by Gert Nzimiro

NewsSeptember 10, 20180 comments

Is your business cyber-resilient?

Financial companies and governments have of course been prime targets for cyberattacks in recent years – keeping compliance and IT officers busy in ensuring appropriate protective measures are in place at all times.

That being said, Accenture has revealed that while some businesses have become better at preparing themselves for warding off cyberattacks, many still have areas of weakness that could be their downfall.

This caused us to question, how can a business truly be cyber-resilient? According to Panda Security, “a cyber-resilient company is one that can prevent, detect, contain and recover from a cyberattack, minimising exposure time and the impact of countless serious threats against data, applications and IT infrastructure”.

According to Deloitte, 78% of FTSE 100 companies declared cyber as a principal risk. And while the thought of falling victim to cyber-crime doesn’t bear thinking about, this really is something every business, regardless of size or type, will need to take into account when joining the ever-evolving world of online.

Security measures are vital, for all businesses

It’s highly likely that every business will at some point depend in some way, on the internet to conduct their business – which ultimately increases the cyber threat posed to their company. And while we, as businesses, shouldn’t feel restricted or unable to take advantage of the latest technologies and advancements available to us, it’s important to also remember to invest in the most appropriate defences going forward.

Cyber security experts have encouraged all businesses to consider the following actions:

1. Begin internally. According to Dcntral, building an internal culture of cyber-resilience throughout the business is the best place to begin safeguarding an organisation.
2. Keep evolving. As more threats arise and evolve, so should an organisation’s security measures – including processes, technologies, tools and so forth.
3. Act in real-time. Companies need to be able to react fast to any threats that arise, and adjust as quickly as possible to put the right securities in place.
4. Analytical reporting. Conducting reports and research will help to enhance your ability to pinpoint potentially suspicious activities.
5. Invest in innovation. Some of the latest ground-breaking technologies are helping financial businesses raise their level of security, including AI and Blockchain.
6. React fast. The best attitude to take is that at some point, security will become compromised. Focusing on a plan of action prior, during and after an incident takes place will help to maximise your resilience.

David A. Cohen, founder and CEO of Dcntral explains, “Cybersecurity should be a base protocol of the emerging Internet of Everything (IoE) where people, processes and devices will be connected to the internet. Without this fundamental layer, enabling safe transactions will be difficult to achieve”.

There’s more valuable information available on the Accenture website on protective measures and recommended technologies for cyber-crime defence. You can learn more here.