Christmas Cyber Security Wish List

Introduction 

As the holiday season approaches, the cyber threat landscape becomes increasingly perilous. Cyberattacks do not take a holiday pause; according to Darktrace’s research, from 2018 to 2021, ransomware attacks surged by 30% during the holidays compared to regular months. 

During this period, private equity firms often see their portfolio companies transition to a slower-paced work environment and offer remote work options, inadvertently creating opportunities for cyber threats. Employees must rely on their own skills and security awareness to navigate the increased risk of phishing emails, dubious websites, and deceptive phone calls.

This scenario prompts us to consider a comprehensive Christmas cyber security wish list for businesses and their stakeholders. By addressing these critical areas, we can ensure that companies remain protected against cyber threats during the holiday season and beyond.

Zero Trust

In cyber security, trust must be earned, not assumed.  Zero Trust Security challenges the traditional “trust but verify” model, advocating instead for a “never trust, always verify” approach. This involves scrutinising every user, device, and application attempting to access the network. By implementing continuous monitoring and enforcing strict access controls, businesses can strengthen their defences against unauthorised access attempts. The Zero Trust model operates on the principle of least privilege, minimising the attack surface and reducing the potential impact of a breach.

For private equity firms, adopting the Zero Trust model across portfolio companies provides a proactive safeguard. It ensures a dynamic and adaptive security posture that aligns with the ever-evolving nature of cyber threats. Trust is not a given; it is a continuous process of verification that enhances the overall security posture of businesses.

Expansion of Awareness Training 

Every employee shares the collective responsibility of cybersecurity, forming the first line of defence against potential breaches. Investing in comprehensive staff cyber security training is paramount. Recent statistics highlight that phishing accounts for a staggering 83% of cyber-attacks, highlighting the critical need for a well-informed and vigilant workforce. 

Regular and interactive training sessions are essential in cultivating and sustaining heightened awareness. These sessions keep employees updated on the latest cyber threats, phishing techniques, and best practices in cyber security. By equipping employees with the tools to recognise and thwart potential attacks, businesses create a culture of cyber security awareness that extends far beyond the training room.

For private equity firms, ensuring that portfolio companies invest in robust cyber security training can significantly mitigate risks and protect their investments. A well-trained workforce is a critical asset in maintaining a strong security posture.

Multi-Factor Authentication (MFA) 

Passwords alone are no longer sufficient. MFA has emerged as a crucial layer of defence, capable of preventing 99.9% of modern automated cyberattacks. MFA adds an extra barrier if one layer of authentication is compromised. It incorporates something you know (a password), something you have (a token), and something you are (biometric data). By employing MFA, businesses create a formidable defence against the ever-evolving tactics of cybercriminals.

For private equity firms, ensuring that portfolio companies implement MFA can significantly enhance their security posture. This additional layer of protection is vital in protecting sensitive information and maintaining the integrity of business operations.

Better Device Management 

With the increasing number of devices connected to corporate networks, effective device management is more critical than ever. Gartner reports that over 25% of all cyberattacks against businesses will involve Internet of Things (IoT) devices.

Organisations must prioritise the implementation of robust Mobile Device Management (MDM) and Endpoint Detection and Response (EDR) solutions. This strategic approach ensures that all devices, whether company-issued or personal, comply with stringent security policies.

A proactive device management strategy includes regular updates, vigilant patch management, and the integration of remote wipe capabilities. By adopting these measures, businesses can establish a dynamic device management system that protects sensitive data and ensures the longevity and resilience of their digital infrastructure.

For private equity firms, ensuring that portfolio companies implement comprehensive device management strategies is essential. This not only protects sensitive information but also enhances the overall security posture of their investments.

Conclusion 

Protecting digital infrastructure requires a multifaceted approach. Adopting the Zero Trust Security model encourages continuous verification and dynamic defence against evolving threats. Investing in awareness training and empowering employees fosters a culture of vigilance, making the human element a proactive defence against phishing and other cyber threats. Implementing Multi-Factor Authentication and robust device management, especially in the IoT era, provides an extra layer of protection. These measures collectively form a comprehensive strategy, ensuring that digital infrastructure remains resilient and secure.

For private equity firms, ensuring that portfolio companies adopt these cyber security measures is crucial. As we exchange gifts this holiday season, let the gift of cyber security be the foundation for a secure and thriving digital landscape in the year ahead.

Simplify Cyber Security with Our Specialists

See anything you like in our Christmas Cyber Security Wishlist? Contact our specialists to see how we can help you simplify cyber security for your portfolio companies. Book your consultation today and make this season not just festive but cyber-safe and prosperous.