Cyber Risk & Ransomware In 2023

Every 11 seconds a business falls victim to a ransomware attack. In today's interconnected world, cybersecurity looms as an ever-present concern that organisations can no longer afford to sideline. A staggering 48% increase in cyber risk last year should serve as a wake-up call.

Yet, despite increased investments in cybersecurity technologies, significant breaches continue to make headlines. 

The Real Costs of Cyber Crime: Beyond Financial Impact

Whether a business pays hackers a ransom or not, there are significant costs involved which will include items such as digital forensics and data restoration, threat actor negotiation, IR counsel and legal costs as well as credit monitoring, PR and crisis management.

The scale and audacity of cyberattacks in 2023, ranging from the Twitter fiasco to the shocking NHS data breach, underline the multi-faceted nature of the risks involved. While the financial costs are easily quantifiable, the erosion of public trust and long-term reputational damage represents a deeper level of impact. When confidential health records of over a million NHS patients are compromised, the ensuing damage to public trust becomes an unquantifiable liability.

The Criminal Enterprise: A New Age of Cybercrime

Cybercriminals have evolved from isolated hackers to well-structured organisations that operate on an enterprise-level scale. These new-age criminal enterprises pour billions into R&D, ensuring that they remain ahead of the defensive measures that cybersecurity firms deploy. This unsettling evolution heightens the need for organisations to constantly reassess their security measures.

LockBit, the ransomware group responsible for, among others, the recent Royal Mail attack, also targeted The Lagan Specialist Contract Group, a multi-sector firm with global reach.  LockBit currently leads the ransomware landscape with 39% of all victims, due to its advanced techniques and aggressive tactics, including triple extortion and DDoS attacks.

Time-to-Detection: A Critical Measure of Resilience

A major concern in cybersecurity is the alarming time-lapse between the occurrence of a breach and its detection. Reports suggest that the average time from breach occurrence to identification hovers around nine months. This prolonged window provides malevolent actors ample opportunity to exploit the stolen data, multiply the scale of the attack, and deepen its impact.

Every business response needs to start beyond the endpoint, giving IT teams much broader visibility over the entire corporate estate to detect and investigate breaches faster.  The question should no longer be “Will my firm face a cyberattack?” but “When in the kill chain will I detect it?”

It’s well known that the difference between an attack failing or succeeding largely depends on the speed of action.

  • 2 in 5 businesses are overwhelmed by security alerts.
  • 55% of businesses ignore cybersecurity issues to prioritise other business activity.
  • 1 in 5 businesses ignore security alerts.
  • 73% of in-house teams are unable to fend off cyber threats.

The Need of the Hour

In an environment that continually evolves, organisations can't afford to have a myopic view of cybersecurity.  They need to quickly detect and remediate cyber attacks to stay protected. Endpoint security or firewall measures alone can't ensure safety. What's needed is a comprehensive security strategy that encompasses robust Security Operations Centres (SOC), cloud security protocols, and an educated end-user base.

Overcoming Challenges: Achieving True Resilience

Reactive approaches to cybersecurity are no longer sufficient. The current environment calls for an active approach, requiring ongoing evaluations of risk and frequent adjustments to security protocols. This is where partnerships with specialized SOC providers can offer a strategic advantage. Not only do they help with immediate threat containment, but their significant expertise also aids in foreseeing and planning for potential risks.  

Topical Insights: What 2023 Has Taught Us So Far

To stay ahead of the evolving threat landscape, we must recognize the key trends shaping it.  Here are some takeaways:

1.    Critical Infrastructure Attacks:   The focus on MOVEit and the NHS is a testament to the evolving focus of cybercriminals on high-stakes targets.

2.    AI in Cybercrime:   Just as defensive technologies evolve, so do the offensive capabilities that cybercriminals wield.

3.    Supply Chain Vulnerabilities:   JD Sports serves as a cautionary tale of how interconnected, yet isolated, our security ecosystems can be.

4.    Regulatory Implications:    Increasingly stringent regulations like GDPR are adding another layer of complexity to cybersecurity.

5.    Sophisticated Social Engineering:    Psychological manipulation, often exploiting real-time events, has become a major tool in a cybercriminal’s arsenal.

Building a Cyber-Resilient Future

As we progress through 2023, it's crucial that we don't just react to cyber threats but anticipate them. The need of the hour is a culture shift that places cybersecurity at the forefront of organisational strategy. This involves not just technology but people, processes, and continual learning.

The adage that prevention is better than cure has never been more relevant. As the cyber landscape keeps evolving, preparedness is your best weapon. Because in today’s world, it's not a question of 'if' but 'when' a cyber-attack will occur. Comprehensive preparation is not just a strategic move; it's an absolute necessity.

Rob Smith is CTO at Creative ITC                           

Image: Elchinator

You Might Also Read:

Enterprise Cybersecurity Today: A Vast Landscape To Secure:

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible


 

 

« The Security Measures Professionals Use To Prevent Being Attacked
Senior Managers Need Higher Cyber Security Awareness Than Other Employees »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Perimeter 81 / How to Select the Right ZTNA Solution

Perimeter 81 / How to Select the Right ZTNA Solution

Gartner insights into How to Select the Right ZTNA offering. Download this FREE report for a limited time only.

ON-DEMAND WEBINAR: 2024 and beyond: Top six cloud security trends

ON-DEMAND WEBINAR: 2024 and beyond: Top six cloud security trends

Learn about the top cloud security trends in 2024 and beyond, along with solutions and controls you can implement as part of your security strategy.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

BackupVault

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

Lloyd's

Lloyd's

As an insurance market, Lloyd’s can provide access to more than 65 expert cyber risk insurers in one place.

CyberSource

CyberSource

CyberSource provides online payment and fraud management services for medium and large-sized merchants.

SERMA Safety & Security (S3)

SERMA Safety & Security (S3)

SERMA Safety & Security provides a comprehensive cybersecurity offering incorporating Expertise, Evaluation, Consultancy and Training, covering hardware, software and information systems.

Siscon

Siscon

Siscon delivers tailor-made compliance solutions that are based on the customer's specific wishes and reality and then supplement with many years of experience in the field.

Ingalls Information Security

Ingalls Information Security

Ingalls Information Security provides network security, monitoring and forensics.

Quick Heal Technologies

Quick Heal Technologies

Quick Heal Technologies is a leading IT security solutions provider focused on endpoint and network security solutions.

CyberGhost

CyberGhost

CyberGhost is a Virtual Private Network services provider offering secure encrypted access to the internet.

Uniwan

Uniwan

Uniwan is an IT services company specializing in networking and security.

Logic Supply

Logic Supply

Logic Supply is a global industrial PC company focused on hardware for the IoT edge. We design highly-configurable computers engineered for reliability.

Liquid Technology

Liquid Technology

Liquid Technology provide DOD- and NIST-compliant data destruction and EPA-compliant e-waste disposal and recycling services throughout North America, Europe and Asia.

Gigacycle

Gigacycle

Gigacycle is one of the leading IT disposal and recycling providers in the UK. We specialise in IT asset disposal (ITAD) and data destruction.

Incognia

Incognia

Incognia have created a ubiquitous private identity based on location behavior, that enables a personalized frictionless experience with mobile apps and connected devices.

Veriti

Veriti

Veriti is a unified security posture management platform that integrates with your security solutions and proactively identifies and remediates potential risks and misconfigurations.

AWARE7

AWARE7

IT security for human and machine. With the help of our products and services, we work with you to increase the IT security level of your organization.

American Binary

American Binary

American Binary is a Quantum Safe Networking (TM) and post-quantum encryption company.

ABPCyber

ABPCyber

ABPCyber offers holistic cybersecurity solutions spanning DevSecOps, advisory and consultancy, designing and integration, managed operations, and cybersecurity investment optimization.