How Cybersecurity is set to level up this year - A business survival guide

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In the dynamic world of digital security, with each passing year comes exciting advancements and new challenges to overcome. By prioritising cybersecurity, businesses can safeguard their assets and maintain the trust of their customers and partners. Is your business ready for the changing landscape? Discover what's in store for the future of digital security and stay ahead of the game.

What businesses need to keep an eye out for

Behind the scenes of hybrid work - unveiling an ongoing security issue

Since the pandemic, most businesses still support partial or full-time remote work. Even though remote/hybrid work is not a brand-new concept, many businesses still need to adapt to this work regime's security implications fully. 

With employees accessing company networks and sensitive information from outside the office, there's a heightened risk of data breaches, phishing attacks, and other cyber threats. In addition, the use of personal devices and unsecured Wi-Fi networks can further increase vulnerabilities. Thus, businesses must continue developing their security strategies to fit the hybrid workplace, paying extra attention to areas such as remote access policies or cloud and SaaS improvements.

Ransomware’s reign: cyber insurance must keep up with new developments

As businesses increasingly rely on technology to store and manage crucial information, ransomware is becoming ever more prevalent and expensive, affecting a multitude of sectors.

Cybercriminals are constantly finding new ways to infiltrate systems and encrypt files, making it difficult for businesses to regain access without paying a hefty ransom. This is why having cyber insurance is becoming increasingly important for all businesses, as it provides financial protection in the event of a successful cyberattack. 

In today's digital age, the cost of recovering from an attack can be astronomical, which is why taking necessary precautions like investing in cyber insurance. As ESET Chief Security Evangelist Tony Anscombe warns, ransomware alone might cost the world $265 billion by 2031. Premium cyber insurance will become more costly in the upcoming year. 

Unlocking full business potential: The Internet of Things needs robust protection 

The IoT landscape is expanding at an intractable speed as more and more businesses adopt IoT solutions. This trend has been amplified by the recent surge in energy costs, prompting companies to explore innovative IoT-based solutions like smart meters and energy usage apps. 

According to a 2020 survey by Vodafone UK, 84% of businesses in the UK are now using IoT devices. This means there are potentially millions of unsecured IoT devices in use nationwide. Further, attacks targeting IoT devices are increasing in frequency. Another report found that the number of attacks on IoT devices in the first half of 2020 was three times higher than the number in the same period in 2019.

The bottom line: IoT attacks can have serious consequences. A successful IoT attack on a medical device, for example, could put a patient’s life at risk, while an attack on a manufacturing system could lead to downtime and lost revenue. Businesses must remain vigilant and cautiously observe all anomalies related to their IoT assets.

Time to consider Managed Detection and Response? 

With cyberattacks against the business community skyrocketing, having a Managed Detection and Response, or MDR, solution in place is important to protect data and reputation. It is becoming increasingly popular among businesses as a cybersecurity strategy because it offers continuous monitoring of networks and systems and rapid incident response capabilities.

According to a recent survey conducted by Databarracks, a UK-based disaster recovery provider, 41% of UK businesses are now using a managed security service provider (MSSP) for their cybersecurity needs, with MDR being one of the most popular services offered by these providers. The same survey found that 61% of businesses had experienced a cyberattack in the past year, further emphasising the need for robust cybersecurity strategies like MDR.

The increasing adoption of MDR services in the UK reflects a growing recognition among businesses of the importance of proactive and comprehensive cybersecurity measures to protect against the ever-evolving threat landscape. To learn more about ESET’s Managed Detection and Response Service, click here

Slack slacking? Collaboration apps are here to stay 

The global shift towards cooperative apps like Teams and Slack is changing professional communication. In fact, Slack claims to reduce emails by 32% and meetings by 27% and has over 12 million users worldwide. As a result, work cultures in various businesses are becoming more lax and friendly. Nevertheless, the shift to a less strict atmosphere may cause some employees to disregard security protocols by being less vigilant.

The newfound corporate informality brings certain security risks, such as unsafe file sharing. Although collaboration apps help with team productivity, they are becoming more attractive targets for cybercriminals who exploit these apps as channels for their malicious attempts, like phishing. Ensuring the utmost security while using collaboration apps like Slack and Teams is of paramount importance for employees, making it their duty to remain constantly vigilant.

Reflections - what we know and where to go

The constantly evolving cybersecurity landscape presents new challenges and opportunities for businesses. With the ongoing trend of remote and hybrid work, IoT adoption, and collaborative apps, companies must adapt their security strategies to mitigate potential risks and protect their assets and reputation. Investing in cyber insurance, considering Managed Detection and Response solutions and remaining vigilant are just a couple ways that businesses can enhance their cybersecurity posture.

By prioritising security and staying ahead of the curve, businesses can safeguard their future. To learn more about business security issues, visit Digital Security Guide - ESET UK's microsite for free content that explores:

  1. Policies- all you need to know about regulation, mandatories and certification
  2. Protection and vigilance against different digital threats
  3. In-house prevention - how to communicate data security inside your company

How can ESET help? Leverage more than thirty years of experience and continuous innovation to protect your business.