Recent high-profile cyber breaches have underscored the immense threat posed by cyber criminals. Once such incident, costing an estimated £1.9 billion, it is believed to be the most damaging cyber attack ever recorded in Britain. Another recent breach, resulted in significant losses off around £136 million.
If such large organisations, with deep pockets and dedicated cybersecurity teams, can fall victim to significant breaches, what hope have smaller organisations with limited resources got?
For organisations operating with limited resources, there are still practical steps that can significantly improve their cybersecurity posture, even as cybercriminals grow more sophisticated. It is important to focus on the basics – ensuring that all software is kept up to date, using strong passwords, and enabling multi-factor authentication wherever possible. These measures alone can block a significant portion of common attacks. Additionally, organisations should make regular data backups – preferably with at least one copy kept offline – to guard against ransomware and other destructive threats.
There are also excellent open-source and low-cost security tools available, and managed-security-service providers can offer access to advanced technologies, such as AI-driven threat detection, at a fraction of the cost of building in-house solutions, Daly points out.
Finally, collaborating with industry peers through information-sharing groups helps organisations stay aware of the latest threats without incurring large expenses. Cyber Ireland is a good resource, too.