As we approach the holiday season, traditionally a time for relaxation and disconnection from work, cybercriminals see an opportunity. It’s crucial to ensure your portfolio is safeguarded, as attackers often target weekends and public holiday to strike.
In a recent post by KYND, the company described the importance of keeping your investments safe during the holiday season.
During these times, the relaxed mood and increased distractions make companies more vulnerable to cyber threats. A single ransomware attack can be financially and reputationally catastrophic, sometimes leading to bankruptcy. Some notorious cyber attacks, such as those on Arnold Clark, The Guardian, the British Library, and the NHS, occurred during holiday periods, underscoring the heightened risk at these times.
In 2023 alone, over 5 billion records have been compromised, and the risk escalates during holidays when employees are off or using unsecured public Wi-Fi, and companies operate at reduced capacity. This makes it crucial for companies to implement robust security measures like continuous monitoring to anticipate and mitigate potential vulnerabilities and attacks.
In today’s rapidly evolving digital landscape, point-in-time cyber risk assessments are insufficient. Continuous monitoring is essential, acting like a virtual security guard watching over your digital assets. It involves ongoing surveillance and analysis of critical external cyber vulnerabilities that could harm a business. By integrating continuous monitoring into portfolio risk management processes and providing actionable risk intelligence, businesses can take prompt action to mitigate threats and strengthen their overall risk posture.
Continuous monitoring offers numerous advantages. It enables companies to proactively manage risks, enhancing portfolio performance and reducing claims and losses. This approach also preempts regulatory pressure and forms the basis of various proactive risk management strategies. It includes continuous attack surface monitoring, smarter resource allocation, maintained business continuity, ESG compliance facilitation, and streamlined third-party risk management. These benefits are crucial, especially with the shift to remote work and increased reliance on digital technologies.
In summary, maintaining vigilance through continuous monitoring during holidays is crucial. It provides valuable insights into the risk exposure of portfolio organisations, enabling proactive identification and mitigation of vulnerabilities, thereby improving their cyber posture.
Read the full post here.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
