How do companies reduce hack and ransomware losses?

How do companies reduce hack and ransomware losses?

As technology improves, cybercriminals are also learning to evolve and innovate to match the landscape, companies must implement the right tools now to stay ahead.

A follower of the field of information security believes that technologies such as artificial intelligence and machine learning that seemed like science fiction only a few decades ago are now popular.

However, not everything is going in a positive direction, including the cyberthreat landscape. Today's cybercriminals are driven by money and use sophisticated and covert campaigns to steal valuable data and commit identity theft.

The hack losses are expected to reach $6 trillion by the end of 2021 according to official data which is double what it was in 2015.

Another big change is that cybercriminals are increasingly targeting small and medium-sized businesses and the reason for this is simple: compared to large enterprises, small and medium-sized businesses have weaker and in some cases non-existent cyber defense systems so it is much easier and very profitable for hackers to attack small enterprises.

Business owners often wonder what tools they should use to efficiently and cost-effectively improve their current security posture and protect their data, employees, customers, and reputation

Ultimately the essential tools recommended by experts are a centralized remote connection manager, a privileged access management (PAM) solution, and a core server.

A centralized remote connection manager securely manages credentials and generates visibility for compliance monitoring and enforcement, while supporting comprehensive and customizable workflow automation, reducing the risk of accidental data leakage caused by human error or negligence.

The PAM solution provides real-time alerts and notifications regarding login attempts, along with advanced workflows where approval is necessary before accessing a resource.

I can't overstate the importance of a PAM solution, considering that 74 percent of data breaches start with credential abuse according to Securis.

The bastion server prevents endpoint hackers from moving sideways across the network and gaining access to the basal servers in the infrastructure.

These are critical given the growing number of third-party supply chain threats, such as the recent Solorigate / Solarwinds attack, which was described by many as the most sophisticated cyber attack in history.

The bottom line is that while technology is getting better and cybercriminals are also getting better and innovating, all organizations and organizations need to improve their security posture now rather than later, as the costs and consequences of being hacked can be catastrophic.

To reduce the costs of hacking or even infecting devices with viruses, especially ransomware, data backup should be taken periodically to the cloud or better to external storage disks that are not connected to the Internet.

The more the company is prepared for such events that happen from time to time, the better it is at the level of prevention of incoming financial losses and the losses have already been reduced.

But without protection and prior preparation, the company will suffer a major setback, and it will be difficult to bypass the breach, and its business may stop for quite some time.

In today's competitive world, hacking is the last thing companies wish to be exposed to, intense competition is unforgiving and operations and services should run non-stop.