Entrepreneurs face growing threats in the digital world. The advent of new technologies has not only brought us benefits, but has also revealed the downside of technological progress.
The National Security Authority has reported an increasing number of cyberattacks, particularly ransomware attacks, which result in enormous financial losses for companies and institutions.
Ransomware is malicious code that encrypts data (hard drives and, in the case of poorly designed infrastructure, backups as well, if they exist). The attacker then blackmails the victim and demands payment of a certain sum (known as a ransom), most often in Bitcoin or another untraceable cryptocurrency, as a condition for decrypting the data.
Companies are increasingly dependent on computer systems, which is why they are becoming more and more frequent victims of cyberattacks via ransomware. During such an attack, the attackers lock down computers throughout the company along with the database, and unless proper backups exist, the company is paralyzed and cannot continue its operations. It simply grinds to a halt.
A common cause of such successful attacks is neglected and underfunded IT security, which is often not addressed until it is too late and the company or institution has already fallen victim to a cyberattack. The shortage of experts and personnel in the field of information and cybersecurity is also a problem. However, what requires significant attention is the training of all employees in information and cybersecurity, not just those in the IT sector. It is most often regular employees whose computers become the entry point for such attacks. It has been proven that human error and ignorance are often the cause of data leaks and the entry of malicious code into an organization’s information infrastructure.
Given the trend toward digitization and digital transformation, we can expect the number of cyberattacks to rise. For this reason, companies and institutions should adopt technical, organizational, and personnel measures to mitigate the threats associated with cyberattacks. First, the company or institution should conduct a detailed analysis of risks and the state of information security. Based on the results of the analysis, measures must be taken to address individual threats and thereby reduce the risk of an attack. In the area of personnel security, for example, it is necessary to define roles and responsibilities for information security and establish a training program not only for IT staff but also for regular employees. Rules for users of information systems should also be properly established and adopted. In the area of technical measures, based on the analysis, requirements should be established, for example, to secure services from external networks (web applications), secure internal and external infrastructure, and secure workstations. These requirements should then be adopted and implemented within the company’s technological infrastructure. Examples of specific measures include: security in the operation of information systems and networks, network and communication security, cryptographic measures, physical and facility security, and many other technical measures to ensure information security. From the perspective of business continuity, a crisis plan and a recovery plan should be adopted in the event of a security incident or emergency. Such a plan should clearly define the roles of individual employees, or external partners as appropriate, in restoring the company’s operations following a security incident or emergency.
Cyberattacks are becoming increasingly frequent, sophisticated, and widespread; for this reason, companies must be prepared and able to respond correctly and promptly to potential threats. Since a cyberattack often paralyzes an entire company or institution, prevention against these threats is essential. Prevention requires investing not only in technological solutions but also in human resources in the form of specialists who, with their expertise, can help prevent cyberattacks and, in the event of a security incident (e.g., the aforementioned ransomware) or an emergency (fire), they can restore the entire company’s operations as quickly as possible and minimize losses.
Although the funds spent on protecting a company’s or institution’s assets in the area of information security may seem very costly, the consequences of a cyberattack are many times higher than the costs of prevention, and in certain cases, following the irreversible destruction and unavailability of data, they may raise the question of whether the company can continue its business operations after a serious incident.
We wrote this article for Deltech.
