Thousands of new malware are being created daily, ranging from viruses, adware, Trojans, keyloggers, etc, with a sole aim, which is to steal data. According to a recent report, in 2021 the average cost of a data breach among companies surveyed reached $4.24 million per incident, the highest in 17 years. Experts predict that by 2025 cybercrime will cost companies worldwide an estimated $10.5 trillion annually. Cyber-attacks are taking place against all businesses, particularly SMBs. These attacks are becoming frequent, targeted and complex. If we take the total number of global cyberattacks, among them 43% of cyberattacks are aimed at small organizations, but only 14% are prepared to defend themselves.
Here are some other compelling points supporting the data:
- Remote work impact: The rapid shift to remote operations during the pandemic has led to more expensive data breaches. When remote work was considered as a vital factor for security breach it was discovered that this single factor alone cost the businesses over $1 million compared to the other factors.
- Healthcare breach costs surged: Industries that faced huge operational changes during the pandemic such as healthcare, retail, hospitality and consumer manufacturing and distribution also experienced a substantial increase in data breach costs YoY. Healthcare breaches has cost the most by far standing at $9.23 million per incident, which is a $2 million increase over the previous year
- Compromised credentials led to compromised data: Stolen user credentials were the most common root cause of breaches as per the study. At the same time, customer personal data such as name, email and password was the most common type of information exposed in data breaches with 44% of breaches including similar data.
Though technology such as VPN helped the businesses survive the ordeal that was Covid-19, today’s increasingly sophisticated and evasive threats demand a layered, cohesive security strategy that protects networks, endpoints and users. But, as organizations introduce newer applications and software to further drive innovation and operations, in-house cybersecurity professionals are left more and more inundated. No single security control is unbeatable, but tight integration between network and endpoints can provide more effective protection. In order to curb the cyberattacks, organizations can resort to implementing Endpoint Security Solutions. Study states that 60% of cyberattacks are originating within the organization and the current infrastructure should provide advanced endpoint protection to ensure the safety of data.
So, what is an endpoint security solution? Companies are constantly integrating practices that make data access easier. The enterprise network security perimeter has essentially dissolved, as more enterprises are adopting practices such as BYOD (Bring Your Own Device) and remote employees. A centralized security solution is no longer adequate for today’s kaleidoscopic (ever-changing) and indefinable security perimeter. Endpoint security supplements centralized security measures with additional protection at the point of entry for many attacks as well as the point of egress for sensitive data. By opting for endpoint security enterprises can maintain greater control over the ever-growing number of access points and more effectively block threats and access attempts prior to entry. While in a VPN, users can access applications and everything else they need. Modern approaches include a zero-trust model that puts the responsibility on the device or user to authenticate the need for the information or applications they want to access. Then we have SASE which is a perfect cloud-based solution to the old problem of network security that allows companies to securely connect remote employees in the cloud and multi-site environment.
Endpoint security solutions have come a long way from traditional antiviruses and firewalls, and have proven to be effective at preventing sophisticated threats. Because of such threats today, organizations have difficulty in getting accurate and timely threat detection, especially if these solutions do not provide speed as well as a broad visibility throughout the enterprise’s connected infrastructure. Hence modernizing approaches to endpoint security becomes a much more vital aspect. With the digital revolution expected to outlast the current pandemic scenario, individuals and entities are preparing themselves for the new normal, with the bulk of global businesses transitioning to the virtual landscape. Organizations need to keep upgrading their endpoint cybersecurity protection platforms with time to secure and ensure operational consistency. This solution will alleviate the pressure on the security aspect of verticals, by providing better protection.
The above article is authored by Prashanth GJ, CEO of TechnoBind