Living in the digital age has seen organisations integrate in-person and online services, ultimately maximising outputs, and profits. However, with increased levels of connectivity comes the threat of valuable company data being exposed by skilled cyberattacks.
These attacks can strip businesses of the prospective benefits that increased connectedness could provide, with research showing that the average global cost for a data breach skyrocketing from US$3.86 million in 2020 to US$4.24 million in 20211.
Organisations that are aware of the internal and external security threats they face can plan security practices more effectively to protect their data and their brand.
Konica Minolta has identified the six key IT security risks businesses face:
It is well known that the biggest threat to organisational security comes from the imperfect nature of human employees. These security breaches tend to fall into two main categories: disgruntled employees and uninformed employees. An employee that holds animosity towards an organisation often has the means to access sensitive data quickly and could run the risk of exposing networks or accounts to the public sphere.
Unintentional breaches from employees who are not technologically savvy or who simply make a mistake can cause equal amounts of damage through, for example, weak passwords or careless online behaviour. In both cases, having correct protocols and training in place is key in protecting critical business data.
2. Remote working
The rise of remote working as also created additional network threats. This can be through the misuse of personal devices or downloading sensitive information remotely via a network that has not been secured. Organisations are learning quickly that the hybrid workforce is here to stay, and most have begun exploring remote security options to keep employees safe regardless of working location.
3. Lack of security policies or disaster recovery plans
As the use of technology grows, some businesses have struggled to keep up with implementing organisational security policies and educating staff on the role they can play in keeping the business secure. A comprehensive policy should include everything from the key contacts to speak to in case of a breach to what employees must do to strengthen IT security from their end. Disaster recovery plans must also be developed to secure backup data, maintain business continuity, and minimise losses in the event of a man-made or natural disaster.
4. Lack of understanding
The cyberthreat landscape is constantly changing and evolving. These fluctuations, combined with a perennial skills shortage in the IT security industry, mean companies often fail to understand exactly how their practices leave them vulnerable to cybercrime. Security risks are not always obvious, and it is essential to work with knowledgeable IT partners to ensure that the risks are both managed and communicated effectively with those in management.
5. Lack of funding, talent, and resources
Business growth can be expensive and, when budgeting for resources, many organisations see cybersecurity or IT support as a low priority. This is exacerbated by the distinct lack of cybersecurity specialists currently in the field, making it difficult to fill these roles. But the consequences of not investing in digital security measures can be dire should the organisation experience a data breach, so a business simply cannot afford to neglect security. While it may not be possible to add more internal security resources, organisations can partner with IT security experts in an affordable and highly effective way.
6. Evolving risks
Despite having all the best intentions and plans in place, as technology advances, additional risks can emerge that were not accounted for in previous protocols. Evolving threats can circumvent existing software and it is up to organisations to review and update their security posture regularly.
For more information on how to integrate existing technology and bolster your security posture, contact the team at Konica Minolta today.