A hack is a risk for any business, so be prepared!
The idea that only large companies are targets of cyber attacks is outdated. Every organization, including yours, can become a target. Even with solid cybersecurity measures in place, incidents, such as system failures or ransomware, can occur.
Cyberveiligheid is niet meer slechts een zaak voor technici, maar een organisatie brede verantwoordelijkheid en dient scherp op het vizier te staan van de directie en de managementleden. Het onderwerp blijft echter abstract voor velen en vereist duidelijkere uitleg over hoe men deze verantwoordelijkheid kan dragen en regelmatig kan toetsen. In dit stuk presenteren we enkele cruciale stappen om je onderneming te wapenen tegen cyberdreigingen en de operationele continuïteit te waarborgen.
Risk management is the starting point of good security management. Understanding your cyber risks is crucial. This process is similar to how you evaluate risks around fire safety. In three steps, you can assess your risks:
Step 1: Define business goals and identify essential information/data.
Identify critical information needed for your production or service, including data, assets, applications and services.
Step 2: Identify causes, risks and financial impact.
What could threaten the continuity of your organization and what would be the financial impact if a risk materialized?
Step 3: Determine actions to be taken.
How quickly can you detect an incident and inform relevant stakeholders? On average, it takes 197 days for a company to become aware of a breach, sometimes it even takes up to 3 years. Analyze existing procedures and identify additional measures to reduce risks.
Some basic measures – also called cyber hygiene – should be implemented by every organization. This is not only for the organization itself or its employees, but also for its customers and partners. A hacker doesn’t always walk the straight path. Over the years a supply chain attack has become increasingly common. In which a hacker looks for a supplier of an eventual target that is vulnerable to get in through that route. This leads to huge reputational damage and can also cause high financial claims.
Research shows that 60% of SMEs that are victims of a hack fail within six months due to operational disruptions, loss of customers, high recovery costs and emotional stress. Reputational damage often makes the situation worse. While not every cyber attack is catastrophic, it can take weeks to months for normal business operations to resume, resulting in significant revenue loss.
In the event of a cyber incident, executives can be held personally liable for damages suffered. This emphasizes the importance of proper preparation and risk management to reduce personal and organizational financial risks.
Would you like more explanation on this topic? Or do you need help organizing and structuring a cyber secure business? If so, feel free to contact us!