Cyber Attacks are rated among one of the top 5 risks to society. Cyber Attacks also have become a top concern for enterprises and small business around the globe. In an age of more people working from home and an increasing amount of cyber crime more organizations are being targeted than ever before.
An essential IT Security can be expensive but securing your IT infrastructure can save tremendous amount of heartache financially, in terms of productivity and reputation. Just the financial aspect is worth mentioning. IBM Security together with Ponemon Institute released a study on Security Intelligence that the average cost per data breach was roughly $3.92 Million. The study focused on bigger Organisations from 16 countries and 17 industries. But even for smaller corporations, the number of an outage is going to be high. We at Akana feel that this money is better spent at prevention instead of recovering from such events.
7 steps your organization can take to prevent damages
- Learn what standard apply and exist to your sector. There are generic Frameworks like NIST and ISO but for Banking, SOX compliance includes Cyber Security.
- Move from detection towards prevention. Spend 80% of your IT Security budget on prevention.
- Identify your Core Applications and have them secured. Make sure to harden your application.
- Do you have Systems that manage Access to Systems and Applications and do your Identities follow lifecycles? And do you review such on a defined schedule?
- Do you have group policies in place? For example, regarding password complexity, technical accounts login into your systems interactively, controlling and documenting privileged access to systems.
- Do you have a strategy against social engineering?
- How often do you review your IT security strategies and processes? Are yearly Audits performed?