Make no mistake about it; all of us are caught in a global war on cyber security!
These past 12 months saw yet more high profile attacks on large organizations like Equifax and Verizon, and experts are predicting that the total cost of data breaches will have reached 2 trillion dollars by 2019!
There have been a few silver linings in 2017, like the cost of a data breach going down 10% over previous years, but there is still a lot of work that needs to be done before the threat of hackers can be truly eliminated.
With that in mind, here are some of the trends, threats, and challenges that await businesses and security consulting firms in 2018!
1. An AI-led war on both sides
Future artificially intelligent machine learning will process immense amounts of data and perform actions at an incredible scale to identify and correct known vulnerabilities. This is great for organizations and their security needs, since they’ll finally have a system that adapts to evolving threats in real time.
The problem, however, is that the hackers will have access to this technology too!
As security systems get increasingly intelligent, so will the hackers. It’ll be an endless struggle to see which system can get an upper hand first.
2. New General Data-Protection Regulation (GDPR)
Legislative bodies in the European Union have adopted the new GDPR, which explain how companies will store, process, and protect the confidential data of EU citizens.
The new regulation will come into force on the 25th of May, 2018, after which companies can be fined up to 20 million Euros for any breach of the law.
This should mean organizations putting better, more advanced security systems in place, which is definitely good news for all of us!
3. A rising threat of insider attacks
Two of the biggest cyber breaches of the year, Equifax and Anthem Inc. were actually the result of insider attacks, after employees at the company had sold off their shares and disabled the network security.
Organizations around the world are finally realizing the importance of hiring an ELV design consultant to set up CCTV cameras and local network monitoring systems in their buildings.
More often than not, the biggest threat to a company will come not from sophisticated external attacks, but from internal users who gain unauthorized access to confidential data and information.
4. Solutions to ransomware
In the coming months, the occurrence of ransomware attacks should decrease as the industry adopts new solutions to tackle this ongoing problem and users gain more awareness.
These attacks are predicted to have caused almost 5 billion dollars in damages to companies around the world this year, according to multiple reports!
To protect your own systems, we suggest you do the following:
Network security should be at the top of your priority list going into the New Year!
Stay up-to-date with the latest trends and threats in cyber security, and you won’t ever have to face the huge financial damages and loss of reputation cyber breaches bring with them.
A rising threat of attacks
Cyber-attacks are getting deadlier day-by-day, and every organization in the UAE is at threat – large and small.
According to reports, the cost of cyber crime damages will reach a yearly average of 6 trillion dollars by the year 2021. These numbers mean that most companies which were established this year will be out of business in the next few months if they’re not careful!
Every business is in danger
As a small business owner, you may feel safe thinking it’s only larger organizations that are targeted. After all, what good would it do a hacker to target a company which isn’t even profitable yet, right?
Hackers specifically go after SMEs because they know these companies can’t afford to spend big on security. Unsecured networks are the easiest to exploit, and the damage is usually fatal for businesses owners.
The stats back this up!
Studies conducted in past revealed that almost 62% of cyber breach victims were small-to-medium sized businesses.
Even more worrying is the fact that 93% of companies which had no access to their own data for 10 days or more filed for bankruptcy within a year, and almost half of all victims filed for bankruptcy immediately!
So what can you do to protect your networks?
Outsource your security
Now that you understand how serious the threat is, it’s time to talk about solutions!
As mentioned earlier, smaller businesses don’t have the financial means to hire and train their own specialized IT staff that can watch over network safety 24/7.
The easiest way around the problem for these companies is to outsource their IT networks to one of the many security consulting Dubai based firms.
3rd party security consultants offer SMEs a ton of great benefits, like:
There are, however, a few considerations you’ll need to keep in mind.
Outsourcing your network’s security means you’re effectively handing the keys of the business over to someone else. If they’re not trustworthy, you run the risk of trade secrets getting leaked to your competitors.
Here are a few tips on outsourcing smartly:
4 tips for secure IT outsourcing
In an age where businesses are constantly under threat from cyber crime and hackers, make the smart choice for your company and outsource its network security!
Security consultants offer SMEs across the UAE a ton of great benefits at surprisingly low costs. You can rest assured your networks are going to be in safe hands, as long as you’re smart about the choice of vendor!
There should be no debate about the necessity of Security information and Event Management (SIEM) for both small and large scale organizations. In this cyber age, every organization is prone to unseen cyber threats that can affect them badly. We have competitors, enemies, hackers all ready to breach into our security and steal our information. We are hearing too many stories of Hacking and ATM scams these days.
SIEM is a complex, smart and efficient security system that could be deployed at any scale of business by taking care of its prerequisites. SIEM protects you from all kinds of malware, virus, and other potential security threats. It is an effective real time monitoring program that ensures security of your important data. SIEM as a service, features extraordinary ability to identify security events and analyze them quickly.
Many organizations fail to deploy the SIEM system because of its complex nature and not understanding the technology. By mishandling the system, it generates more logs that require deployment of 8 to 10 persons in the organization for monitoring purpose. Small and medium sized organizations can’t afford that much work force on cyber security because they don’t have all the resources to operate this service.
Why outsource the security?
It’s not easy to operate and maintain SIEM service efficiently if you don’t have the expertise. You should go for hiring third party services to look after your security needs. Because it takes a detailed and regular monitoring of the system. They will keep check only on the services and data that you want the security for. Relevant data is produced in multiple locations to secure all the data from a single point of view.
Be smart before deploying SIEM System
Organizations need to know exactly what they want to monitor so that the concerned vendor be approached. Your smart choice will make it easy for the vendor to install the service that will provide relevant protection. It could be your database server or any security product.
It requires maintenance
After smartly deploying the SIEM system, you have to keep a constant watch on its progress in reacting to any kind of threat. Threats continue to evolve and that is why SIEM system requires maintenance on a regular basis to ensure information security. It is therefore recommended to outsource the service to a third party who is expert in handling hundreds of organizations with a team of 20-30 people.
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