Reducing the Risk of a Costly Cyber Attack

In a technology-driven industry where frequency, severity and sophistication of cyber attacks against data rich and IT intensive businesses continue to increase, challenges remain specific to each organization. Especially ones which house sensitive data such as hospitals and healthcare systems, face an impact of $6 billion a year due to cyber attacks. Therefore all organizations need to embark on a holistic risk management strategy if they are to combat effectively the renewed threat, ensuring a tripartite approach.

Tripartite approach to prevent a Cyber Attack

1. Embraces rigorous internal procedures.

2. Adopts external professional support.

3. Appropriate insurance coverage.

The increasing likelihood of a breach/cyber attack also demands a clear and practical network incident response plan. Network security is made up of:

1. Hardware,

2. Software,

3. Policies and procedures

That are specifically designed to defend against both internal and external threats to a company’s computer systems. While demand for technology is imminent for their ability to reduce inefficiency and increase productivity, the rise for network security technology is imperative as a direct response to cyber attack. Finally, organizations must be mindful that cyber attacks can occur across multiple vectors. Another form of cyber attack can be a former or current employees pulling down computer networks and compromising data. These include risks to intellectual property, customer data and sensitive internal data.

Trying to manage all these areas of risks requires a lot of time, attention and experience. Therefore, Applying the necessary resources is paramount. In particular, working in tandem with the experts like our team of trained professionals who are equipped with the right tools can play a key role in preventing a cyber attack, as well as responding correctly to mitigate losses when network security does fail.

Do you want to read more on this topic? Check out these articles:

• The Importance of Maintaining Your Network’s Security
• Data Backup – Skip it at your own risk
• Plan Now for The Future of Network Security
• 4 Ways in Which Managed IT Services Can Increase Your Profits
• Building A Human Firewall – Increasing Your Organization’s Cyber Resilience During the Pandemic