Did you know that more than 43% of all cybersecurity threats are directed to small businesses? Did you also know that it takes some businesses on average 197 days to detect that their servers have been hacked?
These statistics paint a frightening picture. Cybercrime is slowly becoming one of the most dangerous criminal activities in the world, with attacks increasingly targeting critical infrastructure such as power grids, water systems, and other essential services. The importance of cyber security cannot be overstated, as strong security measures are necessary to protect sensitive data and prevent devastating cyberattacks. Online security is now closely tied to national security, as safeguarding critical infrastructure and government assets is vital for protecting national interests. As digital reliance grows, the threat to critical infrastructure from cybercrime highlights the urgent need for robust cybersecurity strategies.
According to billionaire Warren Buffet, cybersecurity attacks are becoming “the number one problem with mankind”. Many security breaches have resulted in significant loss of trust, damaged reputations, and costly regulatory penalties for organizations.
Understanding digital security and cyber threats
Cyber breaches can be extremely expensive. It’s been estimated that a single data breach may cost a business up to two trillion by 2019. Businesses that don’t proactively invest in cybersecurity technology may find themselves at the mercy of anti-social elements.
Taking the right protective measures starts with understanding what cybersecurity and cyber crimes entail. When we talk about a threat to cybersecurity (or a cybercrime), we refer to all activities that are carried on the internet, with the use of a computer. There are various types of cyber crimes and cyber threats that are conducted on the internet, including:
- Hacking of internal servers
- Phishing attacks for sensitive information like personally identifiable information and bank account details
- Malware and ransomware attacks
- Advanced persistent threats, which are sophisticated, long-term cyber attacks targeting high-value data
- SQL injection attack to get information from databases
- Cross-site scripting attack to get information from website visitor/user’s personal systems
- Denial-of-service attacks to forcefully shut down a user’s website/system
- Hijacking of session ID and forcefully controlling the interaction between two parties online
- Stealing passwords and usernames
- Security breaches, which can result in the exposure of sensitive data and loss of trust
- Cyber incidents, encompassing a wide range of security events, from minor breaches to major attacks
- Endpoint security, which involves protecting devices such as computers and mobile devices from threats
- Network security, focusing on protecting network infrastructure and connected devices from unauthorized access
The types of data at risk include not only financial and personal information, but also protected health information and intellectual property, which are frequently targeted by cybercriminals.
Understanding Cyber Attacks
Cyber attacks are deliberate attempts by malicious actors to disrupt, disable, or gain unauthorized access to computer systems, networks, or sensitive data. These attacks can come from individuals, organized groups, or even nation-states, and their impact can be devastating—ranging from data breaches and identity theft to significant financial losses and reputational damage.
Common types of cyber attacks include phishing schemes that trick users into revealing personal details, ransomware that locks critical data until a ransom is paid, and denial-of-service (DoS) attacks that overwhelm systems and bring operations to a halt. Attackers may also exploit system vulnerabilities to gain unauthorized access to sensitive data or deploy malicious software to compromise computer systems.
To defend against these evolving cyber threats, organizations must implement robust cybersecurity measures. This includes deploying firewalls, intrusion detection systems, and strong access management controls to monitor and protect network activity. Regular security audits and continuous monitoring are essential for identifying and addressing potential vulnerabilities before they can be exploited. Additionally, educating employees and users about the latest cyber threats and best practices for protecting sensitive data is a critical line of defense against cyber attacks.
By staying vigilant and proactive, businesses can significantly reduce the risk of unauthorized access and protect their sensitive data from both internal and external threats.
Why is cyber security so important to businesses?
As a business owner, you make your digital ecosystem easy to use and easy to control for your users. While you’re making your digital ecosystem convenient for genuine customers, you’re also making your sites easier to hack.
Your customers use their credit cards to make payments, upload photos of themselves for contact forms and fill in details about their residential/work address, phone number and more when making online purchases. This information gets stored in your systems. When hacked, this information gets compromised. Not just customer data, but your online books of accounts, confidential business documents and prototypes of new products also become susceptible to cyber-attacks and theft. Information security and data security are critical for protecting this sensitive information from unauthorized access and ensuring its confidentiality and integrity.
Cybercrimes lead to data breaches and privacy breaches. It is the duty of all businesses to keep customer and organizational information safe from attack. In light of new compliance regulations like the General Data Protection Regulation (GDPR), it becomes even more essential that businesses implement cybersecurity measures, as the penalty for not following the right protocols can go into the millions. To meet regulatory requirements, organizations must implement effective security controls and security systems that help prevent unauthorized access and ensure compliance. Additionally, imagine the loss of goodwill and the reduction in sales you will face, if you fail to protect your customers and their data.
If businesses wish to retain their privacy and protect the privacy of their customers, they need to implement cybersecurity solutions to keep their digital ecosystem safe. Modern business operations often rely on cloud services and cloud computing, making it essential to secure cloud-based resources and data. Security software and cybersecurity professionals play a vital role in managing and maintaining business security, while security operations ensure continuous monitoring and rapid response to emerging threats. Robust security, secure systems, and secure networks are fundamental for maintaining business trust and continuity in the face of evolving cyber risks.
Cloud Security Measures
As more organizations move their operations to the cloud, ensuring the security of cloud-based systems, data, and applications has become a top priority. Cloud security measures are designed to safeguard against cyber threats and prevent data breaches, unauthorized access, and other security incidents that can compromise sensitive data.
Key cloud security measures include the use of cloud access security brokers (CASBs) to monitor and enforce security policies, data encryption to protect information both in transit and at rest, and robust identity and access management controls to ensure that only authorized users can access critical resources. These comprehensive security solutions help organizations maintain control over their data, even when it is stored and processed offsite.
Implementing cloud security measures is also essential for regulatory compliance. Frameworks such as the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA) require organizations to protect sensitive data and report security incidents promptly. By adopting advanced cloud security practices, businesses can not only protect sensitive data but also ensure business continuity and maintain customer trust in the face of emerging cyber threats.
Access Management and Control
Effective access management and control are fundamental to any cybersecurity strategy. These measures ensure that only authorized users can access sensitive data, systems, and applications, reducing the risk of data breaches and other security incidents caused by unauthorized access.
Access management solutions typically include identity and access management (IAM) systems, which verify user identities and manage permissions. Multi-factor authentication adds an extra layer of security by requiring users to provide multiple forms of verification before gaining access. Role-based access control further limits access by assigning permissions based on job responsibilities, ensuring that users can only access the information necessary for their roles.
To maintain strong access control, organizations should conduct regular security audits and implement continuous monitoring to detect and respond to suspicious activity. By tailoring access management measures to their specific needs and risks, businesses can better protect sensitive data and minimize the risk of cyber attacks.
5 ways to protect your digital ecosystem and sensitive data from harm
- Select a decent CMS platform – set it up correctly and maintain it
Most businesses build their digital ecosystems on CMS platforms. When making a choice, be sure to understand the available security features and the backend cybersecurity support you will receive from your CMS platform and digital support team. Incorporating secure coding practices during development and ongoing maintenance is essential to protect your websites and applications from vulnerabilities and cyber exploits.
Your clients will be uploading sensitive financial and personal data that may become available to criminals if your CMS systems have poor security. Selecting a platform that comes with multiple safety features is a good start towards making your digital ecosystem a little safer. Perhaps more important is to work with a team who understand digital security and how to configure a web server and CMS for best security practices.
- Implement safe connections and channels
Cryptographic protocols like SSL and TLS provide a layer of security to the computer networks, connections and channels businesses use for operation. Say you’re operating an e-wallet or a payment gateway. Implementing SSL and TLS protocols will provide additional security to the financial transactions that take place on your website. Using these you can prevent financial fraud and data theft.
- Put in place strong authentication protocols
From two-factor authentication to log-in alerts and notifications, there are many things you could do, to help protect your customer’s data. Utilising passkeys and strong passwords in the backend is another way to ensure that there aren’t any holes in your operational cybersecurity. Additionally, deploying intrusion prevention systems can help safeguard against unauthorized access attempts and further strengthen endpoint security.
You should also consider setting up notifications for multiple orders and monitor accounts that engage in suspicious buying behaviour.
- Conduct scheduled PCI DSS scans
Australian cyber security rules state that businesses must become Payment Card Industry (PCI) compliant and PCI accredited if they wish to conduct business online. This involves regular security activities across various tests and scans to ensure that cardholder transactions are legitimate and the networks on which the payments take place are monitored and safe. Integrating threat detection tools can help identify and mitigate potential vulnerabilities during these scans.
- Seek assistance from specialised cybersecurity service providers
DDoS protection, data mitigation and fraud management are some of the services you need to procure to protect your digital ecosystem from the prying eyes of cybercriminals.
Implementing these services will keep your customers safe, protect their data and will safeguard your internal systems, servers, software and databases.
Advanced threat prevention is also crucial for defending your digital ecosystem against sophisticated and evolving cyber threats.
At Liquid Digital we can help you set up and secure a digital ecosystem that’s perfectly suited for your business. If you’d like more information about the services we offer, feel free to reach out to a member of our team.
Business Continuity Planning
Business continuity planning is a critical aspect of cybersecurity that ensures organizations can maintain operations and recover quickly in the event of a cyber attack or other disruptive incident. A well-developed business continuity plan includes strategies for responding to and recovering from cyber attacks, as well as measures to prevent or minimize their impact.
Key components of business continuity planning include implementing reliable backup and disaster recovery systems, developing comprehensive incident response plans, and conducting regular security audits and risk assessments. These steps help organizations identify vulnerabilities, prepare for potential threats, and ensure that sensitive data remains protected even during a crisis.
By prioritizing business continuity planning, organizations can reduce the risk of prolonged downtime, protect sensitive data, and safeguard their reputation and financial stability. Proactive planning not only helps mitigate the effects of cyber attacks but also demonstrates a commitment to robust cybersecurity and business resilience.