As the modern industry moves away from working in a central location (hybrid working conditions etc.), businesses need improved security processes to protect their systems. Cybercrime is increasing, with criminals aiming to exploit weaknesses due to a lack of oversight and weak security.
Cybersecurity Risk Increases
The Australian Cyber Security Centre (ACSC) reported that cybercrime saw an increase of 13% in Australia during the 2020/21 financial year. This increase in cybercrime activity has been accredited to remote working conditions and an uptick in home internet usage, due to the pandemic environment. There were 1,500 reported attacks related to the coronavirus pandemic, which is about 4 per day. Cybercrime has cost Australian businesses $33 billion in the past year.
Many businesses know the current cybercrime statistics but don’t know how to respond to the threats. What will they do if their business is affected? How will they prevent cybercrime from happening? At Crayon, we have listened to the concerns of Australian businesses and IT providers and want to share key solutions to alleviate them.
How to Assist your Clients
IT professionals are aware of the increase in cyber threats over the past few years. However, reports demonstrate that while IT professionals request an increase in security, some businesses have cut their security budgets by up to 33%.
The unfortunate truth of cyber security is that when it is working, cybercrime threats seem diminished. By providing businesses with information about cybercrime using data and talking points, you can keep businesses informed about why they need these vital systems.
The Three Layers of Security
Investigations show that users are the weak link of any security system. The majority of attacks occur due to people downloading and deploying malicious software on their systems. Cybercriminals are very adept at creating emails, websites, and links that appear genuine but will trick people into making mistakes.
In the 2020/21 financial year, ACSC noted that 83% of reported cybercrime was attributed, either entirely or partly, to what is known as the ‘people factor’. In these reported cyberattacks, approximately 50% were ranked as Category 4 (i.e., they had a profound impact on victims). This fact demonstrates an increase in the effectiveness of cyberattacks.
At Crayon, we’ve devised the three layers of security to help explain how businesses can limit their exposure to cybercrime. Protect, Limit, and Recover.
The Three Layers of Security
Protect
With appropriate protection systems in place, many threats do not make it through to the end-user and can never be activated. Using dedicated applications, you can stop malicious email attachments, viruses, and ransomware from causing issues for businesses and employees.
Limit
If a threat makes it past the protection and secure strategies, you need appropriate defence mechanisms to limit your risk. A defence network will work before an attack occurs and monitor systems for potential problems. When an attack occurs, a good security system will work to isolate and remove the malicious files, applications, and code.
Securing your systems through appropriate password usage and including multi-factor authentication will provide an additional layer of security. Emails and attachments can be encrypted, and forwarding is limited to make sure only the recipient can read messages.
Recover
Ensure that suitable procedures are in place to recover quickly from any attack. Your systems will need to identify what is lost and the extent of the damage. This level will include data storage and backup systems. It may also be required that your systems be examined for potential security gaps and how these can be addressed and improved.
Using Microsoft 365 to Protect Business Systems
When using cloud security solutions for small and medium enterprises, research conducted by Forrester found benefits of an ‘improved risk identification/mitigation (53%), enhanced encryption (49%), improved regulatory compliance (47%)’.[1]
Using Microsoft 365 to Protect Business Systems
Microsoft 365 is a proven application suite for protecting businesses from cybercrime threats. In this solution, you’ll find many applications that will allow any IT professional to protect data and secure sensitive information.
Using the integrated tools that come with a Microsoft 365 subscription, IT professionals can see at a glance where problems may occur. The built in compliance manager can highlight concerns and present a compliance score, and provide recommendations to improve it.
A Microsoft 365 subscription is a valuable security asset for any business as it provides superior protection against costly cyber-attacks. The applications provided in the subscription can be used for any device that connects directly to a business and supports employees in a hybrid working environment.
[1]Source: The Future Of Operations Hinges On A Cloud Foundation; a commissioned study conducted by Forrester Consulting, May 2021
