Lack of cybersecurity is a major risk to businesses today. We read all the time about companies that have been attacked, with a great cost to both the business and the customers. Cybersecurity really is a buzzword in this digital world. But what is the definition of this word? And why do I need to bother about cybersecurity and cyber-attacks? Read on and learn how to work with cybersecurity and thus can protect your critical information.
The definition of cybersecurity
There are several definitions of the word cybersecurity but they all have in common that cybersecurity is comprised of an evolving set of tools, risk management approaches, technologies, training, and best practices designed to protect networks, devices, programs, and data from attacks or unauthorized access.
“Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks”
Why is cybersecurity important?
The world relies on technology more than ever before. Businesses and governments store a great deal of data on computers and transmit it across networks to other computers. More and more systems are connected, and as the digitalisation continues this will certainly continue as well.
The digitalisation is not only positive, it also means that we get more vulnerable. Devices and their underlying systems have vulnerabilities that, when exploited, undermine the health and objectives of an organization. And the problem is that the vulnerabilities are being used for cyber-attacks.
Cybersecurity can be used to counteract three types of threats: cybercrime, where single people or groups attack systems for financial gain, cyber warfare, often related to information gathering and politically motivated, and cyber-terrorism, which is intended to undermine electronic systems and cause panic or fear.
Cybersecurity threats are constantly increasing
Today cybersecurity threats and cyber-attacks continue to evolve at a rapid pace despite record levels of security spending.
One example of a big spender is the US government that spends approx. $ 13 billion a year on cybersecurity. Despite that, the city of Baltimore, USA, was hit by a ransomware earlier this spring. No files could be opened unless a huge ransom was paid.
To fight against the spread of malware and facilitate early detection, the National Institute of Standards and Technology (NIST) recommends continuous real-time monitoring of all electronic resources.
What are the most common types of cybersecurity threats?
There are several different types of possible cyber-attacks:
- Malware – Malicious software such as computer viruses, spyware, Trojan horses, and keyloggers.
- Ransomware – Malware that locks or encrypts data until a ransom is paid.
- Phishing Attacks – The practice of obtaining sensitive information (e.g., passwords, credit card information) through a disguised email, phone call, or text message.
- Social engineering – The psychological manipulation of individuals to obtain confidential information; often overlaps with phishing.
Who needs cybersecurity?
The simplest and perhaps obvious answer is that all organisations have sensitive data that is vulnerable to cyber attacks. That is why it’s critical for everyone to employ steps to improve their posture and reduce their risk.
Some critical sectors are in the limelight more frequently when it comes to cybersecurity, and for good reason:
Government and Critical Infrastructure
Cybersecurity is crucial for governments and other organisations that directly affect the nation’s – or world’s – wellbeing and safety.
Critical Infrastructure have many national security and safety implications. Cyberattacks to critical infrastructure sectors can be catastrophic, causing physical harm or severe disruption in services.
Companies under compliance and regulations
Many organisations operate under government or industry regulations that include a cybersecurity component. These standards ensure that companies take precautions to protect consumers’ data, and even sensitive government and military data, from cybersecurity threats.
Business to Business (B2B)
If your business is considered a small to medium enterprise, you may have larger clients starting to perform third party risk assessments on their vendors (which includes you). This means they start requiring that all their vendors meet certain levels of cybersecurity. This is becoming best practice as larger organisations are working hard to protect themselves, knowing smaller organisations are at risk and can serve as the conduit for attackers into the larger organisations.
Regulations that require companies to work with cybersecurity
During the recent years many new regulations, like the NIS Directive and stricter national security legislation have been implemented.
The NIS Directive aims to promote security measures and boost EU member states’ level of protection of critical infrastructure. In other words, it improves information security of operators in sectors that provide essential services to our society and economy.
The Swedish security protection legislation clarifies the obligations for companies with security-sensitive activities and the importance of the operators performing security protection analyses for their operations.
In 2020 the new EU guidelines regarding cybersecurity for banks came into force. Now it is clearer how various financial services are to manage internal and external risks linked to IT and security.
And there is now also a proposal for mandatory adjustments in Livsmedelsverket’s regulations on information security for socially important services. This proposal primarily concerns municipal administrations, companies and administrations that own a public water supply system and thus provide public drinking water.
Benefits of cybersecurity
The benefits of utilising cybersecurity are obvious, and include things like:
- Protect networks and data from unauthorized access
- Improved information security and business continuity management
- Improved stakeholder confidence in your information security arrangements
- Improved company credentials with the correct security controls in place
- Faster recovery times in the event of a breach
How to start working with cybersecurity?
To start with every business or organisation must identify which information that is most critical and thus worth protecting. As most systems today are interconnected it is difficult to have an overview of how many paths that lead to the most valuable information. By using a risk and security assessment, all loopholes can be detected.
However, it is neither practical nor economically justifiable to protect all information in the same way. To secure the most valuable information, strict network segmentation is the best solution to use. This means you create zones with different security levels.
When you have created you zones you should choose security solutions for operation, accessibility and adaptability based on the attacker’s perspective and the worst-case scenario. To be able to protect you most critical information, make sure to use professional high assurance solutions that are future-proof.
We know it is not always easy to know where to begin. Read our eight pieces of advice to get you on the right track (you find them at the top of this page).
Want some more advice on how to invest in your cybersecurity? Contact us today.