2 Minutes Read By Dr. Stefan Sambol

Cybersecurity: 4 Principles to Protect Your Business

#B2B#Industry Trends

With hacker attacks, AI-based phishing and hybrid operations spreading everywhere any minute, the cyber threat situation is and will remain tense. Cybercrime is becoming a common business model and various tactics for attacks are being designed more and more frequently. Cyberattacks ranked 5th in the risk-rankings in 2020 and have become the standard event in both public and private sectors. This high-risk industry will continue to grow in the next years, as IoT alone is expected to double the number of cyberattacks by 2025 (World’s Economic Forum, 2020).

 

Cybersecurity Trends

The landscape is constantly shifting, and recent years have brought a few changes, to say the least. The pandemic and different geopolitical disputes have affected all types of businesses, large and small. The pandemic has increased cybercrime because of the uncertainty surrounding remote working and how businesses can protect themselves. It resulted in a 600% increase in cybercrime (abc news, 2021), which includes everything from theft or embezzlement to hacking and data destruction. Almost every sector was forced to adopt new solutions, and it forced companies to adapt quickly to avoid paying “higher price” in the future. According to Cybersecurity Ventures, by 2025 cybercrime will cost companies worldwide $10.5 trillion a year, up from $3 trillion in 2015. With a year-over-year growth rate of 15%, it is also reported that cybercrime represents the largest transfer of economic wealth in history.

The threat is a mirror of security gaps. Cyber-threat is mainly a reflection of our weaknesses. An accurate vision of digital and behavioral gaps is crucial for consistent cyber resilience.

Stephane Nappo, Global Head Information Security for Société Générale International Banking pole.

Cyberattacks occur on a daily basis, are becoming more and more complex and pose a major threat to all types of businesses, but especially to small and medium-sized ones. According to Accenture's Cost of Cybercrime study, 43% of cyberattacks target small businesses, but only 14% are prepared to defend themselves. That is why it is extremely important for organizations to keep themselves protected from emerging cyber threats by following these four principles of cyber hygiene.

1. Network Protection

To avoid unauthorized personnel or programs to interfere, it is essential to keep your firewall constantly updated. User authentication can be achieved with a directory of people or devices, so only trusted people or devices have access to the network.


2. People Protection

All the stakeholders of your organization should be aware of cybersecurity and potential threats. Therefore, raising attention to it and trainings can help prevent unintentional security breaches.


3. Endpoint Protection

Every endpoint must have its own updated anti-virus software to remain effective. Failure to update the software on time can cost you the attraction of viruses and ransomware to your company.


4. Facility Protection

This includes the inner cyber threats from within the organization. You can control internal activity by implementing a visitor policy and access points, e.g. computer terminals or network jacks. Besides, home office workplaces also must have security policies set up.

Learn more in our whitepaper “Cybersecurity. Protection for your business”.

Contact an expert

Do you want to know more about our experience in transaction advisory? Get in touch!

ESG webinar cover

Industry Insights

Insights from our ESG webinar with carbmee

We recently conducted a webinar with our partner carbmee, whose enterprise software solution empowers enterprises to manage their value chain carbon [...]

Industry Insights

Insights from the Mergermarket M&A Forum Germany 2023

Corporate due diligence is an essential part of mergers and acquisitions (M&A) processes, as it helps dealmakers identify and protect against [...]

Industry Insights

Looking Beyond ChatGPT: How AI Will Shape Transactions and Competitive Advantage

Launched in late 2022, ChatGTP is a D2C conversional chatbot technology giving end-users convenient access to one of the most potent Large Language [...]

Industry Insights

How to Ensure Effective Cyber Security at Your Organization

In our ever-increasing connected lives, cyber security is becoming increasingly important to organizations, due to the risks of cyber threats and data [...]

Case Studies

The KLAFS Case

KLAFS is the leading sauna manufacturer in Europe in the premium segment. In 1952, Erich Klafs delivered the first Erich Klafs Sauna, the first [...]

Case Studies

The BHS tabletop case

BHS tabletop AG is a mid-sized German company with around 750 employees, established in 1998. The company is a leading manufacturer and supplier of [...]

Case Studies

The Sana Kliniken Case

Sana Kliniken AG is Germany’s largest independent clinic-/ healthcare provider. From prevention to outpatient and inpatient care, rehabilitation, [...]

Case Studies

The Alpega Case

Alpega is a leading B2B logistics software company that offers end-to-end solutions for all transportation needs, including Transport Management [...]

Sign Up for the Newsletter

Development and Execution of a Customized Digital Growth Strategy