Cyber Resiliency Begins with People and Process, Not Technology
Over the past two years, COVID-19 has changed the way businesses operate and businesses have changed the way they leverage technology. But we’re not even close to finished yet.
Expect even lot more disruption, transformation—and opportunity—over the next couple of years as companies settle into new business models and hybrid working environment. The only constant along the way will be the omnipresent rise of cybersecurity threats—and even those will continue to adapt and look for new ways to cause damage. Managed services providers can’t afford to stand pat, now or ever, when it comes to cybersecurity, according to Greg Jones, business development director (EMEA) at Datto.
“We’ve opened up so many more opportunities, yet it comes with huge risks. The latest data says we’re looking at a 400% to 600% increase in cybercrime and ransomware since the beginning of the pandemic. We’re at a of stage where it’s really impacting business as a whole,” Jones said in a keynote session during a CompTIA UKI Business Technology Community meeting in Manchester.
Protecting Employees Anywhere Becomes Paramount
Compounding the cyber risk facing most companies is a more permanent hybrid or remote-work environment for many employees. With more workers accessing data from almost anywhere, more potential doors open to let a bad actor onto the corporate network.
“About 74% of companies will continue operate in hybrid working environment because they’re more profitable/productive than ever before,” said Jones. “And many of those businesses are the ones that pushed back from tech solutions that the MSP community was recommending even before COVID-19 hit.”
Jones noted that cybercrime has surpassed “real-world” crime in terms of damaging impact to businesses—and that 60% of small businesses experiencing a cyberattack go out of business.
“Crime in the real world evolved for thousands of years. Tech has been mainstream for what, 30 or 40 years? For that acceleration of cybercrime to overtake real-world crime is absolutely horrific,” he said.
As a result, global cyber spending is expected to increase from £156 billion in 2020 to £352 billion by 2026, with £40 billion alone for SMB/SME companies this year, Jones said.
Three Pillars of Cyber Resilience
Cyber resilience includes security, monitoring, and business continuity/disaster recovery technology. However, a successful cyber resilience strategy requires a holistic approach that starts with people and process—and then technology, according to Jones.