Ransomware Equals a Data Breach

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From a data regulator’s perspective, it is the responsibility of your business to keep data safe from cyberthreats, inform clients about a breach within a stipulated period and provide necessary documentation as proof of your efforts. Although different regulations have laid down distinct mandates for breach notifications, the principle remains intact.

While there is an over-arching belief that data isn’t really “stolen” in a ransomware breach, no organization hit with ransomware has been able to back this up as fact. That’s why compliance regulations mandate businesses to notify their clients if their data is in jeopardy.

Implementing Ongoing Risk Management as a Standard Practice

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In 2021, organizations that didn’t have zero trust incurred an average breach cost of USD 1.76 million more than those organizations with a mature zero-trust approach.1 It’s no wonder that 69% of organizations believe that there will be a rise in cyber spending in 2022 compared to 55% in 2021, and more than 25% expect double-digit growth in cyber budgets in 2022.2 With cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow further.

About 85% of breaches involved a human element in 2021. Additionally, 36% of breaches involved phishing attacks while ransomware attacks contributed to 10% of attacks.3 Amid such an evolving threat landscape, your top-most priority should be ensuring an advanced layer of cybersecurity that can protect your organization from malicious actors.

Are You Aware of the Digital Risks to Your Business?

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Rapid technological advancement and rising global connectivity are reshaping the way the world is functioning. From higher productivity to improved customer satisfaction, technology has played a critical role in the growth of businesses across the world. However, the consequential bad news is that technological advancements have also made organizations increasingly vulnerable to digital risks. However, this does not mean that businesses must compromise on growth and advancement for the sake of security.

Organizations that understand how to detect threats and include preventative security measures and controls, as well as proactive solutions and thorough strategies, may better meet the security problems they face in modern digital environments. Let’s discuss the different types of digital risks you should be looking out for and how you can use this information to get positive ROI.

5 Security Risk Analysis Myths in the Healthcare Industry

The COVID-19 pandemic threw multiple challenges at the healthcare industry. The sector saw a steep increase in demand that led to the collapse of health infrastructures in different parts of the world. What’s more, the industry experienced an unprecedented cybercrime surge.

According to a report, the most attacked sector in 2020 was healthcare,1 and experts expect this trend to continue into 2021 and beyond. Increased adoption of a hybrid workforce model and telemedicine have created vulnerabilities threat actors are eager to exploit.

Is Your Supply Chain Resilient?

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The major upheavals of the last couple of decades, such as the global recession and the COVID-19 pandemic, have demonstrated that firms will suffer severe setbacks if their supply chains are not resilient. An entire supply chain becomes vulnerable if one component is exposed to risk, just like a house of cards will topple if one section is out of balance.

Supply chain resilience refers to an organization’s ability to use its resources to handle unanticipated supply network disruptions. In other words, it is the ability to respond to and recover from challenges without disrupting operations or deadlines.

Top 5 Threats Internet of Thing (IoT) Devices Pose to Data Protection & Privacy

Gartner Inc. predicted that by 2023, CIOs would be responsible for over three times the endpoints they were responsible for in 2018 due to the rapid evolution of IoT trends and technologies. With billions of physical devices worldwide connected to the internet today, this prediction is on its way to coming true. However, the rapid evolution of IoT technology has proven to be a double-edged sword from a cybersecurity and compliance standpoint.

Think Beyond Basic Backups to Tackle Ransomware

Although ransomware has long been a serious concern for business owners all over the world, the COVID-19 pandemic has created new opportunities for this threat to flourish, and the attack vector is likely to become even more dangerous in the coming years.

According to a report, 304 million ransomware attacks occurred globally in 2020, with ransomware affecting over 65% of global businesses.1 Experts suggest that this is only the tip of the iceberg. Unfortunately, even though SMBs continue to be disproportionately affected by these nefarious attacks, reporting and notifications rarely make the news.

What You Should Know if Your Business Is Targeted by Ransomware

It may not be news to you that ransomware is on the rise, but the numbers may leave you shocked. In 2020 alone, there were close to 300 million ransomware attacks worldwide.1 The cost of ransom payments demanded by hackers are also increasing in tandem with the increase in attacks. According to a recent projection, the global annual cost of ransomware attacks will touch $20 billion by the end of 2021.

PCI-DSS Compliance: What You Should Know

Over the last year, many organizations struggled to keep their private data secure against cyberthreats as they rushed to adapt to pandemic-inspired shifts in workforce and operations. Cybercrime is becoming increasingly prevalent, and the sophistication and volume of cyberattacks is escalating as well. According to a report, over 300 million ransomware attacks occurred in 2020.1

Dealing with a cybersecurity disaster is difficult and brings forth a lot of uncertainty, especially when it involves financial and reputational damage. This holds true for all organizations, and especially for small and medium-sized businesses (SMBs). SMBs are increasingly becoming prime targets for hackers because they consider these organizations to have insufficient expertise and resources to prevent and respond to attacks.

The Role of Compliance in Cybersecurity

The overall technology landscape is evolving at a breakneck pace. While these changes are meant to improve the quality of life, the unfortunate flip side is an increase in cyberthreats. This is why global cybersecurity spending increased from nearly $40 billion in 2019 to $54 billion in 2021.1 Unfortunately, due to a lack of spending on personnel or technology, SMBs are most likely to be targeted by threat actors.

Many organizations fall victim to cybercrime because compliance and security are not a high priority for them. For your organization to run smoothly, both compliance and security are critical. While compliance ensures that your organization stays within the bounds of industry or government laws/regulations, security ensures that your organization’s integrity and vital data are safeguarded.