How to secure your business with powerful digital security
Security breaches are on the rise. Attacks are becoming more common, more complex, and impacting organizations around the world. But it can feel strange to be under fire at a time with so much innovation. How are businesses with strong security measures in place still vulnerable to so many workplace threats? The answer is a simple one. Technology plays the role of the protector and the attacker.
And that’s especially true of digital security, where cyber attacks have affected nearly 85% of US organizations this past year alone. Digital security is a crucial pillar in the overall protection of your business. It protects your data, information, and revenue from more hidden threats.
What is digital security?
Digital security is split into two parts: cybersecurity and infrastructure security. Cybersecurity protects you against any breach of your company’s data. This includes hackers, phishing, insider attacks, and ransomware. Infrastructure security safeguards your business from service disruptions and external threats. It covers security measures like virtual private networks (VPN), firewalls, and secure WiFi.
Painting a picture of the digital security landscape today
Cracks in your digital security are costly. In 2023, the average cost of a data breach has risen to an all-time high of $4.45 million, an increase of 2% from 2022. Parting with this amount of cash can be devastating for small and midsize businesses (SMBs). In fact, the average cost of a data breach sits at around $120,000 for small businesses today. Let’s look deeper at why that is and explore the digital security landscape now.
Threats and attacks are on the rise
Cybercrime today is increasing in both frequency and sophistication. The more advanced technology becomes, the more attackers can use it at their disposal. Here are a few statistics that show how digital threats and attacks are on the rise.
- On average, 31,000 phishing attacks happen each day.
- Cyber attacks have affected more than 95% of US organizations in 2023.
- Organizations adopting remote work pay an average of $1 million more in data breaches than those with hybrid or 100% in-office requirements.
- Employees at a small business will experience 350% more phishing attacks than those at larger companies.
Different industries are more vulnerable than others
It’s clear to see the severe impact cybersecurity can have on all organizations. Cyber attacks are often targeted at smaller businesses due to a lack of sturdier protection. But it isn’t just size–attackers often target certain industries more so than others. According to IBM, healthcare is the most targeted industry for data breaches.
While this has been the ongoing trend for the last 13 years, the cost of a data breach has steadily risen. For healthcare now, the cost of a data breach sits at nearly $11 million. The next two industries behind healthcare are the finance and energy sectors.
Regulation and compliance laws are changing
Compliance standards exist to ensure your organization and sensitive data stay safe and secure. That may mean having the right controls in place to mitigate risks. Many laws and regulations are designed to protect your sensitive information and data. These include the E.U.'s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
But others, like the Cybersecurity Maturity Model Certification (CMMC), also require proper record-keeping protocols. The CMMC imposes specific rules for maintaining audit logs of physical access. As regulatory bodies refine and expand compliance standards, it's key to stay vigilant in addressing new changes. This may include anticipating future mandates. For instance, the U.S. Department of Defense's potential requirement for cloud-based security tools to obtain CMMC certification.
How to improve your digital security for 2024 and beyond
As technology defines more of our world and interactions, improving your digital security is necessary for the future of your business. Being proactive and prepared will help your business reduce costs caused by cyber attacks. Here are 4 ways to improve your digital security for 2024 and beyond.
1. Conduct regular audits and risk assessments
Just like the physical security of your organization, it’s important to conduct regular assessments of your digital security, too. That means internal audits and cybersecurity risk assessments. But how do you do it, and how often? Assessing your vulnerability can take time and practice, but there are plenty of resources to help you. Use this calculation by Upguard to start: cyber risk = threat x vulnerability x information value.
2. Dedicate a budget to your IT security
According to Gartner, organizations that adopt a cybersecurity network architecture can reduce the cost of security incidents by 90%. Saving on cost means investing in cost-saving tools. And for businesses today—especially SMBs—it’s crucial to increase IT security budgets to address digital threats. But it can be tricky to spread a limited money pot across all areas, especially for SMBs. Security and IT teams often find themselves losing a budget battle to other departments for investment.
In 2024, it’ll be even more crucial to dedicate an IT security budget to build a stronger cyber defense strategy. You should consider keeping this budget separate. This allows you to spot areas where you’re more vulnerable to attacks. It also helps you track where you spend to ensure all elements of security have investment.
3. Document your IT security policy and procedures
Your IT security policy should protect your organization against any breach of critical internal data. Your employees should always follow it, including the processes to protect data stored across devices, networks, and the cloud. This includes safety measures like two-factor authentication, encryption, and backups. It’s important that your IT security policy doesn’t just cover cybersecurity. It must also include infrastructure policies, too.
Your infrastructure security safeguards your business against service disruptions and external threats. That includes areas like web application firewalls (WAF), virtual private networks (VPNs), application programming interface security (API), intrusion prevention systems (IPS), and wireless security. When done right, your workplace security policy and procedures will arm your employees with the know-how. It’ll help them deal with security situations accordingly without putting your organization or others at risk. Ensure your policy is regularly updated and shared with the organization.
4. Utilize technology for ultimate digital security protection
Without the right tools, how can you effectively address cyber threats? Investing in the right technology is essential for improving your digital security in 2024. Over 60% of all corporate data around the world is now stored in the cloud. So, it makes sense to keep your cloud security tight. This might be through security apps like Okta or Authenticator, which help keep your accounts secure.
A workplace platform is also an invaluable tool for strengthening your digital security measures. These platforms can integrate with security tools like access control to provide temporary credentials for physical and digital access. For example, Envoy has integrations with Aruba Central or Cisco ISE, which allow you to provide visitors temporary WiFi credentials when they come onsite. This can help you limit network access to only verified individuals.
Strengthening your digital security strategy in 2024
Protecting your organization against digital threats can be challenging. The current digital security landscape has seen attacks become more common and sophisticated. Attacks are a common occurrence, but smaller businesses are especially vulnerable due to their lower levels of digital security, resulting in more frequent incidents.
But it's not all doom and gloom! Ensuring your organization's digital security is possible–and not that hard! Awareness is the first crucial step in your digital security journey. Next, follow the above steps to highlight your vulnerabilities and improve your digital defense. Finally, invest in what your business needs and ensure you have the right tools, technology, and processes that can adapt and grow with you.
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Are you interested in learning how to protect your workplace against new and evolving digital security threats? Check out our on-demand webinar, "Future-proof security: How to safeguard your workplace for the long term."