Midsized Israeli Organizations Are at High Risk of Cyber-Attacks
For many midsized organizations, dealing with cybersecurity incidents can be a challenging undertaking, especially since it involves financial and reputational damage.
Recent events show that one in every five businesses in Israel is experiencing cyber-attacks, but the organizations that are hit the hardest are midsized businesses. The reason for it being that they rarely invest in full-stack cybersecurity protection, and as such are having difficulty recovering from such breaches. Hackers find small businesses to be easy prey as they have minimal defenses that can be easily broken into.
Midsized Orgs Struggle to Bounce Back
Cyber Attacks often pose the risk of shutting down the whole company’s operation, taking longer to recover – if at all. What could be a dent in the armor of an enterprise, can prove to have devastating effects for medium-sized companies.
The financial cost can be overwhelming. According to Cisco’s 2018 SMB Cybersecurity Report, data breaches are one of the most common threats faced by businesses cost. 20% of affected midmarket companies are estimated to be at least US$1 million. Furthermore, 40% of these companies suffered 8 hours or more of system downtime due to security issues. Those 8 hours represent roughly a full working day for one employee and lost productivity and opportunities for the affected business due to disruption of operations. It’s no wonder that many midmarket companies are starting to focus more on cybersecurity, yet only 56% of security alerts are investigated for signs of suspicious activity
Types of Risks
Cyber Risks – Involve external threats, including incidents that use malware like ransomware, cryptocurrency miners, and botnets. In cases of ransoms, since the amount is just low enough, companies under duress usually prefer to quietly pay them, eating away at their profit margins.
Data Risks – Involve the loss of critical and often confidential data such as trade secrets and customer information. Midmarket organizations that handle outsourced data-related work of large organizations are particularly vulnerable to data breaches.
Human Capital Risks – Usually stem from either lack of trained IT security professionals or a lack of cybersecurity training given to the company’s IT personnel.
Infrastructure Risks – Derive from lack of know-how on how to properly secure infrastructures such as cloud services, IoT devices, and other different environments.
Operational Risks – Threats that involve financial damage, loss of intellectual property, and operations disruption, are often the result of weaknesses in security infrastructure.
Challenges & Limitations
Sophisticated new threats – Midsized organizations struggle to correlate seemingly disparate indicators, this is due to inadequate technologies that are not adaptable to emerging threats
Lack of expertise – As new threats emerge, it is becoming harder and harder to assess a potential attack without prior knowledge and training. Many threat actors also exploit zero-day attacks, making it even more challenging to detect and respond to various threats.
Self-Research – Due to the lack of proper understanding of the threats they are facing, IT professionals at midsized organizations often turn to google for research and advice on how to tackle threats and end up finding a subpar solution that simply doesn’t work.
Lack of Resources – In many midsized organizations, the role of cybersecurity often falls under the IT team who is small and not equipped with the proper training to mitigate specific attack scenarios, lack the time to stay up to date with new threats, the budget needed to acquire appropriate solution and the knowledge on how to maximize existing ones.
A high number of false positives – Since existing affordable solutions are not equipped to handle such an amount of information, they end up spending an excessive amount of their time clearing false positives. Subsequently, as a result of a shortage in manpower, midsized organizations struggle to manage the amount of data they handle daily.
Artificial Intelligence to the Rescue
Artificial Intelligence (AI) has the power to automatically adapt to changes in threats in real-time and mark problems as they occur. AI methods can be used to learn how to remove noise or unwanted data and to enable security experts to understand the cyber environment to detect abnormal activity solving the issue of false positives. AI can also benefit cybersecurity with automated techniques to generate whenever cyber threats are detected, offloading ongoing work from SOC Operators / Analysts. Finally, with all the time savings AI brings to the table, you can be sure those would be reflected in your ROI.
How CYBOWALL Can Help Midsized Organizations?
CYBOWALL is a cybersecurity solution that was developed especially to tackle the many challenges in midsized organizations as described earlier. It is an internal network security product that is based on several cybersecurity engines and is managed under a singular platform.
The solution creates an envelope that monitors the organization’s network assets, detects vulnerabilities, and monitors suspicious traffic internally, to and from the organization. CYBOWALL can easily detect real-time breaches, lateral movements, anomalies, malware, and more. It also monitors access to directories that contain sensitive information and tracks any communication with websites, IP addresses, and domains that are considered or suspected of being offensive.
All that is packaged into a one, neat solution that quickly paves the way for midsized organizations to take ownership of their security stature and adapt to new threats. Within a few months, CYBOWALL has built an impressive customer base for whom they helped address the critical need for protecting the organization, allowing them to enjoy a protective shell as a product or even as a managed SOC monitoring service.
To learn more and to book a demo click here.
Written by: Ziv Simhon, VP of Sales at CYBOWALL