A tasty cake with security layers
22 October 2024 - Reading time: 7 minutes
Imagine a world where no digital activity is fully safe. A world where malicious forces could hijack monetary transactions, private communication and interactions at any time, crippling businesses and lives alike. Sounds like grim science fiction? Take a look: it's our reality today. Cybercrime has become the leading cause of financial loss for companies worldwide, with projected costs reaching a mind-boggling $10.5 trillion annually by 2025.
The threat is very real, and it's not about big corporations anymore; small and medium-sized enterprises (SMEs) are equally vulnerable, accounting for a staggering 43% of cyberattacks. The digital storm rages on, with new threats emerging every day, each more sophisticated than the last. I think it's the right time to start thinking about fortifying your defences!
According to the annual Cost of a Data Breach Report for 2024 from IBM, the global average cost of a data breach has reached an all-time high of $4.45 million, marking a 15% increase over the last three years. Detection and escalation costs also have seen a significant surge of 42%, accounting for the highest portion of the “cost of breach”.
This remarkable growth in breach costs underscores the escalating threat landscape and the need for businesses to fortify their security measures to mitigate risks. The increasing cost is largely attributed to the sophistication and complexity of modern attacks, which demand more time-consuming and resource-intensive investigation and resolution processes.
The secret is in layers
Picture your business as a medieval castle under siege. The walls are breached, and the enemy is at the gates. What do you do? You don't just reinforce one wall, hoping it will hold; you fortify every aspect of your defences - the walls, the towers, the moat, the gatehouse. And that's what we call layered cyber security.
If layered security is in place - it makes it much harder for attackers to breach such a system. Each additional layer increases the complexity and difficulty of breaching the whole system. The concept has been proven effective in various industries, from finance and healthcare to government and manufacturing. For example, banks have notoriously implemented multiple layers of security to protect their customers' money, including network firewalls, intrusion detection systems, encryption, access controls, and, of course, regular software updates. Some studies show that organisations with multi-layered security in place were 70% less likely to experience a data breach compared to those without. Another study by IBM Security revealed that companies using multiple security controls were able to detect breaches 26% faster than those with fewer controls. Why am I not surprised?
Give me those layers
The core layers of defence are designed to protect against different types of attacks:
- Network security. Your first line of defence is network security, acting as the moat around your castle. Firewalls, intrusion detection systems, and prevention systems control traffic flow, detecting suspicious activity and limiting access. And there is a good reason for having it all. The sheer number of cyber-attacks can be mind-boggling (with estimates ranging wildly depending on the criteria used to define an attack, of course). Some reports claim that as many as 5.5 billion malware infections occur annually, while others put the figure for attempted intrusions at a staggering 6.3 trillion. This means a cyber attack every 3 to 11 seconds!
- Endpoint security. Protecting devices from malware, viruses, and other threats is crucial in today's mobile workforce. Ensure all devices are up-to-date and monitor for threats as they happen. But did you know that 68% of organisations experienced endpoint security incidents in the past year? The threat landscape has never been more daunting.
- Application security. Secure your software with regular testing and updates to patch vulnerabilities and reduce the risk of attacks. The only hope is that your vendor will be delivering those updates and patches promptly.
- Data security. Protect sensitive information in storage by implementing encryption and backing it up regularly to ensure confidentiality and availability. Do you remember the average cost of a data breach from the Cost of a Data Breach Report for 2024 from IBM? Check it again.
- Identity and access management (IAM). Control access to systems and data with strong authentication and role-based access control, safeguarding against insider threats and compromised accounts. IAM is critical in today's world where 70% of organizations face insider threats daily.
Continuous improvement is the only constant
Cybercriminals evolve, and so must your defences. A layered approach is not a set-it-and-forget-it solution; it requires periodic review and adaptation. Start by evaluating your current protection mechanisms regularly, identify gaps, and upgrade whatever is necessary. The future of cyber security surely lies in automated AI-driven tools that process real-time data to predict potential attacks, scale responses, if needed, and put in place advanced monitoring to quickly identify anomalies. But here's a chilling fact: 61% of organisations believe they are not fully prepared to handle a sudden attack. The reality is that no business can afford to wait for the future miracles of AI so thinking about cyber security and investing in security is required right now.
We should not forget that security is everyone's responsibility. Even simple steps like creating strong, unique passwords and being cautious with email attachments can make a significant difference. But even with robust measures in place, internal threats might remain a concern. But in this case, the layered cyber security solutions will help again and address this by implementing stringent access controls and monitoring user activity to catch suspicious behaviour.
A call to action
Cyber security is no longer just an IT issue; it's a business imperative. A multi-layered defence is the only way to stay ahead in today's digital landscape. It requires investment, vigilance, and continuous improvement. So, build your castle with layers of protection - for in this digital storm, the cost of not doing so could be catastrophic.
The stakes are high; the future is uncertain. The choice is yours: invest in cyber security or become another statistic in the ever-growing list of victims of cybercrime. The battle for cyber security is ongoing; ask yourself if you are ready to join the fight.