Along with the fast worldwide spread of the COVID-19 pandemic, cyber-attacks have increased. Many companies are underprepared for managing new ways of working. The majority of cybersecurity experts believe the rapid shift to remote work during the pandemic has led to a rise in cyber-attacks. To prove this, WHO reports a fivefold increase in cyber-attacks. The pandemic has certainly presented an attractive and once in a lifetime opportunity for cyber actors and they deliver an unprecedented array of cybersecurity challenges to businesses. It completely alters the priority level of security in a business. The glimpse of organizations marching to adopt various remote work solutions can be seen in the headlines. Security Operations Centers (SOC) remain the top priority of enterprises to increase their cyber preparedness and to build trust. Here are the 5 severe consequences your company may face if you aren’t investing in a Security Operating Center.
1.Loss of trust and Diminished Reputation
Organizations may face long-term consequences such as losing customers trust and business reputation after a data breach. Without an efficient preventive measure in place, responding to a data breach is almost impossible. 300 data breaches involving the theft of 1,00,000 or more records weakened the reputation of many organizations over the past 10 years. 92% of customers say companies must be proactive about data protection. Real-time monitoring in Security Operations Center analyse the organization’s security practice continuously and prevents data breaches before it happens. It closes the gap between cyber attackers’ time to compromise and the organization’s time to detection to stay on top of the threats.
2. Longer Downtime
It takes more than 16 days for enterprises to restore their networks from a Ransomeware attack. This is longer than the maximum tolerable downtime of any business. The faster a security event can be dealt with, the lower its costs. This is the exact reason why many organizations lose a huge sum to cyber attacks. Businesses without security intelligence systems like SOC, are more likely to fall prey to Ransomeware and experience longer downtime. As enterprise cloud adoption accelerates in face of COVID-19, cloud security remains the top challenge to manage WFH risks. Cyber attacks on the cloud can take down the operations of the entire organisation. Security Operations Center is critical for cloud security and privacy.
3. Loss of Revenue
Based on Cybersecurity Ventures prediction, cybercrime will cost the world 6 trillion dollars annually by 2020. It clearly states that cybercrime is the greatest threat to every company in the world. While enterprises are trying their best with modern security solutions to defend the increasingly sophisticated cyber-attacks, many small and medium scale businesses are losing a huge sum of money. DDoS attacks, Ransomware and an increase in zero-day exploits are the major threats in the cyberspace. Unless the businesses have a security system in place to detect and respond to security incidents early, these types of cybercrimes are going to cost them. Security Operations Center aggregates security events from various sources through Security Information and Event Management to find threat patterns and stop them before it’s too late.
4. Legal Implications
Organizations are legally required to implement data protection measures if they are collecting and digitally storing their customers’ personal information. Companies that are selling products and services to countries within the European Union must comply with the EU’s General Data Protection Regulation (GDPR). They are required to be transparent in the event of a cyber-attack. It is mandatory to notify all affected individuals as well as their regulatory authority immediately when a company suffers a data breach. If not, the company has to face serious consequences from the regulatory authority. The company’s response to a data breach will influence its credibility in the eyes of the regulator. The fines for non-compliance depend on the severity of the breach and the number of individuals affected. Security Operations Center generates dashboards and customized reports either through alerts or on-demand to comply with the regulations.
5. Employees data at risk
Phishing is the most common attack reported by companies. In phishing the targets are contacted by emails, telephone or text messages to lure individuals into providing sensitive data. The data is then used to access important accounts and thus result in identity theft. Symantec reports that 48 per cent of malicious email attachments are office files. Most of these attacks take advantage of employees’ data to pose significant risks to businesses. A well-known Indian organization received an email in the name of WHO that was Ransomware. SOCs operate round the clock to safeguard employees’ data by continuously blocking unusual traffic.
Take Control of your Cyber Posture
The main objective of a Security Operations Center is to detect, monitor, analyze and react to security incidents with the integration of innovative tools, cutting-edge technologies, and a robust security strategy. At Inspirisys, our approach to security operations support starts with the identification of customer requirements, implementation, monitoring, tuning, and utilization of appropriate tools. We understand the challenges associated with keeping an organization secure and we leverage our experience in implementing Security Operations Centers for small and large organizations. Inspirisys SOC provides visibility analysis, and action, not only based on logs but also based on network packets. We capture logs, network traffic, and analyze them for abnormalities that point to intrusions. We also offer an incident response with the best in class remediation to thwart attacks. Thus, we support enterprises in redefining security operations to cope with evolving cyber threats.
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