How Can Businesses Be Prepared to Combat Advanced Cyber Threats?

The business landscape has changed significantly in recent years. The shift to digital platforms has made everything faster, more convenient, and more interconnected. Now, businesses can connect with customers and partners from across the globe with the click of a button or the tap of a screen. 

However, digital technology also comes with new risks. You only need to glance at the top 10 threat intelligence solutions to understand just how many potential threats there are for businesses today. As a business owner, how can you be prepared to combat these advanced threats and protect your company and your customers? Let’s find out. 

What Threats Are Out There?

The first thing you need to do when looking to safeguard your business is learn just what kind of threats are out there today. Only by understanding the dangers can you begin to think about how best to protect yourself. 

Cybercrime is a serious issue. Estimates predict that it could cost as much as $9.22 trillion globally by next year. This is a staggering figure and clearly indicates just how seriously businesses should be taking cybercrime. 

Malware is one of the most widespread cybersecurity threats. Short for malicious software, malware comes in many forms and can infect computers and spread through network systems. Malware can affect how computers operate or be used to steal sensitive data. 

Malware is by no means the only cybersecurity threat businesses need to be aware of. Hackers and scammers are constantly coming up with new innovative ways to circumvent security systems and attack computers.

Software supply chain attacks are advanced threats where criminals target software that is still in development. By compromising these projects and inserting malicious code into the build of new software, criminals can then create access points for themselves at later dates to carry out cyberattacks.  

Now that we know about some of the most common security threats, how can you ensure that your business is prepared to combat them? Find out below. 

Threat Intelligence 

The cybersecurity sector is constantly evolving. As criminals devise new tricks and strategies, businesses must be dynamic and ready to change to meet emerging threats. Threat intelligence is a data-driven approach that works to identify, analyse, and pre-empt incoming cyberattacks. 

Threat intelligence looks to understand cybercriminals and how they operate. This information can then be used to design effective protections against the most advanced threats. 

Threat intelligence strategies are generally implemented using a series of steps. The first of these is planning, where security objectives are established and action plans drawn up. Next is data collection, where data such as suspicious IP addresses and usernames are collected and stored. Processing and analysing come next, where all data is sorted and studied to asses potential threat levels. The final stage involves using the information gleaned from the data analysis to inform more stringent security policies and procedures as your business moves forward. 

Use the Latest Security Technology 

Cybersecurity technology is nothing new. Firewalls and anti-virus software have been around for a long time and need to be constantly redesigned and updated to cope with the threats of today.

The power of modern technology means that there are now highly sophisticated cybersecurity options available. Artificial intelligence and machine learning systems can be programmed to protect businesses and adapt to emerging threats. 

Cloud platforms can also offer improved security benefits. Data breaches can be catastrophic for businesses. They can irreparably damage business reputation and even lead to legal penalties. Storing data on the cloud can be a more secure approach that will protect it from cybercriminals. 

Vulnerability Management 

One of the most effective methods to protect your business and combat cybersecurity threats is to implement a robust vulnerability management strategy. This involves regularly reviewing and analysing all your systems to check for potential weak points. 

As systems grow and change over time, weaknesses can appear quickly and unexpectedly. Vulnerability management is absolutely crucial if you want to ensure your system is secure and protected against external threats. 

Have a Plan in Place

If your business is targeted in a cybersecurity attack, the key is to remain calm and not panic. Having an established action plan in place ahead of time is essential and will help you eliminate the threat and mitigate any damage as quickly and as effectively as possible. 

First, the source and location of the attack need to be identified. Any unauthorised users must be kicked from the system and any suspicious code immediately removed. Next, you must identify access points that the cybercriminals used and patch these to prevent a repeat attack. Finally, you’ll need to assess the damage. If data has been stolen, you will need to inform users and notify the relevant authorities if necessary. 

Conclusion

As the owner of a modern business, it is absolutely imperative that you are aware of the newest cybersecurity threats. New forms of malware and software supply chain attacks are just the tip of the iceberg, the first step towards effectively combatting threats is understanding what they are and how they work. Threat intelligence, security technology, vulnerability management, and having a plan in place are also important and will help keep your business safe from these emerging dangers.