Cyber Security Preparation for 2023: Latest Threats and How to Protect Your Business

by Ben Brown | 12/19/2022

Ronin-Pentest – Cyber Security Preparation

Cyber Security Preparation for 2023: Latest Threats and How to Protect Your Business

As we move further into the 21st century, more and more businesses are becoming victims of cybercrime. As we head into 2023, to stay ahead of the curve and protect your company, you need to be proactive about your cyber security preparation. This blog post will outline the latest threats to businesses and discuss measures you should put in place as part of your 2023 cyber security protocol.

The Cyber Security Threat Landscape.

The first step in cyber security preparation is to understand the threat landscape. Cyber-attacks are becoming increasingly sophisticated, and the techniques used by hackers vary, however the top three most common successful attacks on businesses end to be:

Phishing. Phishing attacks continue to be a popular method used by black hat hackers to gain access to sensitive data. By sending fake emails or texts that appear legitimate, attackers can convince users to provide confidential information, resulting in the loss of sensitive data and money.

Ransomware. Ransomware attacks are when a cyber-criminal places malware on your files/computer which denies you access to them. The hacker will then demand payment before removing the malware. Even once the ransom payment has been made, cybercriminals have been known to destroy data that was held ransom. Businesses have been known to pay millions of pounds in ransom fees, so it pays to be prepared.

Data Breaches. Data breaches occur when hackers gain access to sensitive data stored on a company's network. This type of attack can lead to serious implications for those whose data was leaked, such as identity theft or the sale of stolen credit card information. When data breaches occur, businesses often have to pay compensation payments and fines.

Understanding the latest threats and how they are evolving will help you better protect your business from potential attacks in 2023 Once you understand the threats, as part of your cyber security preparation, it's important to implement a robust defence in depth strategy.

What Does Defence in Depth mean?

Defence in depth is a cyber security strategy that relies on multiple layers of protection. By having multi-layered cyber protection rather than just one layer of protection you make it much more difficult for hackers to get in, resulting in them moving on and looking for an easier target. For most attackers, it’s a numbers game, they’re looking for quick wins so they can grab the gold and move on to the next target.

There are many ways to implement defence in depth, but some common methods include WAF (Web Application Firewalls), intrusion detection and prevention systems, and encryption. By using these techniques, you make it much harder for cybercriminals to access your data.

Additionally, training employees on cyber security protocols is essential for keeping company data safe. This should include educating them about how to identify phishing emails, using strong passwords, and adopting best practices for data security.

Having a Robust Plan in Place to Respond to Cyber Attacks is Crucial for Cyber Security Preparation.

As part of your cyber security preparation, you should have a robust plan in place to respond to cyber-attacks should you be targeted. There are three key components to any cyber-attack incident response plan: incident response, notification, and compliance. Each of these has its own set of challenges and potential pitfalls, so it's important to be prepared for all of them.

Incident Response: This is the first step in dealing with a cyber-attack. This is the process of containing the damage and mitigating the risks posed by the attack. This can be a complicated process, as it requires businesses to quickly assess the situation and take appropriate action. There are many potential incident response mistakes that can be made, so it's crucial to have a cyber-attack incident response plan in place and to have carried out simulated incidents so that the implementation is as good as the planning. All too often the plan goes out the window in the event of an incident.

Notification: This is the second step in dealing with a cyber-attack. This is the process of informing customers, employees, and other stakeholders about the attack and what steps are being taken to mitigate the risks posed by it. Notification can be a complicated process, as it requires businesses to carefully balance the need for transparency with the need to protect sensitive information.

Compliance: This is the third step in dealing with a cyber-attack. This is the process of ensuring that your business is following all applicable laws and regulations in response to the attack. Compliance can be an arduous process, as it requires businesses to review their policies and procedures to ensure that they are following all relevant laws and regulations.

Administration of a Cyber Incident – What’s Involved?

As part of a cyber-attack incident response, there are three key phases to manage: detection and containment, analysis, and recovery. Small businesses may not have the in-house expertise or resources to handle all these stages so will need specialist help.

Detection and containment: Stopping the attack and preventing it from spreading any further. This usually requires the assistance of a professional who will have the tools and expertise to track down the source of the problem and shut it down.

Analysis: Understanding what happened, how it happened and what needs to be done to fix it. This stage is crucial in order to prevent future attacks.

Recovery: Getting your business back up and running. This may involve restoring data, repairing systems or rebuilding networks. Small businesses will need to work with their IT team and specialist providers to get everything back up and running as quickly as possible to avoid any further disruption to operations.

Cyber Insurance is a Necessity Not an Option!

Cyber Security insurance is something all businesses should have. It's not just a "nice to have" it's something that is absolutely essential in this day and age. But it’s also important that businesses get the right cyber insurance for their business.

Unfortunately, there is no one size fits all. Every policy differs, and some will cover more than others. Before purchasing cyber insurance it's important that you know what is covered in the policy and what is not covered.

Cyber insurance policies can cover a variety of different things, including:

Cyber security preparation starts with understanding the threat landscape, implementing a defence in depth strategy, training employees on cyber security protocols, and having a plan to respond to any incidents. By taking these steps, businesses can ensure that they begin 2023 better protected against potential cyber-attacks. Contact us today to help you get cyber security prepared for 2023.

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