Cybersecurity is not limited to a single month—it is an enduring dedication. Nevertheless, Cybersecurity Awareness Month, currently observing its 21st anniversary, presents a timely occasion to reevaluate your security stance and implement essential enhancements to safeguard your business from the ever-changing threats of today.
This article delves into four significant cybersecurity hurdles that organizations are encountering in 2024 and provides practical advice to help tackle them.
The surge in ransomware repercussions
According to our latest survey on the State of Ransomware 2024, 59% of organizations experienced ransomware attacks in the past year. Despite a decrease in overall attack rates (down from 66% in 2023), the impact on victims has intensified, with the average cost of recovery skyrocketing to $2.73M (a 50% increase from the previous year). To prevent falling victim in the upcoming year, consider taking the following practical measures:
Precaution
- Give priority to patching – with one-third of attacks stemming from the exploitation of unpatched vulnerabilities.
- Employ MFA to restrict credential misuse – the second most common root cause of attacks.
- Provide continuous training on phishing and email threat detection for users.
Provision
- Activate robust security essentials: Endpoint Protection, Email Security, and Firewalls.
- Utilize Endpoint Protection equipped with anti-ransomware safeguards that can halt and reverse malicious encryption.
- Opt for security tools that are effortless to deploy and configure right out of the box.
Detection and reaction
- Utilize MDR services or EDR/XDR tools to identify and counter sophisticated human-led attacks, safeguard your backups, and thwart data encryption.
Preparedness and planning
- Create and practice an incident response plan.
- Regularly simulate data recovery from backups for swift restoration post-attack.
For more in-depth insights into the shift in ransomware encounters over the past year and expert guidance on fortifying your ransomware defenses, download our Cybersecurity Best Practices Toolkit.
Unaddressed vulnerabilities leading the charge in ransomware attacks
Our ransomware survey also disclosed that unpatched vulnerabilities emerged as the primary cause of attacks in 2024. Furthermore, our study indicated that ransomware assaults initiated by exploited vulnerabilities incurred recovery costs four times higher than those initiated by compromised credentials, along with lengthier recovery periods. To diminish the prevalence of this point of entry, we recommend:
Early and regular patching
As mentioned previously, the earlier you patch your endpoints, servers, mobile devices, and applications, the fewer vulnerabilities adversaries can exploit. At the very least, ensure that operating system patches and updates for your security products are applied. Failure to apply patches and updates can leave an endpoint or server vulnerable to attacks.
If managing patching is proving to be a challenge, contemplate utilizing a managed risk service that offers risk-based patching prioritization, enabling you to direct your limited resources where they are most impactful.
Security solution misconfigurations as the primary perceived cyber hazard
Security tool misconfigurations, specifically involving endpoint or firewall solutions, are viewed as the principal cybersecurity risk to organizations. This prevalent concern highlights the persisting difficulties IT teams encounter in maintaining the appropriate configuration and deployment of security controls. We suggest that you:
Regularly assess the setup of your protective solutions
- Activate all recommended policies and features
- Periodically review your exclusions
- Enable MFA for your security console
Furthermore, seek out user-friendly cybersecurity solutions that offer automatic configuration and entail minimal to no manual adjustments. By doing so, you can reduce the likelihood of misconfigurations occurring.
For additional insights on optimizing both your endpoint protection and network security to alleviate this cyber risk, download our Cybersecurity Best Practices Toolkit.
The deficiency in cybersecurity skills disproportionately impacts smaller entities
The shortage of cybersecurity skills on a global scale is widely recognized and extensively documented, and is not expected to dissipate soon. While organizations of all sizes are impacted, small and mid-sized businesses (SMBs) bear the brunt of the cybersecurity skills gap, lacking the proficiency and resources necessary to fend off today’s advanced threats. Our findings indicate that SMBs rank this as their second greatest cyber risk, whereas larger organizations list it as the seventh*. To tackle this, we advise:
Collaborate with specialized third-party security providers
Outsourcing to experts represents a cost-effective approach to fortify security. Managed detection and response (MDR) services offer continuous threat identification and response, while managed service providers (MSPs) aid both small and expanding businesses.
Adopt solutions tailored for smaller enterprises
While enterprise-grade tools may seem appealing, they often do not align with SMB requirements. Instead, choose advanced yet user-friendly security solutions customized for resource-constrained real-world IT teams. An example of such a solution is a cybersecurity platform—a centralized tool that allows you to deploy, monitor, and manage various security solutions (endpoint, firewall, email, etc.) from a single interface.
