Why is cybersecurity important for you and your business? What needs to be done in order to protect your business? Since 95% of all cyber-attacks are being caused by human error, it is extremely important to train your employees or hire the talent you need in order to protect your business.
Using encryption to protect sensitive information, installing software or hardware firewalls, there are many recommendations for businesses to protect their digital presence.
In this blog, I collected the most important industry insights which will help you to improve your business’ digital security!
Remember the massive security breach that happened at Sony (yes, the multi-billion dollar conglomerate) in 2014 which resulted in Sony paying almost $8 million dollars to employees; spending more than $14 million dollars for investigations; causing the company’s shares to drop 10%, and irreversibly damage its reputation? Sony recovered from this attack eventually, but this does not mean every business can. It does not matter if your business is small, medium, or large, hackers are out there, and they might come for you too.
Currently, there are 16.18 million active internet users in the Netherlands and these numbers are growing each year, this raises a major concern in the cybersecurity field. Innovation Quarter wrote the following report: extensive usage of cyber domain putting Dutch society at risk
Since the Covid-19 crisis, companies increasingly switched to working remotely. This means more measures are needed in order to protect your organisation. Without an advanced security plan and the necessary investments, your company can be subject to a cyber-attack that cripples your business. In addition, it is not just your business data or your employees’ information, it is your customers’ information being at risk which damages your reputation irreversibly.
The Netherlands is a major digital hub and a European frontrunner in cybersecurity. (Innovation Quarter)
The Dutch IT Market is estimated to be worth €24 Billion and grows 14.5% each year. In the Dutch IT market, IT Security currently makes up 10% of the total sector’s value, and the demand for cybersecurity is not likely to diminish in the next few years. Today, 68% of organizations acknowledge the demand for cybersecurity is high in their organisation. The demand for Cyber Security solutions is expected to increase by 72% in the next 3 years.
What type of Cyber threats is your business facing?
Your company might not have experienced it yet, however, there is a hacker attacking individuals and/or organizations every 39 seconds, on average 2.224 times a day. Only in the first half of 2019, data breaches exposed 4.1 Billion records.
Here are some threats your company might face, provided by the National Coordinator for Security and Counterterrorism (NCTV) in the Cyber Security Assessment Netherlands (CSAN) report in 2019:
- Disruption: intentional temporary impairment of the accessibility of data, information systems or information services.
- Sabotage: intentional and very long-lasting impairment of the accessibility of data, information systems or information services, possibly resulting in destruction.
- Data manipulation: impairment of the integrity of information by means of the intentional editing of data.
- Data theft: impairment of the confidentiality of information by means of the copying or removal of data.
- System manipulation: impairment of information systems or information services targeting the confidentiality or integrity of these systems/services.
- Data leak: impairment of confidentiality due to natural causes, technical difficulties or human error.
Cybersecurity can be an important and amplifying component of an organization’s overall risk management. (NIST)
Cyberattacks: What you need to do to protect your business?
Here are some recommendations that you can implement on your business, proposed by the National Institute of Standard Technology (NIST):
1- Limit Employee Access to Your Company’s Data & Information: It's important to be aware that 95% of all cyber-attacks caused by human error. Diminishing the employees' possibility to breach the data takes away the biggest threat your business faces and is easy to implement.
2- Use Encryption for Sensitive Business Information: Use full-disk encryption to protect all your computers, tablets, and smartphones.
3- Patch Your Operating Systems & Software Regularly: Updating your software regularly will provide you with new or enhanced security features.
4- Install & Activate Software and Hardware Firewalls
5- Set up Web & Email Filters: to deter hackers and prevent spam from clogging employee inboxes.
6- Train Your Employees: Train everyone in your company from IT department to HR; educate them on the importance of cybersecurity and dangers of cyber-attacks; explain what to do if a cybersecurity incident occurs; regularly reinforce your culture of cybersecurity by using newsletters or planning ongoing training.
The Digital Talent gap: You might need to hire new talent in your company
A recent study of Capgemini (joint research with LinkedIn) reveals that the digital talent gap is widening and it is an organization-wide phenomenon that affects all areas of the business. One of the fields that experiences this talent gap is cybersecurity: a skill set that is in high demand.
“Cybersecurity skills are very specialized. You cannot just expect these skills to be developed in a large company without some new talent coming on board. Companies need to recruit new talent and also train the rest of their teams.”
Managing Director, Russell Reynolds
Cybersecurity: A skill set that is getting popular in the Netherlands
By now, you might have found out that you might actually need to recruit new talent in order to protect your company from a future cyberattack. In the study of Capgemini, there are some tips provided on how to recruit the cybersecurity talent you need in your company. Here is a brief summary of the tips:
1- Think outside the box: 82% of Gen Y and Gen Z cybersecurity talents appreciate firms that use innovative approaches for hiring.
2- Hunt in areas where cybersecurity talents spend their time: Three out of every five organizations host competitions and hackathons to acquire talent and the majority of organizations find these approaches effective.
3- Create a compelling story around the current leadership and team: 78% of cybersecurity talent prefer their peer group to be digitally talented.
4- Your next cybersecurity talent might already be working in your company: Offering in-company training to your current employees upskilling them with the necessary cybersecurity skills might help them obtain the talent you are looking for!
How do we provide the necessary set of skills for cybersecurity in Codaisseur?
Codaisseur started as a coding academy with a mission to fill the talent gap in the tech industry. By following our mission, we developed the perfect curriculum based on the National Initiative for Cybersecurity Education (NICE) and proudly launched our part-time Cyber Security Bootcamp.
We aim to raise awareness of the importance of cybersecurity; help companies protect their business, customers, and reputation by filling the talent gap; and train the best cybersecurity specialists with a growth mindset. Our first batch of future cybersecurity professionals will be starting in January 2021!
Now it's your turn: go and cyber protect your business!
Even though this article touches upon the most important aspects and insights of cybersecurity, I strongly recommend you to check all the resources and to keep researching even more. Your business is a combination of your ideas and visions coming alive. Reflect on the risks you took; the result of your hard work over the years; and it is definitely worth protecting. Educate yourself and your employees, take all the necessary steps and be cyber aware.