Top 5 Challenges in Preventing Data Breaches in 2020
In a society overtaken by privacy concerns, in which data is so easily compromised, shared and sold, keeping business assets safe remains a difficult task to achieve for companies around the globe. No matter the size of your organization or where your office is located, whether your staff is working on-premise or remotely, great efforts are made towards running a secure and successful business. In this blog post, we’re sharing the top 5 challenges businesses face in 2020 when dealing with data breaches and the ways we can help you solve them.
1. Absence of a Cyber Security Strategy
The cost of data breaches in 2020, has cost businesses a staggering $3.86M worldwide (IBM). The main issue leading to such a scenario for many companies is the absence of a solid cyber security strategy.
First and foremost, businesses should have knowledge about their entire data — where it is located, who has access, and how it is used. They should then outline all the assets that must be protected.
Second, businesses should get familiar with their specific threat environment. This critical step requires asking questions such as, what are the competitors after? What disruptions in my business would they benefit from? There are many different vulnerabilities out there, and hackers have the resources to infiltrate at any time. Being aware of the motivation behind their attack will give a business the upper hand when thwarting serious threats.
Finally, the third step requires creating and sticking to a cyber security plan. By booking a free initial consultation with our Cyber Security team, Scalefocus is able to guide you in the right direction. We can discuss the potency of your current security measures, suggest effective new processes to put in place and build a timeline around them which we will follow together.
2. Lack of Asset Visibility
As mentioned earlier, knowing the makeup of your data down to its core and being aware of its every movement and interaction is paramount to ensuring its highest protection. Gaining total asset visibility will dramatically decrease the possibility of a data breach. Understandably, this can be difficult to achieve for a business, considering the high number of services and products they may be offering. To add to the challenge, many companies are juggling around several security plug-ins and tools in effort to find the best combination that will safeguard and monitor the location, movement and status of their assets.
Putting things into perspective, the global cyber security services industry has achieved a market value of $173 billion in 2020, and will likely grow to $270 billion as companies are spending plenty trying to find the right security solution for their business (Forbes).
Small (10-99 workers), and medium (100-499 workers) businesses are expected to spend $30 billion on security solutions, with IDC Worldwide Security Guide predicting the worldwide total spending to reach $125.2 by the end of this year (BusinessWire). The major obstacle that remains for many organizations, is that it’s difficult to configure the countless security tools individually and make them work as a whole.
Addressing that head on, Scalefocus has designed our CyberSec Risk Manager (CsRM) out-of-the-box solution to solve your asset visibility problems efficiently, allowing you to make the right business decisions at the right time. Learn more about our centralized security platform and the level of protection it can provide your business. Feel free to reach out and request a free trial today.
3. Outdated and Open Source Software
From 163 million computers running Windows last year, Avast Antivirus reported that 55% were running outdated programs. Outdated programs not only cause incompatibility issues but bugs that lead to data loss, system instability and may open up the possibility for serious threats and vulnerabilities.
IT security experts have been compiling many public threats and vulnerabilities into a long list of Common Vulnerabilities and Exposures (CVEs), so businesses can properly assess their organization’s security posture. Still, many of the vulnerabilities occur years after a CVE entry has been published. By ignoring vulnerabilities and postponing critical patch updates for some time in the future, hackers are given a large entryway to perform their malicious deeds leading to serious data breaches.
Lower license fees, greater transparency, collaboration and community support are attracting some businesses to turn towards implementing open source software. The vulnerabilities that this decision brings along with it, however, remains high. In their 2020 Open Source Security and Risk Analysis (OSSRA) report, Synopsys concluded that 99% out of the 1253 applications inspected contained open source components in which 75% contained known vulnerabilities and 49% high-risk threats.
Thankfully, our CsRM solution gives you complete awareness of the status of your software, code, infrastructure and cloud framework. It informs you of any vulnerability found in each version you deploy and the risk it carries. This feature allows you to contain, manage and track risks over time, empowering you to focus your time on reaching new business milestones and ways to expand your portfolio.
4. Neglecting Patch Management Best Practices
Many businesses have still not configured patches into a CI/CD workflow. What’s troubling is that, even in implementing that, data may still not be entirely protected. Some have automated patch management in place, which updates and applies fixes when a CVE is discovered, but the issue of scope is still relevant. Sure, a pull request is automatically triggered and the developer is alerted to approve a patch before releasing the build, but it is still limited to one workflow and not an entire system.
What’s great about our CsRM is that it monitors and tracks your entire enterprise system. It can either be integrated into a CD pipeline with risk threshold notifications, or you can rely on receiving instant alerts when a new system vulnerability is publicly disclosed.
Furthermore, our CsRM was designed with respect to your privacy as our top priority. The platform does not have access to sensitive customer data, nor does it expose inbound connections externally. Configuration data is only collected and used to inform you of your risk posture and newly arising threats.
5. Uninformed Employees
In order to be fully armoured in the prevention of data breaches, organizations need to ensure that all employees pass regular security trainings, especially once initially hired. Most times, internal breaches happen due to weak passwords, sharing accounts, sending sensitive information to the wrong recipients — all actions which could easily be prevented by presenting employees with basic data security measures and encouraging them to practice proper security hygiene.[Text Wrapping Break][Text Wrapping Break]Business password management technologies, multi-factor authentication and continuous monitoring are further steps which can be taken to tighten security and provide visibility of potential cyber threats. Reach out to our cyber security team for a free consultation on what specific measures are required to prevent internal breaches in your company.
Your Data Security Matters to Us
Are you in search of a reliable and professional partnership that will give you the assurance that your most sensitive data is safe? Large enterprises keep on landing in the headlines for dealing with major data breaches, but SMBs are getting hit quite hard too as hackers are trying to find the easiest path to strike.
Scalefocus is here to help get your business fully secure and protect your organization’s long-established success from data breaches. Fill out the form below, and a Cyber Security Expert will get in contact with you for a free consultation to address your top security concerns and discuss the benefits of our CsRM end-to-end security solution in greater detail.