In 2021, a cyberattack occurred every 11 seconds with a projected attack rate of one every two seconds by 2031. Cybercrime is expected to cost the world economy $10.5 trillion by 2025. Based on those assumptions, if cybercrime were a country, it would rank third after the U.S. and China in GDP.
It’s the financial numbers that tell the story. Cybercrime is BIG business. As more and more cybercriminals join forces, they resemble the physical world’s organized crime. With multiple hackers working against a single target, they can create an advanced persistent threat (APT) that consumes a company’s resources. Without resources, the target will eventually become the victim of a cyber incident.
The cost of successful cyberattacks can be as high as $5 million according to IBM’s Annual Cost of a Data Breach report. The financial impact can be felt up to two years after the actual compromise with 60% of small businesses failing within six months.
Braden Business Systems has years of experience implementing the top security measures in the industry. The security of your network’s infrastructure not only protects your business, but ensures it’s meeting the compliance requirements in your industry.
Although cyber insurance is available to help mitigate the cost, claims approval can depend on how secure the environment is. For example, many insurance carriers require the following to be in place before they will consider issuing a policy.
- Implement multi-factor authentication
- Enable system-wide logging
- Conduct employee training
- Maintain a patch management procedure
- Implement least-privilege
If your business does not have these deterrents, insurance premiums may increase substantially. Or, a claim may be denied if critical prevention measures were not in place. Even less regulated businesses can fall under compliance violations if they are part of a regulated supply chain.
Braden has helped clients save 6 figures from insurance increases because they’ve invested with Braden for property security protocols.
A lack of adequate cybersecurity can also impact compliance. If your business is in a highly-regulated sector such as healthcare, education, or financial services, being out of compliance during a cyberattack can come with financial penalties.
For example, credit and debit card networks such as VISA and Mastercard often assess a per-day penalty for every day a business is out of compliance after an attack. Depending on the violation, the penalties can run into hundreds of thousands of dollars. In extreme cases, a business may be banned from using the transaction authorizing networks.
Braden understands the importance of a security strategy to manage risk, mitigate threats, and ensure compliance. We work with clients to deliver a comprehensive cybersecurity strategy to meet their needs.
The goal of any cybersecurity strategy is to better secure digital assets. Its focus is on proactive measures to prevent attacks rather than defend against them. It becomes a playbook for how an organization responds to possible attacks or compromises.
We work with our clients to deliver a strategy and roadmap that discusses how to respond to and recover from a cyberattack. A strategy is of no value unless it is documented and updated to reflect changes in the cybersecurity landscape. That’s why Braden’s services include a documented plan.
Cyber Strategy and Roadmap
A cyber strategy should begin with an understanding of the security landscape for your business. Are you in a regulated industry that is becoming a target for cybercriminals? As an example, attacks against healthcare companies have increased two to three times since 2020. Have you upgraded your security to combat an increased threat?
Part of building a strategy requires an honest assessment of your security capabilities and how to improve them. Outsourcing may be necessary to achieve your cyber strategy. According to the Better Business Bureau, 55% of small businesses lack the resources to create a cyber strategy.
Once a strategy is in place, Braden helps develop a roadmap that outlines how clients can achieve their cybersecurity goals. It outlines the steps to follow over three to five years to improve cybersecurity, knowing that strategies may change more frequently.
Cyber Recovery is a new approach to minimizing data loss as a result of a cyberattack or breach. The strategy is also known as isolated recovery because it focuses on preserving vital business data, applications, and infrastructure to ensure viability. Through isolation techniques, critical digital assets can have an added layer of protection.
Braden’s professionals work with companies to devise strategies that protect key assets from cyber intrusion as well as catastrophic disasters. Our security experts ensure that cyber recovery is an integral part of any cybersecurity strategy.
Both state and local governments have, or are in the process of, passing stringent data privacy laws. California passed a Consumer Privacy Rights Act (CPRA) in 2020 that gives consumers more control over their personal information. The law applies to any organization doing business in the state regardless of where they are headquartered. At least 15 additional states are looking at enacting similar legislation.
For businesses, these laws only add to the compliance requirements in sectors such as healthcare, banking, and government. With more standards coming online, it’s easy to overlook a compliance requirement. Braden can help companies manage their compliance requirements in areas such as:
- NIST CSF
- ISO 27001
Our compliance experts can guide businesses through the maze of standards to ensure nothing is overlooked.
A recent survey found that a cyber incident was the most frequent disruption to business operations, followed by natural disasters. Clearly, there is no shortage of cyberthreats. To help defend against the growing number of threats, Braden’s threat management services include:
- Attack & Pen Testing
- Attack Simulation
- Incident Readiness
- Incident Response
- Remediation Services
- Threat Intelligence
In addition, Braden provides training to help keep your employees current on how to avoid security threats.
Running a business is full of risks. Mitigating those risks requires an assessment of the risk and the cost to mitigate the risk. Cybersecurity risk management is no different. It is the process of identifying and analyzing potential threats to determine the most cost-effective way to reduce them.
Braden offers risk management services in the following areas:
Compliance professionals help clients comply with multiple standards that impact their businesses. Whether it is GDPR or PCI-DSS, Braden’s staff works with companies to minimize the risk associated with failing to remain in compliance.
Vulnerability and Risk Management
Vulnerabilities pose risks to any infrastructure. Whether the threat is internal or external, identifying and prioritizing weaknesses help set priorities. Braden’s cybersecurity teams can help businesses prioritize their vulnerabilities to help manage their risk.
Developing an effective cybersecurity program requires resources that many organizations do not have. Braden’s staff works alongside clients to develop a cyber program to protect their digital assets.
Risk Automation and Reporting
Braden’s risk management services include using automation tools to help identify potential risks. With AI capabilities, automation tools can see behaviors before they become problems. Reporting these issues improves the response time to counter potential threats.
Third-Party Risk Management
Companies are also at risk from third parties that have access to their infrastructure. Braden provides risk management services to ensure that your supply chain is secure. Several recent breaches – solar winds for one – started in a third-party environment.
Braden can monitor and manage your infrastructure to ensure your digital assets are secure. Their enterprise security stack includes the following capabilities:
No matter the infrastructure, Braden’s security monitoring can deliver end-to-end activity logs, so you know exactly how your network is operating. Analyzing network data makes it easier to identify suspicious activity.
SIEM solutions ingest data from multiple sources to provide a clear real-time picture of how your network is operating. These tools make it possible for staff in a security operations center to detect questionable activities before they become a serious threat.
Managed Detection and Response
Automated tools can help detect and respond to questionable behavior. They can send an alert to a security center for immediate investigation. When Braden’s staff receives an alert, they can immediately investigate to prevent a cyber incident.
Managed Vulnerability Services
It’s impossible to eliminate every vulnerability; however, Braden uses vulnerability assessments to acquire information on a client’s system. From the data, our staff creates a strategy to address critical vulnerabilities first.
Managed Compliance Services
Every industry seems to have security standards to protect personal information. Whether it’s medical or educational data, regulations exist on how to secure private information. Some laws require annual tests while others request documentation that standards have been addressed. Braden’s compliance specialists have the expertise to ensure that reports are prepared on time.
Contact Braden for Security & Compliance Services
Rather than struggle to maintain a strong security poster, organizations can look to Braden for security and compliance services. Our security professionals are ready to help you protect your digital assets. Contact us today for a free consultation.