| |DECEMBER 20219Cybersecurity is matter of board discussion and a comprehensive integrated strategy to ensure effective safeguards in place is being tested constantlyPhishing Incident Response Tool: Educating your employees will only take you so far if we do not equip them with the means of dealing with cyber threats. Empower your employees to detect and report suspicious emails right away, significantly reducing cyber risksStick to Basics: Study reveals that 80 percent of threats are effectively mitigated by following basic security protocols like Access management, AV, patch management and regular vulnerability management, which ensure that possibilities of attacks are reduced largely.Often, organizations fancy the high-end technologies available in market and wrongly estimate their need for inception. It is imperative to know the domain, industry vertical and exposure criteria which varies from organization to organization. Understand the risk appetite & impact, define the acceptable posture & dynamics of change/integration for stack to be invested. Else, technologies become overhead or fail to deliver the intended result resulting in massive cost overruns if incepted poorly or in case of misfit.Third-Party Risk Management: Make your suppliers, partners, vendors a part of your security strategy and assess the risk & impact emanating from their weak practices. Develop a security framework around the TPRM and make partners accountable for liabilities. Implement MFA: Enable Multi-Factor Authentication (MFA) across all the applicable endpoints of your organization's networks. With majority of employees working from home and using insecure/open networks to connect, security of remote access and application should have an additional layer to prevent damages in case credentials are stolen.Strong Backup & Restore System: It is not possible to thwart attacks or stop data loss or threats. What is important is ability to recover, both in terms of how fast and latest backup available in system. Comprehensive Cyber Insurance: It is effective in risk transfer and protect organization against monetary loss or legal obligations in case of the breach. Prepare Organization for Remote Working: This trend is here to stay, and organization need to look into the way security controls are administered or compliance postures are maintained. A relook into risk probabilities and materialization is mandatory. Identify the changes in policies, processes and technologies to meet the changing requirement and adopt necessary measures. The year 2021 estimates a total loss of $6 trillion as cost related to cyber threats loss based on historical cybercrime figures including recent year-over-year growth. This is a dramatic increase. New emerging trends will call for focused approach on security and discipline around the compliances and governance framework. Cost of weak security practices will be very high, and organizations should develop an effective governance framework along with an integrated comprehensive security strategy. The magnitude of cyber threats has elevated to state sponsored attacks aimed at toppling the countries economics or cause irrecoverable losses. A cyber-attack surface which will be an order of magnitude greater than it, is today, and the cyber defenses expected to be pitted against hackers and cybercriminals over that time.
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