Laughing at Hackers: 5 Proactive Steps You Can Take to Secure Your Laptops from External Threats

Here’s a joke that’s not funny: your company’s data was just hacked.

Shock waves, unmitigated panic, and alibis are all fair play when you as the CIO, CISO or Head of IT, wakes up to the news that a hacker has infiltrated their systems. Fingers are pointing in every direction, questions are flying, and your reputation is on the line. What went wrong? It could stem from the fact that you only protected your perimeter with a firewall – your organization thought that it was enough to safeguard its network infrastructure and didn’t think much about user devices. However, laptops are a popular attack vector for an assailant to get into your inner sanctum.

According to a recent report by Verizon, 94% of malware was delivered via email, and user devices like laptops were the primary targets. Moreover, a study by Ponemon Institute found that the average cost of a data breach in 2020 was $3.86 million. It’s vitally important to adopt comprehensive security measures to protect not only your network infrastructure but also individual user devices.

So, what steps can you take to make your laptop more secure? Here are five strategies that you can use to combat external threats:

1. Utilize Strong Passwords

According to a report by Verizon, over 80% of data breaches are a result of weak or compromised passwords. To appreciate the importance of password strength, you must reconsider that hackers have computing power, time, and nerves on their side. But with the built-in technology of a password manager, you can utilize complex sign-in credentials for every account on your laptop, making them too difficult to crack in a reasonable amount of time.

A study by the University of Virginia illustrated that using a password manager can significantly increase the strength and variability of passwords, thereby amping up security. Once in place the password manager will automatically log you in without having to recall them all. It will also send you reminders to change passwords regularly, which is only advisable if you are using a password manager.

Furthermore, research by Pew Research Center indicates that only 12% of U.S. internet users utilize a password manager for remembering their password.

2. Enable Multi Factor Authentication

Fact. You need two factors to verify an identity. The FBI has reported that multifactor authentication (MFA) can block 99.9% of automated cyber-attacks. Moreover, according to Symantec, 80% of data breaches could be prevented with MFA. Therefore, multifactor authorization is the two-in-one (or more-in-one) approach that makes certain it’s you logging into the system.

The standard approach is to think of it as something you know, something you have, and something you are – a password, a smart card, and a fingerprint. Research by Google found that even the weakest forms of MFA, such as SMS-based verification codes, can block 100% of automated bots, 96% of bulk phishing attacks, and 76% of targeted attacks.

Despite the clear benefits, MFA is underutilized, with only 57% of people using it for their personal accounts and 30% at work, according to a report by Microsoft. If utilized MFA provides arguably the most effective line of defense in securing your laptop from external threats.

3. Install Updates and Patches

New software vulnerabilities are constantly found. A study by Flexera found that in 2019, 60% of breaches involved vulnerabilities for which a patch was available but not applied. The only way to avoid being exploited by this kind of attack is to install software patches and updates. They will help to fix any known security vulnerabilities in the software you use.

Further underscoring the importance of regular system updates, the Ponemon Institute’s 2019 State of Cybersecurity in Small and Medium-Sized Businesses report revealed that 63% of respondents experienced a data breach due to a known, unpatched vulnerability. Therefore, it’s a no-brainer – keep your software updated!

4. Use Antivirus and Anti-malware software

According to a report by AV-TEST, an independent cybersecurity institute, over 350,000 new malware and potentially unwanted applications (PUA) are registered every day. This alarming number illustrates the importance of antivirus and anti-malware software in protecting your laptop.

The state of the art in defending  against attack vectors and malicious threats keeps changing. Antivirus (AV) has given way to Next-gen Antivirus (NGAV), which has been upped by endpoint detect & response (EDR). You should look into whether NGAV or EDR is right for you, it really depends on the potential damage that a breach to the individual laptop can cause. Regardless of what type you use, installing a current antivirus and anti-malware software will assist in intercepting many external threats.

5. Use a VPN (Virtual Private Network)

A study by the Ponemon Institute revealed that 68% of organizations admit antivirus solutions are not sufficient. Increasing cyber threats and a rising remote workforce, necessitates the use of secure, encrypted connections. There is a growing need for VPNs as a tool for securing internet connections, particularly when accessing public Wi-Fi networks. VPNs create a private network between a company’s network and a remote user to secure the internet connection.

In a nutshell, a VPN is vital for remote workers as it provides a secure, encrypted connection when utilizing a home connection or public Wi-Fi. In the age of remote work and digital nomads, using a VPN has gone from an optional extra to a necessary security measure.

To Summarize

Is gaining peace of mind that your end-user laptops are secure a burden for you? If the answer is yes, then these tips should aid your computing device protection game. You can’t go wrong with utilizing strong passwords, enabling multi factor authentication, installing updates and patches, using antivirus and anti-malware software, and using a VPN.

Take your laptop’s security one step further than your office firewall; take preemptive measures to make hackers regret even trying! Remember, security should always be your top priority as data breaches can have severe consequences for your organization.

If you have questions about getting your laptops secured or need a partner to secure and manage your laptops for you, reach out to us at info@montra.io or +1-404-665-9675.

Montra Continues Growth Moving Up the 2023 Inc. 5000

Montra Continues Growth and Moves Up the 2023 Inc. 5000

For the second year in a row, Atlanta-based Montra ranks among America’s Fastest-Growing Private Companies

ATLANTA, August 15, 2023 – Inc. revealed today that Montra ranks No. 1,399 on the 2023 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses. Notably, Montra, the leader in IT management-as-a-service, is among the top 200 software companies in the United States.

“We are thrilled to be recognized for the second year in a row on the Inc. 5000. We remain fiercely focused on providing our customers tools that meet specific needs in today’s distributed workplace market, and that translates into growth,” says Scott Ryan, CEO, Montra.

The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up to an astonishing 2,238 percent. In all, this year’s Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years.

“We’ll continue to re-invent remote IT management. No sector is free from the security, productivity and logistical challenges a distributed workforce brings. From onboarding/offboarding services, to device security and logistics, to field rollout and installation, to ensuring cybersecurity compliance, our goal is to become a seamless component of remote IT operations for any company who needs us,” says Ryan.

For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, available on newsstands beginning Tuesday, August 23.

“Running a business has only gotten harder since the end of the pandemic,” says Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”

More about Inc. and the Inc. 5000

Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.

 

About Montra

Montra is the leader in IT Management-as-a-Service which provides advanced remote IT management for today’s workplace. Montra is trusted by some of the world’s most recognizable brands which use our innovative platform to provide exceptional service automation and responsiveness. Montra’s platform is directly integrated with our customers’ other software for seamless, efficient, automated tracking of devices, regardless of location. Headquartered in Atlanta, Georgia, the company was founded by industry experts with decades of technology leadership. Recognized by Channel Futures as an MSP to Watch and listed on the Inc. 5000, Montra is a proud member of the ATDC at Georgia Tech. For more information visit www.montra.io or connect with us on LinkedIn or Twitter.

About Inc. 

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.

For more information on the Inc. 5000 Conference & Gala, slated for October 31 – November 2 in San Antonio, visit http://conference.inc.com/.

The Basics of Unified Communications as a Service: A Crash Course for Business Leaders

As a business leader, you know that communication is key to success. But with so many unified communications solutions out there, it’s easy to get lost in the jargon. One acronym in particular that has been getting a lot of attention lately is UCaaS – or Unified Communications as a Service. If you’re not quite sure what UCaaS is, you’re in the right place. In this post, we’ll give you a crash course on the basics of UCaaS, so you can determine if it’s the right fit for your organization.

So, what exactly is UCaaS? Simply put, it’s a cloud-based platform that integrates multiple communication services into a single solution. These services may include voice and video conferencing, instant messaging, email, and even social media. The idea is to allow users to access all of their communication tools from one location, using any device. This is particularly useful for remote or mobile workers, who may need to communicate with colleagues and clients from various locations.

One benefit of UCaaS is that it’s typically delivered as a subscription service, which means you pay only for what you need. This makes it a cost-effective solution for businesses of all sizes. In addition, UCaaS providers typically offer robust security measures that ensure your data is protected. Since everything is hosted in the cloud, you don’t have to worry about maintaining on-premise hardware or software, which can be a drain on resources.

When it comes to choosing a UCaaS provider, there are a few things to consider:

End-User Ease of Use

First and foremost, make sure the UCaaS solution you choose is user-friendly and intuitive for your employees. You want to make sure they can easily access all of the features and services, without having to spend too much time learning how to use them.

The ease of use for end-users in a UCaaS solution cannot be overstressed. An intuitive, user-friendly interface significantly affects the adoption rate among employees, which, in turn, impacts the overall return on investment (ROI). A recent survey by Software Advice highlighted that nearly 67% of employees would be more likely to use unified communications tools if they were combined into a single application. This statistic underscores the importance of a seamless and integrated UCaaS platform for maximizing user adoption.

Moreover, according to a study by RingCentral, organizations noted a decrease in training time by 51% when implementing a UCaaS solution with an intuitive interface. This reduction in training time translates to cost savings and quicker deployment, allowing businesses to reap the benefits of UCaaS solutions sooner.

Prioritizing end-user ease of use can significantly advance user adoption, cut training costs, and boost the overall productivity of your workforce. Always request a trial or demo to evaluate the solution’s interface before making a decision.

Call Hand-off / Call Flipping

Call Hand-off, also known as Call Flipping, is a critical feature in UCaaS solutions. It facilitates continuity in communication, especially in today’s mobile and remote working environment. It enables users to switch calls between different devices seamlessly, without interrupting ongoing conversations.

For a business, this feature ensures that its representatives remain reachable and responsive, enhancing both internal collaboration and customer interaction. According to a study by Frost & Sullivan, businesses that enabled mobile applications for their employees observed a 40% increase in productivity.

Moreover, a survey conducted by Salesforce revealed that 71% of salespeople believed that their company’s mobility leads to improved customer service. These salespeople were able to respond to customer inquiries promptly, leading to increased customer satisfaction and loyalty.

The growing importance of call hand-off is further underscored by the rising remote work trends. A recent report from Global Workplace Analytics estimates that 25-30% of the workforce will be working from home multiple days per week by the end of 2021. This widespread shift towards remote work amplifies the need for call hand-off capabilities in a UCaaS solution, aiding seamless communication regardless of the employee’s location.

In essence, the call hand-off feature in a UCaaS solution links multiple devices under one unified system, ensuring that important calls are never missed and communication remains fluid and uninterrupted. It is a crucial element that boosts workforce productivity and customer service effectiveness, making it a must-have feature when selecting a UCaaS solution.

SMS Support

The inclusion of SMS (text) support in a UCaaS solution significantly enhances the versatility and reach of your business communications. SMS empowers businesses to engage with clients and employees through a medium that boasts response rates. A report by Gartner highlights that SMS response rates are 295% higher than phone call response rates.

Furthermore, the incorporation of SMS support in a UCaaS solution aligns with the mobile-centric behaviors of modern consumers. Given the ubiquity of smartphones, this feature ensures that your business can reach customers, partners, and employees anytime, anywhere, through a medium that they frequently use and respond to. According to a report from Statista, there were 6.4 billion smartphone users worldwide in 2021, and this figure is projected to increase to 7.5 billion by 2026.

In summary, SMS support in a UCaaS solution is a critical feature that extends the reach and effectiveness of business communication, catering to the mobile-centric lifestyle of today’s global population. It bolsters customer engagement, enables timely notifications, and complements other communication channels, making it an essential element of a comprehensive UCaaS solution.

Auto-Attendant/IVR

Auto-attendant, also known as Interactive Voice Response (IVR), is another essential feature of a comprehensive UCaaS solution. As a virtual receptionist, it directs incoming calls to the appropriate department or individual, enhancing the efficiency of your communication system. Not only can this feature manage high call volumes, but it also provides 24/7 service, ensuring your customers can interact with your business at any time. A study by Call Centre Helper found that 91% of customers said they would use an IVR system if it was reliable and met their needs.

Furthermore, an effective IVR system can manage multiple language preferences, thus broadening your customer engagement. Through speech recognition and touch-tone technology, IVR can solve routine customer queries, schedule appointments, and perform other customer service functions, thus freeing your staff to focus on more complex tasks.

Finally, a report by Accenture states that automation technologies, such as IVR, can save businesses up to $8 billion annually as they reduce labor costs and increase efficiency. The importance of the Auto-Attendant/IVR system for a UCaaS solution cannot be overstated, due to its potential to optimize communications, increase customer satisfaction, and yield substantial cost saving.

Advanced Call Routing

According to a survey by Software Advice, 48% of customers think that the most frustrating aspect of a customer service call is being transferred multiple times before reaching the right person. Advanced call routing is a critical feature of a robust UCaaS solution that ensures efficient communication within your organization.

Advanced call routing allows incoming calls to be directed to the right person or department promptly, reducing wait times and improving customer experiences. It operates based on pre-set rules, such as the time of the call, the caller’s number, or the selected options in an interactive voice response (IVR) system.

In a modern business environment where timely response can be a game-changer, advanced call routing helps to streamline communication, enhance customer satisfaction, and ultimately, bolster your business performance. A study by Fonolo, an industry leader in cloud-based call-back solutions, suggests that businesses can lose up to $75 billion annually due to poor customer service, including inefficient call routing.

By seamlessly directing callers to the right person or department, businesses can minimize customer frustration, improve service efficiency, and prevent potential revenue loss.

AI-powered Analytics and Reporting

Adapting AI-powered analytics and reporting into your UCaaS system offers immense value to your business. With AI, the system can process vast amounts of data to generate detailed insights into call patterns, caller behavior, and usage trends. The advanced analytics provide deeper insights into customer experience, caller sentiment, peak call times, call duration, call abandonment rates, and more. This AI-driven approach enables businesses to make informed decisions, optimize resources, and enhance overall customer satisfaction.

For instance, a Gartner report reveals that companies leveraging AI in their analytics witnessed a 45% increase in operational efficiency. It further states that AI-driven insights could reduce call handling time by 30%, significantly improving customer satisfaction. AI-enhanced reporting also offers predictive analytics, which can forecast future call volumes or potential issues, allowing businesses to proactively address them. Hence, integrating AI-powered analytics and reporting in your UCaaS solution can unlock new avenues for business growth and customer satisfaction.

Integrations

Lastly, you’ll want to make sure that the UCaaS solution integrates seamlessly with any other existing tools and applications your organization is using. This will ensure that you don’t have to invest time and money into integrating disparate systems and will ensure a smooth transition.

The ability of a UCaaS solution to integrate smoothly with pre-existing tools and applications cannot be overstressed. This aspect of UCaaS directly affects workflow efficiency, streamlining of processes, and overall productivity. According to a study by RingCentral, 69% of workers waste up to 60 minutes a day navigating between apps, which accounts for 32 days of lost productivity per year.

Hence, the UCaaS solution you select should offer integrations with commonly used applications like CRM systems (Salesforce, Zoho, etc.), productivity tools (Microsoft Office 365, Google Workspace, etc.), and task management platforms (Asana, Trello, etc.). By integrating UCaaS with these platforms, businesses can improve cross-functional collaboration, enhance customer service, and optimize business operations.

Always inquire about potential integrations and confirm their compatibility with your existing systems to minimize disruptions and productivity loss while delivering a unified and efficient communication experience.

Webchat Integration

Webchat integration is a pivotal feature of a comprehensive UCaaS solution. It provides an immediate, convenient, and user-friendly platform for customers to connect with businesses. Real-time web chat support is an effective way to enhance customer service, boost sales, and improve customer satisfaction. It’s a vital communication channel that aligns with the expectations of today’s digital-savvy consumers, who demand efficient, swift, and seamless interactions with businesses.

Several studies underscore the importance and effectiveness of web chat in improving customer service. A report by Forrester Research found that 44% of online consumers state that having questions answered by a live person during an online purchase is one of the most important features a website can offer. Moreover, a study by eMarketer revealed that 63% of customers were more likely to return to a website that offers live chat.

Furthermore, according to a report by ICMI, website visitors who engage with your company via live chat are worth 4.5 times more than visitors who don’t. This data highlights the potential of web chat in not only improving customer service but also driving sales and revenue growth.

In conclusion, webchat integration in a UCaaS solution bridges the gap between businesses and customers, providing a platform for real-time, efficient, and convenient communication. The data-driven benefits of web chat – improved customer satisfaction, increased sales, and higher customer retention rates – make it an essential feature in a UCaaS solution.

Reliability and Quality of Service

Another critical factor to consider is the reliability and quality of service provided by the UCaaS vendor. Downtime in communication services could cause significant disruptions in your business operations. As such, you want a provider that guarantees a high uptime percentage—ideally, 99.9% or better. A 2019 study by Nexmo established that 92% of businesses believe the quality of voice calling is a dominant factor in customer satisfaction.

Reliability is a pivotal factor when selecting a UCaaS solution. In a world where businesses are increasingly reliant on digital communications, any downtime can have significant implications. A study from Gartner estimates the average cost of IT downtime at around $5,600 per minute. Considering these high stakes, it’s crucial to choose a UCaaS provider that guarantees a high uptime percentage, preferably 99.999%.

Apart from uptime, the reliability of a UCaaS solution also pertains to the quality of the call and video. A research study conducted by Tech.co found that poor call quality could cost a company up to 29% of its customers. Therefore, it’s essential to select a UCaaS solution that ensures crisp, clear call and video quality, with minimal latency or distortion.

Lastly, consider the provider’s disaster recovery capabilities. In unexpected events like a power outage or natural calamity, a robust disaster recovery plan can ensure business continuity. According to a report from Uptime Institute, 60% of companies that experience a data loss will shut down within six months. Hence, an effective UCaaS solution should feature strong disaster recovery capabilities to safeguard your communication data.

Scalability

Scalability refers to the capacity of a UCaaS solution to grow or shrink based on your business needs. As your organization expands, you may need to add more users, features, or communication channels. A scalable UCaaS solution can accommodate this growth without substantial changes to the core system, thereby saving cost and reducing potential disruptions. According to a 2021 report by Metrigy, businesses that leverage scalable UCaaS solutions improve their ROI by 61%.

Scalability is an essential trait in a UCaaS solution, enabling businesses to adjust their communication infrastructure according to their needs. Whether it’s expanding with a growing workforce or incorporating new features, scalable UCaaS solutions offer businesses the flexibility they need to adapt and flourish.

Hybrid work can also be enabled by good scalability. A 2020 report by Synergy Research Group, found that UCaaS adoption increased by 26% that year. The primary driver behind this surge was the swift transition to remote work in the wake of the COVID-19 pandemic – growth enabled by scalable UCaaS solutions.

In summary, the scalability of a UCaaS solution boosts business agility, provides cost efficiencies, and supports seamless growth trajectories. It allows the organization to remain responsive to changing business conditions, ensuring communication infrastructure is never a restrictive factor in business expansion and evolution.

Support

Exceptional customer support is a critical aspect of any UCaaS solution. Businesses must ensure they select a provider that offers consistent, reliable, and timely support to ensure that their communication systems run smoothly. Whether it’s technical issues, service inquiries, or system upgrades, robust customer support is essential to maintaining high-quality, uninterrupted communication.

Good vendor support includes 24/7 customer service, dedicated account management, and regular updates and maintenance. A survey by BetterCloud in 2020 revealed that 72% of businesses value vendor support as a critical factor when choosing cloud services.

Comprehensive, responsive, and efficient customer support is essential for the successful implementation and ongoing operation of a UCaaS system, significantly impacting customer satisfaction and long-term business success.

In Conclusion

At the end of the day, UCaaS is an innovative solution that can help businesses of all sizes improve collaboration, reduce costs, and simplify operations. It’s important to keep in mind that UCaaS is not a one-size-fits-all solution. A leading provider can be a great fit for many organizations, it may not be the best choice for everyone. It’s important to evaluate your specific needs and goals, and to work with a provider who can help you identify the right solution for your organization.

By understanding the fundamentals of UCaaS and working with a knowledgeable provider, you can ensure that your organization is equipped with the communication tools it needs to succeed in today’s fast-paced business world. If you’d like to learn more about UCaaS and how it can benefit your organization, contact us today. Our team of experts is here to answer any questions you may have and help you find the perfect UCaaS platform for your business.

Why a Cybersecurity Compliance Program is Necessary for Every Business

As a leader, you are responsible for ensuring that your organization’s data remains secure and protected from cyber threats. In today’s digital age, data breaches are a common occurrence, and the costs associated with them are staggering. Cyber-attacks can result in the loss of millions of dollars, loss of customer trust, and reputational damage that can take years to recover from. This is why a cybersecurity compliance program is necessary for every business.

According to a report by IBM, the average cost of a data breach in 2020 was $3.86 million, highlighting the dire financial consequences of inadequate cybersecurity. Furthermore, a study by Ponemon Institute found that 67% of surveyed companies experienced a significant loss of customer trust after a data breach. These statistics underscore the necessity for stringent cybersecurity compliance programs in today’s digital businesses.

In this post, we’ll explore the reasons why your business needs a cybersecurity compliance program and why you should make it a top priority.

Privacy Compliance Regulations are Becoming Stricter

With the increasing sophistication of cyber-attacks, governments and regulatory bodies are becoming more strict when it comes to cybersecurity compliance. This means that organizations are required to implement more robust security measures to protect their data. Compliance regulations, like the GDPR, CCPA or PCI DSS, have specific requirements that must be met to avoid penalties and fines. These cybersecurity compliance programs are designed to keep your organization in compliance with these regulations and to ensure that your data is fully protected.

According to the Cybersecurity Insiders’ 2020 Cybersecurity Compliance Report, an alarming 90% of organizations felt vulnerable to insider threats and data breaches. Furthermore, the EU’s General Data Protection Regulation (GDPR) has brought about stringent measures, with non-compliance penalties reaching up to €20 million, or 4% of annual global turnover – whichever is higher. In the US, non-compliance with the California Consumer Privacy Act (CCPA) can result in fines of up to $7,500 per record for intentional violations. The Payment Card Industry Data Security Standard (PCI DSS) compliance statistics reveal that only 27.9% of organizations maintain full compliance, highlighting the need for a cybersecurity compliance program to meet these regulatory requirements.

Furthermore, according to a survey by Verizon, businesses that are fully compliant with the PCI DSS framework significantly mitigate the risk of data breaches. The report states that among organizations that suffered data breaches, over 80% were not compliant with PCI DSS at the time of the breach. This compelling statistic underscores the crucial role that a cybersecurity compliance program plays in safeguarding a company’s sensitive data.

Additionally, a study conducted by the Global Cyber Alliance indicates a close correlation between cybersecurity compliance and a reduction in cyber attacks. The study found that organizations implementing compliance controls reduced their cyber risk by nearly 50%. This further emphasizes the effectiveness of a properly implemented cybersecurity compliance program in protecting businesses from cyber threats.

Protect Your Data and Reputation

Data is one of your organization’s most valuable assets. A data breach can result in the loss of confidential data, such as customer information, employee data, and intellectual property. This can seriously damage your reputation and customer trust and result in significant financial losses.

The 2020 Cost of a Data Breach Report by IBM indicates that the average total cost of a data breach is $3.86 million. Moreover, the report also highlights that companies that experienced a mega breach, where 1 million to 10 million records were exposed, could experience total costs of up to $50 million. Data breaches can also lead to customer churn. According to the same report, businesses in the U.S. that lost less than 1% of their customers due to a data breach faced an average total cost of $2.67 million, while those that experienced a customer churn rate greater than 4% faced an average total cost of $5.74 million. These numbers make it clear that the monetary and reputational costs associated with data breaches can be detrimental to any organization, further underscoring the importance of having a robust cybersecurity compliance program in place.

A cybersecurity compliance program ensures that all data is protected by implementing proper security controls. It creates a secure environment that reduces the risk of data breaches and demonstrates to your customers and investors that you take their data security seriously.

Prevent Cyber Attacks

A cybersecurity compliance program is designed to prevent cyber attacks from happening in the first place. It identifies vulnerabilities and mitigates them before they can be exploited by hackers. It ensures that all employees are aware of potential threats and know how to respond to them. It also includes a disaster recovery plan in case of a breach.

According to a recent report by the Ponemon Institute, 77% of the organizations surveyed stated that they wouldn’t be able to recover from a cyber attack due to the lack of a proper incident response plan. This alarming statistic emphasizes the significance of having a cybersecurity compliance program that includes a solid disaster recovery plan. Moreover, a study by Verizon found that 94% of malware was delivered via email, suggesting that employees, often unknowingly, play a major role in the occurrence of a security breach. This underscores the need for continuous employee awareness and training on cyber threats, a key component of any comprehensive cybersecurity compliance program.

Mitigate Financial Risks

A data breach can result in huge financial losses. The costs associated with a breach include legal fees, fines, IT costs, and a loss of revenue due to reputational damage. A cybersecurity compliance program can help mitigate these risks by implementing proper security controls, conducting regular security audits, and creating a plan for disaster recovery.

The financial impact of data breaches is staggering, and businesses without a proactive cybersecurity compliance program find themselves particularly vulnerable. The 2020 Cost of a Data Breach Report by IBM found that the average total cost of a data breach increased from $3.54 million in 2006 to $3.86 million in 2020, indicating a growing financial threat. Furthermore, the report revealed that companies took an average of 280 days to identify and respond to a data breach, further amplifying the costs involved. The annual study by Accenture also supports this, showing that the cost of cybercrime for companies has increased by nearly 30% over the past seven years. This upward trend in the financial implications of data breaches strongly emphasizes the need for businesses to invest in a robust cybersecurity compliance program.

Stay Ahead of the Competition

With the increasing threat of cyber attacks, more and more businesses are investing in cybersecurity compliance programs. This means that customers are becoming more savvy and are more likely to choose businesses that prioritize data security. A cybersecurity compliance program can give you a competitive edge by demonstrating to potential customers that you take data security seriously and that you’re committed to protecting their data.

Research supports the importance of customer trust in maintaining a competitive edge in business. A study by PwC revealed that 85% of consumers will not do business with a company if they have concerns about its security practices. This is further supported by a study conducted by Cisco, which found that 32% of customers stopped doing business with companies due to data breaches. Additionally, a survey by Experian found that 66% of adults claim that they would be unlikely to do business with organizations responsible for exposing financial and sensitive information. These statistics illustrate customers’ growing awareness and concern over data privacy and the significance of cybersecurity compliance in maintaining customer trust and competitive advantage.

In Conclusion

Implementing a cybersecurity compliance program is essential for every business. It protects your data, your reputation, and your finances. Compliance regulations are becoming stricter, and cyber attacks are becoming more sophisticated, so it’s more important than ever to ensure that your organization is protected by a robust cybersecurity compliance program. By staying ahead of the competition and demonstrating your commitment to data security, you can gain the trust and loyalty of your customers and protect your business from cyber threats.

 

 

References

  • Ponemon Institute. (2020). Cost of a Data Breach Report. Link
  • Verizon. (2020). Data Breach Investigations Report. Link
  • Accenture. (2020). Cost of Cybercrime Study. Link
  • PwC. (2020). Global Consumer Insights Survey. Link
  • Cisco. (2020). Cybersecurity Series 2020. Link
  • Experian. (2020). Data Breach Industry Forecast. Link

Remote Management System Deployment: Beware of the Security Risks

Remote management systems have evolved into a valuable tool for IT professionals, enabling remote access, monitoring, and management of their organization’s IT infrastructure. However, as with any technology, they come with inherent risks. Deploying remote management systems without considering the potential security issues can lead to disaster, ultimately undermining the benefits of remote access. In this blog post, we will explore security considerations that every CIO, CISO, and IT Director must keep in mind when deploying remote management systems.

Comprehensive Security Policy

Before starting the deployment process of remote management systems, it is important to have a comprehensive security policy in place. A comprehensive security policy should include the security measures that will be implemented to safeguard your organization’s assets. The policy should also define the roles and responsibilities of each member of the IT team, and specify the security controls in addition to the access controls that will be in place. By having a detailed security policy, you will make sure that the remote management system is deployed in a secure manner.

According to the Verizon 2020 Data Breach Investigations Report, over 70% of breaches were perpetrated by outsiders, and a significant 45% of those breaches featured hacking. Among those incidents, 37% exploited vulnerabilities in virtual private network (VPN) services, which are a common component of remote management systems. Moreover, a study by Ponemon Institute found that the average cost of a data breach in 2020 was a heart-stopping $3.86 million. So, when we’re discussing comprehensive security policies, we’re not just setting the rules for a game – we’re talking about a potential multi-million-dollar rescue operation.

Secure Communication Channels

Remote management systems operate using a network connection. Therefore, it is essential to use a secure communication channel to prevent unauthorized access. Encryption is the standard method for encoding messages so that only authorized parties can read them. Encryption can also protect against man-in-the-middle attacks by securing communication channels with secure protocols like SSL, TLS, and SSH. So, let’s make no bones about it, failing to encrypt your communications is like leaving your front door wide open with a giant neon sign that reads “Free Stuff Here – No Need to Knock”.

Encryption isn’t enough though. According to data from the 2021 Cybersecurity Report by Check Point Software, encrypted attacks, where threat actors hide their exploits in encrypted traffic, have seen a stark rise of almost 50% in the second half of 2020. The report also reveals that SSL/TLS encrypted attacks accounted for 23% of all attacks in 2020. Furthermore, the 2020 Trustwave Global Security Report indicates that a massive 20% of cyber attacks targeted Secure Shell (SSH) protocols. IT organizations need to be smart about how they handle encrypted traffic, especially in remote locations with less sophisticated network firewalls.

Access Control and Authorization

Access control is a fundamental aspect of any security policy. The access control policy for remote management systems should be based on the principle of granting the least privileges. According to the Microsoft Security Intelligence Report, in 2020, over 70% of breaches involved privilege misuse. Furthermore, a survey by Centrify revealed that 74% of respondents whose organizations had been breached acknowledged it involved access to a privileged account—these are the keys that unlock access to systems and sensitive data. Granting the least privileges means that users are given only the permissions they need to perform their duties, reducing the risk of unauthorized access. Authorization-based access control mechanisms can be used to further ensure that users have access to the resources that they need.

Implementing least privilege access can reduce the attack surface, improve audit and compliance visibility, and reduce the risk of insider threats. Clearly, unfettered access is about as advisable as leaving your car keys in the ignition of your unlocked car at a kleptomaniacs’ convention.

Authentication Mechanisms

Authentication is the process of verifying the identity of a user attempting to access a particular resource. Authentication mechanisms should be implemented to identify and verify users before granting access. The authentication mechanism should not only verify a user’s identity but also confirm that the user has permission to perform the required tasks. Multifactor authentication should also be used, requiring a password and another form of authentication, such as fingerprint recognition or a smart card.

The 2020 State of Password and Authentication Security Behaviors Report by Ponemon Institute found that 51% of respondents reuse passwords across business and personal accounts, making multi-factor authentication even more critical. In the same vein, Google reported that accounts protected by multi-factor authentication block 99.9% of automated attacks. Further supporting these findings, Symantec’s Internet Security Threat Report stated that 80% of breaches could have been prevented by two-factor authentication. So, if you’re choosing to ignore multi-factor authentication, you are opening the door to unauthorized access to your systems and data.

Continuous Monitoring and Auditing

Continuous monitoring and auditing help to identify and mitigate risks. It is essential to have tools in place that can detect suspicious activities and take remedial actions when necessary. Remote management systems should have auditing built into them, allowing security personnel to carefully track the activities that occur on the network and monitor the logs to identify any unusual activity.

According to the 2020 Cost of a Data Breach Report by IBM, companies that identified a breach in less than 200 days spent $1 million less on the total cost of the breach – a pretty penny saved by acting swiftly. Additionally, the SANS Institute revealed that continuous monitoring reduces the average time to identify a threat to 14.5 hours, a drastic improvement from the industry average of 206 days. Further strengthening this stance, a report by the Ponemon Institute indicates that organizations without security automation experienced breaches that were 95% more costly than breaches at organizations with extensive security automation. So, if you think continuous monitoring and auditing are like watching paint dry, remember – it’s considerably more exciting than watching your company’s finances drain away post-data breach.

Deploying remote management systems can be a powerful tool for IT professionals, enabling remote access, monitoring, and management of their organization’s IT infrastructure. However, security considerations must be taken into account during deployment and regular operations. We have highlighted the most crucial security considerations such as comprehensive security policy, secure communication channels, access control and authorization, authentication mechanisms, and continuous monitoring and auditing. Therefore, IT professionals must ensure they have a robust and comprehensive security policy in place before deploying remote management systems to protect their organization’s assets from unauthorized access and cyber threats.

Sources

Trustwave Global Security Report. Trustwave Holdings, Inc. 2020. Link to report

Microsoft Security Intelligence Report. Microsoft Corporation. 2020. Link to report

Centrify Privileged Access Management in the Modern Threatscape. Centrify Corporation. 2020. Link to survey

The 2020 State of Password and Authentication Security Behaviors Report. Ponemon Institute. 2020. Link to report

Symantec Internet Security Threat Report. Symantec Corporation. 2020. Link to report

Cost of a Data Breach Report. IBM Corporation. 2020. Link to report

SANS Institute Report: Reducing Attack Surface with Security Control Automation. SANS Institute. 2020. Link to report

Ponemon Institute: The Cost of Inaction for Cybersecurity. Ponemon Institute. 2020. Link to report