As cyberthreats continue to surge at an alarming rate, government officials, executives, software developers and IT professionals are all struggling to stay ahead of cyber criminals. While developers and technology leaders race to get ahead, businesses are under pressure to adequately protect their networks and data from these cyberattacks that continue to evolve. Along with the increase in the number and severity of attacks, there is also an acute resource challenge to be addressed within most organizations as IT teams with inadequate budgets remain understaffed and widely ill-equipped to properly address the rising risk level.
Threats Are Advancing at An Alarming Rate
2021 was a record-shattering year for cyberattacks world-wide for both the volume and cost of attacks. According to Check Point Research, cyberattacks increased 50% in 2021 over 2020. And IBM’s Cost of Data Breach Report noted the cost of cyberattacks in 2021 increased over 10%, bringing the cost of a cyberattack to the highest level ever recorded in the 17-year history the report. We speculate this high level of attack rate can be attributed to much of the workforce remaining remote and virtually powerless outside the safety of a secure internal company network, drastically increasing the amount of vulnerabilities within an organization’s digital landscape and severely affecting response time for a breach. [Source]
As alarming as these statistics are for 2021 in total, the number and cost of cyberthreats is expected to continue to grow at a rapid pace throughout 2022. Hackers and bad actors are only getting more creative in their approaches, continuously adapting their attack strategies to overcome known security measures that have been implemented among most organizations. Tactics like Double and Triple Extortion Ransomware attacks, Ransomware as a Service (RaaS) and sophisticated Phishing scams are occurring more frequently, leaving businesses vulnerable despite having cybersecurity measures in place that were once deemed effective.
Dated Cybersecurity Tactics Are Becoming Ineffective
Cyberthreats are not new, there have been many approaches developed to protect organizations and individuals alike. However, the threats today have evolved and adapted over time as technology continues to advance, and with the exponential increase in dependence upon remote networks and virtual methods of operating, many organizations are now operating behind the curve.
A recent study conducted by Positive Technology revealed that cybercriminals can penetrate 93% of company networks. [Source] Methods of protection like data backups, anti-virus software, firewalls and anti-malware are all tactics to protect organizations from breaches and data loss; however, they are becoming increasingly ineffective as threats advance. Performing frequent and thorough data backups are, by themselves, no longer an effective method to overcome a ransomware attack. Nowadays, in most cases, the compromised data is held for more than just a “simple” ransom. Double Extortion Ransomware Attacks that extort customers directly, as well as Triple Extortion Ransomware Attacks that extort customer, partners and third parties, are rendering data backups to be only a partial solution to this problem. These more extensive attacks can occur with or without a paid ransom. Additional cybersecurity measures like firewalls, antivirus, anti-malware, network monitoring, endpoint monitoring, etc., on their, own do not provide adequate coverage and response times to remain effective at protecting an organization’s network. With measures like these in place, the damage is already done by the time IT teams are aware of the threat. [Source]
Step Up Your Cybersecurity Game with Managed Detection & Response
A more robust, comprehensive cybersecurity approach is no longer optional, it is absolutely mandatory to ensure that your organization’s network stays protected. Managed eXtended Detection & Response (MXDR) from Securus360 is an all-inclusive network security monitoring solution that offers the industry’s most effective, fully- integrated platform that delivers protection across your entire infrastructure. Powered by Machine Learning (ML), Security Automation and Human Intelligence, this high-speed, high-touch defense solution proactively hunts, detects and neutralizes even advanced cybersecurity threats BEFORE they can impact your business.
As cyberthreats evolve, so should your cybersecurity approach. Contact Securus360 to begin your cybersecurity evaluation and to learn more about how MXDR gives you 24/7/365 monitoring and protection for your entire infrastructure.
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