Safeguarding Against Escalating Digital Threats

What characterizes a ransomware attack?

In a ransomware attack, malicious software obstructs access to the victim's data. The ransomware is commonly deployed in disguise, such as in an email containing what seems to be a legitimate file or link. In case an employee clicks on the attachment, the malware can start to spread, infecting the company network and encrypting the data. Consequently, an ultimatum is presented to the victim: pay a ransom or face irreversible data loss.

Increasing trend in cyberattacks

With a growing digital dependency, global companies face an increase in cyberattacks, as seen in the graph below. Threat agents capitalize on the digital trend and the vulnerable entry points into our digital network and infrastructure.

Implications of a ransomware attack

Organizations that fail to halt or protect themselves from attacks can face severe repercussions. Normally, the primary implication is loss of data and release of sensitive information which may indirectly lead to financial implications and reputational damage. In addition, attacks tend to have a disruptive effect on daily operations, driving alternative costs. According to IBM, a ransomware attack results in an average cost of USD 5.13 million, not including the cost of paying the ransom itself.

Mitigating actions

Preventing cyberattacks requires proactive measures to deter and mitigate potential threats, involving digital safety mechanisms, awareness, and crisis management. While digital safety measures like multi-factor authentication and firewalls offer protection against threat agents, they are not sufficient on their own. Threat agents capitalize on human errors; as much as 74% of the breaches involve the human element. Therefore, an essential preventive measure involves raising organizational awareness by educating employees about cybersecurity.

“Well-defined policies and guidelines are key to minimize the non-value adding activities required to recover from the attack”

Within the cybersecurity domain, a risk-driven approach for the preventive counter measures are often applied to remain cost efficient, hence a 100 % protection is unattainable. Therefore, effective crisis management is crucial to mitigate exposure and impact. In the event of a cyberattack, time is of the essence and efficient decision-making based on well-defined policies and guidelines is key to minimize the non-value adding activities required to recover from the attack.

What Triathlon offers

Triathlon has in-depth experience from supporting organizations’ establishment and improvement of cyber protection mechanisms and policies. Examples of areas that Triathlon provides support within:

  • Security Governance and Management (e.g., policies, procedures, and framework for managing cybersecurity within an organization)
  • Security Architecture and Design (e.g., network security, end-point security, and access control)
  • Security Culture and Awareness (e.g., awareness programs, user training and fostering cybersecurity-conscious mindset among employees)
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