Counting the Cost of Cybercrime (Part Three)

February 6, 2023

What are the most important measures to prevent cyber security incidents?

This article is the final part of our three-part series. In part two, we provided an overview of the most common and successful cyber-attacks and the vulnerabilities that are being exploited – refer here for part two.

This part provides an overview of the most important measures to prevent cyber security incidents and how these measures should be prioritized.

Now that we know the most common cyber-attacks, we can determine the measures to protect ourselves against them. There are many measures that can be taken to protect our companies against a cyber-attack. However, we cannot do everything at once because time and resources availability are limited. Moreover, the measures’ cost, complexity, and risks can also be considerably different.

With this in mind, Moore Cyber suggests the following three clearly defined remediation steps that will improve any company’s cyber resilience and posture and ensure that the bespoke Cyber strategies developed for the business will align with the company’s risk appetite.

1. Cyber Risk Assessment

A cybersecurity risk assessment identifies the various information assets that could be affected by a cyberattack (such as hardware, systems, laptops, customer data, and intellectual property) and then identifies the various risks that could affect those assets.

It has become imperative that all boards and leadership teams of Organizations have a thorough up to date understanding of their threat landscape and associated security controls to ensure cyber resilience.
A completed risk assessment will result in a remediation roadmap that clearly identifies residual threats and risks and actions required to mitigate the identified threats and reduce the residual risk to an acceptable level.

2. Vulnerability Assessment and Penetration Testing (VAPT)

Vulnerability Assessment and Penetration Testing (VAPT) describes a broad range of security assessment services designed to identify and help address cyber security exposures across an organization’s IT estate.

Why Is It Important?

  • Prioritize key risks in your organization and set up your risk management process to allow you valuable insight into vulnerabilities in your network.
  • Identify and resolves vulnerabilities and misconfigurations before attackers have a chance to do so.
  • Once completed, your company will be aligned with globally accepted best practices and be POPIA compliant.
  • Identify the unknown external and internal vulnerabilities to the network that hackers exploit to gain access to a company’s strategic assets.

What Results Can You Expect from the VAPT:

  • Short-term tactical fixes for immediate remediation for all outstanding vulnerabilities within the tested environments.
  • A strategy will be developed around long-term strategic measures that will proactively thwart any potential repetition of vulnerabilities discovered during testing and new ones.
  • A robust set of conclusions and industry best practice recommendations based on real-world scenarios and tangible evidence of performance.
  • A prompt engagement in remediation efforts and continued security assessments is reinforced to ensure consistent and ongoing security risk monitoring and security posture.
  • A fully developed cyber resilience roadmap addressing all the issues uncovered and the strategic business objectives was developed and is being implemented.

3. Why Staff Cyber Awareness Training Is Critical to Building Cyber Resilience

Most companies realize that their staff are their greatest asset, but (in a Cyber Context) may also be their greatest liability. This is because up to 90% of all cyber attacks have an element of social engineering associated with the attack. By understanding the sophistication of social engineering and how hackers can manipulate staff through incredibly sophisticated and well-orchestrated human attacks, your company can embark on a defined and measured process of continuing Cyber awareness education.

Our three part series has illustrated that Cyber security will only increase in importance in the coming years, as indicated by the increasing number of cyber security incidents. This increase is driven, among other things, by the rate of digitization of our society and the increased focus on data privacy. Since a cyber incident can cause considerable damage (both tangible and intangible), it is important that adequate security measures are in place for your organization’s key assets. Unfortunately, these insights in many organizations often come too late, and action is only taken after a cyber incident has occurred – refer here for part one.

We have covered the typical cyber security incidents that your organization faces on a daily basis in our second article – refer here for part two.

Cyber security is a complex topic, requiring many factors to be considered and many measures to be taken. This is probably the main reason why so many organizations are reluctant to take decisive action.

Perfect security does not exist, and even after making considerable investments in cyber security, cyber incidents can still affect your organization.

It is important to apply the above approach to focus on practical, tried and tested measures to reduce your cyber security risk and increase your peace of mind. Work with Cyber security professionals and ensure that the whole company and not just the IT team buy into and understand the risks associated with cyber attacks

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