Non-stop threats have become advanced and sophisticated and given that organisations manage ever-increasing volumes of valuable data such as customer information. As a result, the cyber-attack against OPTUS isn’t surprising.
Organizations are now looking for more efficient, automated protection for all the data that is being managed by IT infrastructures. Network Threat Detection and Response solutions have evolved from point-in-time analysis to continuous monitoring with behavioural analytics and machine learning technology, which provides real-time insight into every element of an organization’s risk.
5 Cyber recommendations on how companies should consider protecting customer information.
- Get Complete Network and Device Visibility
Provide the ability to visualise every device on your network and cloud in real time.
- Run Continuous Cyber-security Monitoring
Provides organizations with crucial insights along with alerts into what’s happening on your network 24/7.
- 24/7 Network Threat Detection
Allows you to stay ahead of your attackers by automatically classifying and analysing billions of events across your entire environment.
- Autonomous Response, no human intervention
Gives the ability to act in real-time and stop cyberattacks without any human intervention.
- Accelerate Cybersecurity Incident Response
Allows you to run investigations and find out the weakness of your network without relying on other tools.
With the above, Network Threat Detection and Response is the most efficient tool in cybersecurity to fight cyber-attacks these days.
The fact is that most of all cyber-attacks use the network to propagate and launch further attacks, Threat Detection and Response provide the only way to see what is happening at your network level and it is a crucial element to reducing cyber-attacks across all IT environments.
The top 3 consequences of not protecting customer information.
- Operational Disruptions
More often than not, hackers will ask for ransom money when they access and infiltrate an organization’s system. This typically leads to the shutting down of the victim company’s entire IT infrastructure in order to investigate and recover. Without basic disaster recovery procedures, companies may take weeks or months to recover from data loss.
To say the least, these disruptions to a company’s operations have an impact on productivity and have a negative influence: Customers will depart the firm, resulting in additional revenue loss.
- Potential Legal Consequences
A data breach in which personal information is revealed can lead to legal action against the company responsible. In today’s business and tech world, lawsuits are a regular occurrence. But how do they really affect a company?
- Customers’ trust and confidence in the company and its products would be damaged.
- Publicity in unfavourable media
- Reducing the appeal of a business to top talent is critical for companies.
- racking up unwanted, costly legal fees.
In the case of a regulated business, authorities may even prohibit firms from conducting specific activities until legal investigations are completed.
- Financial Loss
All cyber-criminal activities have the potential to severely damage an organization’s finances in one form or another. The loss of business, legal costs, fines, and efforts to contain a breach or breach are just a few of the expenses that may be incurred. Perhaps more significantly, shares in a publicly listed firm (particularly if it is small) can suffer significant losses as a result of these events (even more so if the company goes bankrupt).
Data breaches often have lasting effects on businesses, including client abandonment and lower sales. A clear example is the Equifax 2017 data breach, which impacted more than 140 million people and cost $380 million in compensation funds. It is not uncommon for organizations to go out of business a few months after suffering a major data breach.
It is important for companies to learn from these mistakes and take measures to prevent them from happening again.