Welcome to the second article in the five-part series on Cybersecurity 2021. ICYMI (in case you missed it) here is the link to the first article - Five signs that your organisation is at high risk of cyberattack - in the series.
Cybercrime is reported every 10 minutes in Australia.[1] Despite the high cost and risk of cyberattacks, many organisations continue to take the gamble, believing it will never happen to them. Or, if it does, they’ll deal with the attack when it occurs.
However, the average cost of a successful cyberattack in Australia is $3.86 million, and it takes around 280 days to identify and contain a breach.[2] Significant financial and reputational damage can be done to an organisation in that time. Toll Group became a victim of a cyberattack in early 2020, causing damage to it reputationally and denting them financially, and a cyberattack on Service NSW in April, which is expected to cost $7 million in legal and investigation costs.[3]
For organisations concerned about investing funds in cybersecurity solutions or wondering how to get the best return on their cybersecurity investment, there are three quick, easy and low-cost alternatives.
- Low-cost anti-virus solutions
There are currently many affordable, high quality, cloud-based anti-virus solutions available. However, don’t buy based on price alone otherwise you could be wasting money and the organisation could still be exposed to cyberattack. When assessing anti-virus solutions, make sure they can reliably operate with other software that your organisation uses. Any software conflict could cause a malfunction in your anti-virus solution and leave the organisation vulnerable. Also, ensure the solution is user-friendly and provides comprehensive protection without impacting network or end-user device performance. The anti-virus solution must deliver constant protection across the network and all devices as well as detect and remove threats such as malicious code. Fortinet is among the few security providers that offer affordable, comprehensive, cloud-based anti-virus solutions that work effectively across different software platforms to significantly reduce cyber risk.
- Multifactor authentication for all system users
Perimeter firewall security can only go so far in protecting organisations. Even with the best possible perimeter security, organisations can be infiltrated by hackers accessing employee work and personal devices that are connected to the organisation’s network. Multifactor authentication is easily available and affordable. It requires users to provide two or more verification factors, such as a password and a personal identification number (PIN) from a phone application, to access the organisation’s systems. It is an important cybersecurity tool that significantly reduces the risk of unauthorised access to the organisation’s network, systems and data.
- Regular patch updates
Security patches address software vulnerabilities that cybercriminals could use to gain unauthorised access to the organisation’s systems or data. Software patches are usually provided for free with anti-virus solutions. They perform an important role in repairing security gaps and reducing vulnerabilities, removing software bugs and updating application features. Security patches are proven to prevent successful malware and ransomware attacks, which is why organisations must ensure employees download the latest security patches and system updates. To further reduce the risk of patches not being deployed to every device, the organisation’s IT team or managed security services provider can configure patches to automatically update outside of business hours.
Read our checklist to learn seven cost-effective ways to minimise your current security risk, or contact the Subnet expert team today.
[1] https://www.cyber.gov.au/sites/default/files/2020-09/ACSC-Annual-Cyber-Threat-Report-2019-20.pdf
[2] https://www.ibm.com/security/digital-assets/cost-data-breach-report/#/
[3] https://www.itnews.com.au/news/service-nsw-puts-cost-of-cyber-attack-at-7-million