Cyber security awareness month: A spotlight on emerging threats and strategies

By Sunil Sharma

In a world with rising cyber attacks, it is important to note that even if a security breach doesn’t result in a significant loss of user data, it can damage trust and lead to a loss of customers. In the face of sophisticated cyber threats like phishing, ransomware, supply chain attacks, and complex attacks that are often targeted and live, organizations can no longer afford to handle cyber security without the support of a trusted vendor.

What adds to the challenge is the shortage of skilled cyber security professionals, limited training imparted to resources, and the lack of awareness around cyber security in today’s boardrooms.

As a solution, managed threat detection and response (MDR), as well as services such as threat monitoring and incident response, represent highly sought-after offerings in the realm of cyber security as a service (CSaaS). These solutions provide organizations with access to skilled professionals while maintaining scalability and cost-effectiveness.

Consequences of a Cyber attack: In the current specialized threat environment, the question is not if an attack will happen, but when, how often, and how long it will persist. Despite increasing threats, understanding the true cost of a cyber attack remains difficult, with gradual data leaks and dark web sales emerging as common, delayed consequences.

According to Sophos’ State of Ransomware 2023 report, the consequences of an attack can be damage to reputation, and loss of customers and clients, which have strong implications on business. Severe or persistent cyber attacks can also generate sustained anxiety and frustration among team members, resulting in decreased job satisfaction and higher employee turnover rates.

Enhancing Business Operations with CsaaS:
Before incorporating cyber security as a service (CSaaS) into your operational frameworks, consider these five recommendations for establishing an internal foundation that fosters a seamless adoption of security systems:

1. Assess the value of CSaaS to your business
Before adopting a CSaaS model, evaluate the return on investment (ROI) of outsourcing security operations versus managing threats internally by creating your own Security Operation Center (SOC). While CSaaS may necessitate an initial investment, its advantages can far surpass the financial, operational, and reputational costs associated with addressing complex threats independently.

2. Select a vendor with extensive industry expertise
When choosing a vendor, opt for one with a strong understanding of your industry and a proven track record of client satisfaction. Such providers bring to the table a keen awareness of the threats that can be encountered and the tools and agility required to respond swiftly.

3. Emphasize on managed detection and response (MDR)
To ensure your vendor can effectively mitigate active threats, opt for a provider that includes MDR as a fundamental offering. Additionally, give preference to vendors with adaptable integration capabilities, as they can provide MDR through your existing technologies, whether via third-party integrations or their proprietary solutions, allowing for smoother system adoption.

4. Develop a comprehensive incident response strategy
A well-rounded incident response plan ensures that team members understand their roles in the event of an attack, reducing response time and ultimately the losses incurred. Craft a plan that includes cross-departmental collaboration and keep a physical copy of the same readily accessible at all times.

5. Maintain robust network security
Regular network upkeep prevents the likelihood of security incidents. If an attack does take place, chances are it will be detected before it has a chance to wreak real damage. A good practice involves regular checks of security controls to ensure correct configurations and address unpatched vulnerabilities.