Why is cyber security posture assessment so important
It’s likely you’ve been the victim of a cyber attack already – though you might not be aware of it.
43% of all cyber attacks target small businesses
With 33 billion electronic records expected to be stolen in 2023/2024, according to the latest Mimecast State of Email Security report, the world of cyber crime is expansive and, for those attempting to understand and resolve it, the landscape is ever-changing.
It’s likely you’ve been the victim of a cyber attack already – though you might not be aware of it.
It’s a never-ending battle for individuals and smaller companies just as much as it is for big organisations; as the digital space is expanding and as AI is impacting our everyday lives, hackers are getting more inventive every day.
Sadly, mainly SMBs are attractive targets for cyber criminals because they usually lack the cyber security precautions of larger organisations. 43% of all cyber attacks target small businesses (Corvus survey), and the consequences of these breaches can be extremely costly, from lost productivity ,loss of reputation to business closure. In fact, 60% of all SMBs facing data breach, permanently close their doors within six months of the attack.
43 % of all cyber attacks target small businesses
60% of all SMBs facing data breach, permanently close their doors within six months of the attack
Real life story
Not very long time ago (June 2023), we witnessed a closure of a veteran transportation firm in the UK – KNP Logistics group. According to BBC report, the company has entered administration after it was targeted by a major ransomware attack that impacted key systems, processes and financial information. 730 employees had been made redundant. It is essential other organisations take action to improve their defences against attacks to prevent ever being placed in this devastating position. Continues testing, assessments for vulnerabilities and staff training on attacker techniques are essential.
UK cyber crime statistics for 2023
Here are some statistics that make it clear why better prevention and general management of cyber threats is more essential than ever.
1%
Cyber crimes grew by 40% in Great Britain in 2021.
(survey conducted by VPN provider Surfshark)
1%
There was a 23.5% increase in social media hacking in the UK last year.
(UK’s National Cyber Security Centre)
1
18 ransomware incidents required a nationally coordinated response in 2022.
(NSCS)
1%
31% of UK businesses are attacked at least once a week.
(UK Cyber Security Breaches report)
1
Data breaches or cyber attacks cost UK businesses on average £4,200.
(reported by UK government)
If you’re not convinced that cyber crime is going to be an issue in your life, let’s hope the statistics above will change your mind.
Cyber security assessment is crucial to understand the future of cyber attacks.
The importance of cyber security assessment
It’s clear that larger organisations, which have access to more funding and better resources, can absorb the cyber crime costs more easily. A report by Juniper Research noted how the hefty cost of a data breach could wipe out small businesses, which make up 99% of the market.
There are many simple steps businesses can take to ensure you’ve got the basics covered when it comes to protecting employees and workplace from cyber crime. As well as staying aware of the latest data breaches and crimes in the UK and further afield, cyber security assessment is crucial to understand the future of cyber attacks and plan business’s defence strategy.
What key areas are involved in the process of a cyber security posture assessment?
Identify
A stage whereby your organisation’s data is located and mapped to a data use model, across the lifecycle of collection, storage, transfer, and use. This part of the process sets the value of the data, by classifying it into levels of sensitivity.
Understand
This stage of the assessment focuses on the key cyber-risks that are likely to target your organisation. What type of cyber threat will result in data exposure? Certain types of cyber threat more likely to impact a financial sector company than education.
Evaluate
An exercise to look at your current security model, policies, and strategies, as well as existing security measures. Are they up to scratch? Can your organisation’s approach meet the cyber-threat suspects?
develop
Any gaps found will be identified as part of the assessment of your security posture. The assessment will provide an action plan to show you how to improve security. You will be able to create a plan to maintain an excellent security posture.
How Contrac can help
At Contrac, we help our customers to deliver their IT projects on time and with minimal disruption. Our company structure allows our technical staff to be highly agile, so we can create a team that engages seamlessly with your organisation, providing personalisation and a truly bespoke solution.
Successful cyber security defence strategy is about building a good foundation for business resilience. This involves planning, preparing, and implementing solid security management practices. If you want to enable resilient, available, and recoverable infrastructure that meet your business continuity requirements, our Security Experts can help.
