ensure they meet your standards.

• Establish Clear Contracts. Clearly define cybersecurity expectations in vendor contracts, specifying data protection requirements and regulatory compliance.

• Audit Regularly. Implement regular audits to assess third-party compliance with agreements and regulations. It’s also wise to utilise technology for continuous monitoring, including cybersecurity and data breach detection - this will save you time and man-hours.?

Cybersecurity Tip 10: Regularly Perform Penetration Testing

Penetration testing involves hiring ethical hackers to simulate cyberattacks on your organisation's systems, networks, and applications. These experts use a variety of techniques to identify vulnerabilities and weaknesses that attackers could exploit.?

The goal is to assess the effectiveness of your cybersecurity defences and discover potential areas of improvement. CEOs can expect to receive detailed reports outlining the vulnerabilities found, their potential impact on the business, and recommendations for remediation.?

The benefits of a penetration test include the following:

• Identification of Targeted Risks. A customised approach to penetration testing allows organisations to pinpoint and assess vulnerabilities that are most likely to be exploited by real-world attackers.?

Instead of testing for generic vulnerabilities, the tests can specifically target the areas that pose the greatest risk to the business.

• Realistic Simulation. Tailored penetration tests provide a more realistic and accurate assessment of a company's security posture by mimicking the tactics and techniques employed by potential attackers. This realism helps organisations better understand how they might respond to actual cyber threats.

• Resource Efficiency. A customised approach ensures that resources are allocated efficiently. It avoids wasting time and effort on testing areas that are irrelevant or of lower priority, allowing organisations to focus on what matters most for their security.

“Penetration testing is not a one-size-fits-all solution. Different organisations have unique vulnerabilities and risk profiles.” - Werner Webb.?

The Future of Cybersecurity?

The blend of tech know-how with human strategy has the power to expose or secure our organisations. How will you respond? What decisions will you make? The actions CEOs take today will determine their business’s cybersecurity for tomorrow.?

Contact IPT to strengthen your cybersecurity, and let us create a cybersecurity strategy and audit for your business today.