The technological developments of recent decades have transformed the business world, for better or for worse. Advances in information technology have undeniably improved efficiency and organization within companies. Imagine working without your current IT tools such as Outlook, Teams or, quite simply, the Internet. With all the advantages that these technologies bring, there are also disadvantages: cyberthreats or, in other words, the risk of computer systems being attacked. Cyber-attacks are a major issue for businesses, and can threaten their very survival. What’s more, these threats are omnipresent and evolving. That’s why it’s so important to stay informed and protect yourself.

Why cybersecurity is essential for businesses today

In recent years, the number of cyber attacks has increased. At the same time, attackers’ methods have become more sophisticated, making them harder to detect, see and identify. There are a wide variety of cyber threats, with varying degrees of damage, but all equally significant, that any individual or company could fall victim to.

Here is a list of the most common approaches:

• Malware: This term covers all types of malicious software. Its purpose may be to damage computer systems, steal information or even render systems unusable until a ransom is paid.
  • Ransomware: Ransomware is malicious software that encrypts files on a computer or network, making access impossible. It’s one of the best-known and most damaging types of ransomware: cybercriminals demand a ransom to restore access to these files.
• Phishing: A fraud technique designed to extract confidential information from a person by communicating with them. To do this, attackers pose as trusted entities.
• Social engineering: Manipulation technique that exploits social, psychological and organizational weaknesses in individuals to obtain confidential information.

It’s clear that there are many IT threats to businesses. Of course, these threats can materialize and do great harm to organizations. That’s why it’s their responsibility to protect not only their own information, but also that of their customers and partners.

Key cybersecurity issues

A cybercriminal attack can do great damage to a company, and in the worst-case scenario, destroy it. But what are the concrete cybersecurity challenges facing companies?

Data protection

As the list of cyberthreats above demonstrates, sensitive data and confidential information are at great risk. First of all, an information leak can damage a company’s reputation and result in a loss of customer confidence. What’s more, under Law 25, it is mandatory to disclose any incident. It is therefore important to demonstrate a serious commitment to your customers’ security, in order to preserve their trust.

Under the same law, companies faced with a data leak can also be sanctioned and fined severely. As soon as you become aware of a piece of information, or a possible data breach, whether you’re a manager or president, you’re responsible for naming it and doing everything in your power to ensure that the team implements or improves its protection measures based on what you’ve reported.

Delays and losses

Crisis management and the loss of customers also represent significant potential financial losses that can result from the theft of confidential data. A cyber attack can also directly affect business continuity, by damaging IT systems and bringing them to a standstill, resulting in delays and losses. Although the exact cost of a cyberattack varies, IT security and a plan of action can save you a great deal of stress and money.

Key actions to strengthen cybersecurity

Of course, there are many ways to strengthen cybersecurity and reduce risk. First and foremost, it’s important to remember that every company is different, and therefore every risk is different. It is therefore imperative to analyze and identify the specific vulnerabilities of each company. This enables us to focus on and prevent the risks specific to each entity.

Security policy

Once the analysis has been carried out, it is essential to implement security policies, both internally and externally. This means not only establishing clear rules for the use of IT systems, but also providing ongoing training for employees. This will not only reduce the risk of security incidents thanks to the knowledge acquired by employees, but will also establish a security culture in which cybersecurity is everyone’s responsibility.

A back-up solution (3, 2, 1)

This portion is a reminder:

• 3 copies
• 2 different media (e.g. Cloud, SSD)
• 1 copy stored on a different geographical site

The tools

A more direct action, but one that is essential to cybersecurity, is tointegrate defense-in-depth. In addition to anti-virus software, this includes firewalls, anti-virus software, intrusion detection devices, e-mail security systems, data encryption devices and password management tools. It’s also important to keep systems and software up to date, as updates often close security loopholes that can be exploited by cybercriminals.

Setting up an attack plan

Finally, while it’s essential to be proactive when we talk about cybersecurity, it’s also crucial to be reactive in the event of an attack. This means drawing up an incident response plan, a clear strategy to follow in the event of a cyber attack. This plan must include several essential elements, but it must be written and revised regularly:

1. Rapid threat detection: Set up monitoring systems to detect any suspicious activity or potential intrusion at an early stage. The earlier a threat is detected, the more damage can be minimized.
2. Identifying and classifying incidents: Once an incident has been detected, it is crucial to identify it correctly and classify it according to its severity. This makes it possible to prioritize responses and allocate the resources needed to manage the crisis.
3. Internal and external communication: Define a clear communication protocol to inform internal stakeholders, such as IT teams and management, as well as external parties, such as customers and competent authorities. Transparency is essential to maintain trust.
4. Isolation and containment: Act quickly to isolate compromised systems or networks in order to contain the attack and prevent its spread to other parts of the organization.
5. Recovery and restoration: After containing the incident, it is necessary to restore the affected systems and recover the compromised data. It is also important to verify the integrity of systems and secure them before bringing them back online.
6. Post-incident analysis and continuous improvement: Once the incident has been resolved, an in-depth analysis must be carried out to understand the source of the attack, the weaknesses exploited, and how to improve existing defenses. This step is crucial to strengthening the organization’s resilience in the face of future threats.
7. Regular training and simulation: Train employees to recognize the signs of an attack and organize regular simulations to ensure that everyone knows their role and can react quickly and effectively in the event of a real crisis.

By putting such a plan in place, a company equips itself with the tools it needs to respond in a coordinated and effective way to a cyber attack, thus limiting the negative impact on its operations and reputation.

Practical advice for companies: training and collaboration are key

We won’t invent ourselves as cybersecurity professionals, but we’re constantly striving to broaden our knowledge and improve our cybersecurity plans and strategies so that we’re ready to defend our company and all the data it holds. From training to professional guidance, your keys to solid cybersecurity are first and foremost to surround yourself with the right people, but above all to make the fight against cybercriminals and their attacks a collaborative one.

Taking the time to do your research and talk to the various players in the cybersecurity field, checking out and learning about the different approaches, building a passionate in-house team, training your staff – all these are crucial elements in implementing a comprehensive strategy.

To go a step further: an operational analysis exercise (box)

A smart, connected cybersecurity team can save you more time and money than just limiting and controlling IT security risks such as industrial espionage. Take two-factor authentication, for example. Have you ever noticed how time-consuming this step, although essential today, is? Imagine on the scale of a company with 300 users. Did you know that there are tools available to provide the same protection(SSO), but with less authentication time? This awareness is just a reminder: there are professionals for everything, and they can give you time-saving ideas in places you might not have thought possible.

The role of risk management in cybersecurity

While it’s important to take the essential actions mentioned above, it’s even more important to do so continuously, as there are no vacations for cybercriminals. They may even take advantage of these “rest” periods to attack. They therefore represent a permanent risk for companies. It is essential to assess risks on a regular basis, especially as cyber threats change and evolve. To this end, it’s a good idea to adapt your company’s risk management strategies to include cybersecurity threats.

The world of digital and cybersecurity encompasses and requires a wide range of expertise, which is why we recommend consulting specialists to carry out cybersecurity audits or simply to obtain advice.

At Demers Beaulne, we can help you identify, assess and manage the risks that could affect your business. Our risk management services can also help protect you against fraud, and ensure compliance with digital and privacy legislation.

Since the advent of information technology, many companies have faced cyber attacks. By 2023, 53% of companies will have suffered a cyber attack. These can result in loss of customer confidence, business interruption and significant financial loss. These facts show that all businesses need reliable, robust cybersecurity to ensure their long-term survival and protection. To achieve this, it’s important to be proactive and take the essential actions – because it’s never over.

More questions? We have the answer.