The threat landscape changed dramatically in 2020 and ransomware, data breaches, and malware attacks have continuously been in the news. Amid the crisis, organizations have been beset with a lack of alignment on cybersecurity strategy, siloed security programs, and a lack of skilled personnel. As CISOs start planning for future needs, Ronan David, VP of Strategy, Business Development and Marketing at EfficientIP explains key facets that security leaders should consider in the 2021 cybersecurity budget.
IT and cybersecurity budget planning for 2021 is set to be vastly different from any other year. The impact of the year’s events, including the COVID-19 pandemic, on the IT industry, has been significant, and a wave of cybercrimeOpens a new window attacks has hit many industries, companies and organizations hard.
Even the World Health Organization has recently reported a five-fold increase in cyberattacksOpens a new window during 2020 alone, and the development of new ransomware programs rose by a whopping 72% during the coronavirus outbreak. Cybersecurity experts are hard at work accelerating virtual transformation initiatives, despite the looming recession that has prompted a large growth in budget cutbacks.Â
It’s important to note that security budgets are not necessarily being cut. While 73% of surveyed organizations are expecting cybersecurity budget changes, 32% of them anticipate a boost in funding to assist them in responding to new and evolving threats.
The dramatic increase of cybercrime demands urgent action by all businesses and government entities. Organizations have been urged to prioritize cybersecurity within their 2021 budgets to ensure their safety in the face of a new age of operational hazards.
Learn More: Why Leading Cybersecurity Analysts Are Leaving Their Firms for ‘Vendor Land’
DNS Attacks on the Rise
A recently released 2020 Global DNS Threat ReportOpens a new window has shed more light on the increasing incidence of domain name system (DNS) attacks—and the growing need for adequate protective measures against them. According to the IDC report, the evolution and awareness of DNS security is on the rise, but the average number of attacks and the costs associated with them remain high.Â
The report noted that 79% of the businesses surveyed had experienced an attack and that the past 12 months prior to the report’s publishing had netted an average number of 9.5 attacks among surveyed entities. The average cost of any given attack came to $924,000—a major sum that could potentially devastate small to medium-sized businesses, especially during tight economic times.Â
82% of the businesses surveyed experienced cloud and in-house application downtime following an attack; a trend which could further hinder their ability to operate properly and generate sustainable income.Â
Learn More: Narrowing the Cybersecurity Skills Gap Starts With Security Awareness Training
Top Security Facets to Consider in 2021
1. Cybersecurity
With four out of five businesses experiencing cyberthreats in the last 12 months, it’s not surprising that cybersecurity is set to become a permanent mainstay in 2021. Attacks from online criminals have become so advanced and highly skilled that very few companies are willing to delay implementing security measures any longer.Â
It’s highly recommended that you strengthen and update your existing cybersecurity in 2021. These efforts may pose extra short-term financial costs but could save you significant sums in the future that you may otherwise lose to untimely attacks.
2. DNS security
A niche subset of overall cybersecurity, DNS security, specifically protects the Domain Name System protocol and service. This is important because DNS is mission-critical to a network and an open and vulnerable service by nature. With so many IP addresses being created and new devices being added to IoT, Edge, and mobility networks each year, it’s never been more crucial to take a zero-trust approach to DNS security. Having more control over your network eliminates vulnerabilities from being exploited.
Moreover, now that so many professionals are working remotely, every device’s vulnerability to a myriad of threats has grown exponentially. More control will become the norm in the coming year, and app access will be an integral part of this. If you want to protect your data and employees on every level, comprehensive DNS security solutionsOpens a new window are essential.
3. Anti-Spam solutions
As mentioned above, spear-phishing attacks are becoming a daily reality for businesses across the globe. To protect your own company from this, you need an effective anti-spam solution in place, especially if you use Office 365. While a powerful email solution, Office 365’s built-in anti-spam feature is somewhat lacking. Studies have shown it doesn’t offer entirely adequate protection for the threats businesses regularly face.
To ensure adequate protection against spam, experts recommend investing in software that can protect your business from ACH fraud, crypto-lockers, and more.
4. Comprehensive cyber insurance
Any business owner will know how important insurance is. Cyber insurance is equally vital and should form part of your recovery plan for an attack. You will need comprehensive coverage and should know how to execute the policy and claim timeously should you need to.
5. Phishing training
Your employees must be trained on how to safeguard themselves against phishing attacks, as they are ever-present and can be financially devastating. Your business needs to have protocols in place to confirm changes to ACH payments and other processes, but even with this in place, your employees should still be your first line of defense.Â
This is why you should consider adding a phishing training system to your 2021 cybersecurity budget. These systems virtually train users on how to safeguard themselves from cyber-crime attacks and then test them using simulated attacks.Â
6. Recoverability Software
Cloud backups alone are not enough to protect your business’s precious data. You also need to recover lost information after an attack—and you need to be able to do so quickly to meet customer needs and avoid crippling downtime.Â
Snapshots are an effective way of achieving this. They allow you to revert to a solid backup of your virtual servers, allowing your servers to return to an intact state quickly after a breach.
It is essential that you plan for cyber intrusions. Snapshots offer a functional fallback option to allow you to continue operations should the unthinkable happen.
7. Personal Identifiable Information (PII)
Your organization should review its server network and workstations to make sure that Personal Identifiable InformationOpens a new window (also known as PII) is not present or unguarded.Â
PII should never be stored on your network, as it can easily fall prey to unscrupulous cybercriminals. Formally review your work environment and delete any PII from it to ensure your business’s safety.
8. Business continuity plans
2021 is the year in which business continuity will become absolutely essential for companies of all sizes. Any discussions about this topic should be informed by IT and guided by business leaders to devise an effective solution.
Learn More: Cybersecurity Lessons From 2020: C-Suite Weighs In on Both Good & Bad
Bottom Line
Used correctly, IT and cybersecurity can become significant competitive advantages for your business. You need strong and sufficient protective measures to remain competitive in your industry without risking your organization’s financial or informational security.Â
A basic block and tackle approach is a great starting point. However, your business also needs to focus on more comprehensive IT approaches to introduce change and ensure protection against all types of cybercrime.Â
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