Ransomware accounts for part of 10% of all breaches and has doubled in frequency in 2021, according to the 2021 Verizon Data Breach Investigations Report. However, it is not just the unprecedented increase in these sorts of attacks, but just how many organizations are being affected by them. IDC’s 2021 Ransomware Study found that 37% of global organisations have said they had fallen victim to some form of ransomware attack in 2021. The results of an attack can be devastating with the average total cost of a ransomware breach across all industries and sizes of businesses was $4.24 million, according to IBM.
The Challenges of Cyber security
While many organizations try to actively secure their businesses, cybersecurity attacks are becoming increasingly sophisticated and harder to detect. Unfortunately, the chances of suffering a security breach are becoming more likely and nowadays it is very much a case of proactively protecting your business before an attack rather than waiting to deal with the aftermath once a security breach has occurred.
The impact of cybersecurity attacks can vary hugely from the loss of productivity of one user to the outage of entire organisations for weeks. It is not just the disruption to the business and operations side of organizations, but the associated financial loss. Downtimes can be incredibly expensive and the longer it takes to identify a data breach, the higher the financial impact. Loss of data is also a major concern, particularly if customer data is also compromised as this can lead to a loss of trust.
Although legacy antivirus tools have served us well in the past, for many organizations nowadays antivirus alone does not offer enough protection. One of the reasons is that antivirus tools work with known malware, however, nowadays we are dealing with a lot of unknown or new malware, which would not be picked up by just antivirus. Antivirus cannot detect zero-day malware attacks, or stop phishing attacks that are often used in ransomware. If an attack occurs, then it is also not possible to roll back systems to an earlier uncorrupted state.
How can companies better prepare for cyber security attacks?
Businesses who are concerned about cyber security, whether it is a concern about being targeted for ransomware or zero-day malware attack or they cannot afford damage to their brand or customer base following a breach need to ensure they have the right protection for their business. Many businesses have an international workforce or people working from home which presents further security challenges.
For businesses where antivirus does not provide sufficient protection, there are Endpoint Detection and Response (EDR) tools available that offer better protection against zero-day threats and can identify ransomware attacks in real-time lowing your business’ risk profile. Unlike antivirus, EDR solutions can automatically remediate any system damage caused by the malware and they have the ability to roll back systems to an uncorrupted state, if necessary.
These next-generation security solutions advanced AI to detect traffic that looks suspicious and deal with any anomalies appropriately.
What solutions will work best for me?
It is clear that many organizations need solutions that detect problems before they occur and cause damage. Solutions which offer high analytic coverage and zero detection delays are going to be the go-to protection solution against even the most sophisticated attack techniques.
EDR and XDR tools that also use machine learning and AI are going to work by assessing unusual patterns in behaviour and identifying indications of a compromise without referring to previously known indications so that companies can be prepared for new or unknown attacks. With these tools, it is possible to pinpoint the exact moment a malicious activity occurred and take action to stop the threat.
Network Platforms scour the market, testing and evaluating the latest solutions so that customers don’t have to. Our decisions are led by our own experience, as well as, using analyst reports, third-party evaluations, and other resources to properly assess the latest solutions. Our many years of expertise enable us to offer our customers the best advice for their unique needs so they can make the right decision to secure their organizations.
To find out more about upgrading your security, contact one of our experts at Network Platforms.