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The news headlines continue to ring the bell to announce a new security breach due to the notorious SolarWinds hack back in December. With about 18,000 organizations directly affected from SolarWinds, and the new incident with SonicWall, we can only expect the list of public announcements to continue to grow setting the stage for a record breaking year.
As organizations attempt to understand the complexity of the hack to reach a comparative reassurance that their tools and policies are secure, this particular incident has everyone asking, "Can anyone really be secure?"
As everyone searches for the right combination of security tools, one thing's for certain, no one can be completely safe. In fact, the risks exist no matter the direction you choose to take.
Organizations cannot rely solely on sophisticated security tools as evidence from the SolarWinds Orion security patch shows, even well-intended actions can lead to catastrophic consequences. On the opposite end of the spectrum, some organizations choose to throw up their hands to proactive security strategies and instead, focus solely on cybersecurity insurance.
While ransoms are skyrocketing, the cost of cyber insurance also continues to climb. With the many loop holes intertwined throughout these policies, there is seemingly always a way out for insurance companies in the event of a disaster-level attack that would result in payouts they cannot afford. According to a cyber report from Hiscox, the highest loss involving ransomware topped $50 Million for one unlucky organization last year. The harsh reality is that cyber insurance companies just don't have enough money to keep up with the growing cost and frequency of claims, causing premiums to drastically increase. We measure frequency of attack by company size and industry but more organizations are implementing technology into their business strategy, resulting in a higher risks for all, no matter the industry.
Source: FireEye M-Trends 2020 Special Report
So what's the answer? Businesses today must operate a dynamic business continuity strategy that is ready for a natural disaster, ransomware, or even espionage. It's no longer about how you can keep the bad guys out, it's how you identify, respond, and rebuild with the least amount of discomfort.
Evaluating your current cybersecurity plan and incorporating a layered security approach is your strongest form of defense and preparedness. Security landscape continues to evolve and with today's threats, the minimum action steps a business needs to adopt include:
With a comprehensive strategy, proactive threat hunting or MDR solutions must address network, endpoint, logs, cloud and insider threats. Implement a strategy that includes active threat hunting for known and unknown threats to isolates the disruption and minimize threat actor dwell time.
Incorporating proactive scanning will give you the visibility to track workloads and identify blind spots. Consider keeping a clean copy of data that you can fall back on with minimal loss. Once you have a layered security defense plan, evaluate a customized insurance plan that is unique to your business and considers the strategy you have in place. If you are exploring insurance, join us on March 3rd as we sit down with a cyber insurance broker and get our questions answered about making smart, effective policies.
If you are rethinking your security approach, Centre can help! Ranked #2 in Houston business journal for top cybersecurity company in Houston, Centre can assist you with a customized blueprint to securing your digital future.
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