Taking advantage of the Digital Ying only matters if you manage the Cyber Risk Yang
On the 22nd of June 1984, Richard Branson did something that everyone told him was insane and would never work… he started an airline with one plane. A second-hand Boeing 747 flew from London Gatwick to Newark Airport in New Jersey, and so began a journey that would create one of the world’s most well-known international airlines.
Was it a risk? Absolutely. However, what many don’t know is that Branson had already considered this. If this madcap idea of his didn’t take off (pun intended), Boeing would take the 747 back for the same value that Virgin had paid. The remaining empire that Branson had created would not have to suffer if this venture failed.
But what does this have to do with cyber security, I hear you ask? The lesson from Virgin Airline’s inception is that the same plane that allowed them to soar, could have brought the existing company crashing down. It was only by mitigating this risk that they had the confidence to pursue this challenge with the fullest vigour. The exact same is true of beginning your digital transformation journey. The benefits are phenomenal for micro-businesses, SMEs and large enterprises alike. Those who eagerly adopt digital opportunities are those who will thrive moving forward. Yet this is not without its risks.
54% of SMEs said that they had experienced some form of cyberattack in 2022, according to a recent Vodafone Business Report. Whilst the average material costs for a cyber attack on an SME comes in at £4,200, this tells only part of the story. This doesn’t account for the time lost by the business from both an operational and sales perspective. This also doesn’t include the reputational effect that this can have on businesses, with 86% of major procurement managers saying that they would consider dropping a supplier if they incurred a data breach
So, what can you do about this? At its core, strong and robust cyber resilience comes down to three pillars:
People – Cyber security is as much of a cultural change as it is a technical one. This needs to come from the very top of the organisation. Ensure that your staff are fully aware of the risks that come from social engineering attacks from email attachments, malicious links and other tactics used by cybercriminals.
Process – Ensure that best cyber & data security practices are not just advised, they’re mandated as a policy. Government-backed schemes like Cyber Essentials are a good first step in developing an information security framework.
Technology – As cybercriminal techniques become more advanced, so should the solutions that you are using. A next-generation antivirus should be the bare minimum, yet combining this with endpoint detection & response technology is the foundation of any solid cybersecurity solution.
Next, consider looking at cloud email security to prevent the most common point of entry for cybercriminals before it even gets to your team. If you’re using features like OneDrive and SharePoint, remember that these can also be used to attack businesses and therefore need protection.
The next phase of the digital revolution will be an exciting time for many businesses, providing opportunities for efficiencies, innovations and new business directions to explore. Strong cyber resilience is the solid ground that allows you the confidence to take those next steps in your business’ journey.
If you’d like to learn more about how you can feel secure in your cyber foundations, contact our team at KryptoKloud. We’re here to not only explain the options available, but to collaborate as trusted cyber partners.
