The ubiquity of digital transformation presents both opportunities and threats, as cyberattacks have increased significantly in the last year, making cyber security best practices just as crucial as innovative digital strategies. Assembling the right team, assessing risks, creating policies and plans, educating all stakeholders, and laying down and enforcing relevant protocols are best practices for achieving comprehensive security transformation.
Here are some astonishing numbers around cybercrime:
- According to Cybersecurity Ventures, the cost of cybercrime is expected to reach $10.5 trillion globally by 2025.
- In 2021, the average cost of a data breach was $4.24 million, according to IBM’s Cost of a Data Breach Report.
- In 2020, phishing attacks increased by 22.5%, with a total of 2.5 million reported incidents, according to the Anti-Phishing Working Group.
- According to the 2021 Verizon Data Breach Investigations Report, 85% of data breaches involved a human element, such as social engineering or phishing.
Businesses must adopt an innovative approach to cyber security best practices that matches their approach to digital transformation, in order to reduce the likelihood of a data breach. A comprehensive enterprise-wide strategy is necessary for both digital transformation and security transformation. This includes securing the appropriate digital transformation and security teams, and establishing effective checks and balances between them. XBP Europe’s Digital Cloud offers a smart blend of hardware and software that can assist you in better managing and governing your critical data across
Drawing on our experience as a digital transformation partner and technology provider for over 4,000 businesses worldwide and our ongoing observation of the digital and security transformation landscape, we have developed the following best practices to ensure effective security in your cyber security best practices.
Cyber security best practices
Assemble a qualified team
To effectively evaluate potential risks involved in digital transformation, it is important to assemble a suitable team with the ability to assess inherent risks and ensure compliance with relevant laws. This team should include a senior-level information security officer, legal counsel or compliance experts, and a team responsible for monitoring compliance, responding to security breaches, and managing the aftermath of such incidents, including interaction with end-users. It is crucial to integrate these team members into the overall business strategy, involving them in decision-making at every level.
Assess the risk and take inventory
Once the team is in place, the next step is to take inventory and assess the risks associated with key processes, systems, and data. This includes identifying all systems that deliver key processes and the data they process, store, and transmit, particularly sensitive or proprietary data subject to regulation. It is also important to identify existing vulnerabilities, potential vulnerabilities, and industry-specific vulnerabilities.
Plan and create policies to address vulnerability
To address identified vulnerabilities, policies and plans should be developed, covering areas such as user authentication, device usage (including personal devices), security clearance for employees and visitors, and network and social media usage. Despite the aim of digital transformation to break down information silos, it is crucial to establish protocols that ensure any accessible information can only be accessed by authorised personnel.
Training and educating your employees
Training and education are critical for mitigating the risk of human error, which some experts estimate to be the cause of up to 95% of data breaches, including errors at the coding level across the supply chain. Others put the percentage closer to 40% to 50% for user-related errors.
However, regardless of the percentage, many employees may not be aware of what they are doing that puts enterprise data at risk. Therefore, training and education programs should cover general security principles, as well as specific topics that address current security risks. This education should be provided to all employees, from entry-level staff to senior executives.
Laying down cybersecurity best practices
Enforcing cyber security-focused best practice is essential for mitigating risks. Protocols should be consistently enforced and periodically reiterated, especially in areas such as:
- Using public networks
- Lost or stolen device procedures
- Social media sharing policies
- Handling requests for sensitive information
- Multi-step authentication processes for accessing sensitive data or databases
- Usage policies for non-enterprise devices on enterprise premises
- Restrictions on taking photographs or screenshots on enterprise premises
- Tracking and return of enterprise-issued devices, badges, and credentials upon termination of employment
By establishing and enforcing these protocols, businesses can reduce the likelihood of cyber attacks and data breaches. Preventing cyber attacks requires a combination of prevention, detection, action, and agility. It’s essential for enterprises to have all of these areas covered to keep potential threats at bay.
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