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INSECURE ENTERPRISE NETWORKS: THE COST OF DATA BREACHES VS THE COST OF NETWORK
SECURITY FOR BUSINESSES

Published: 11th February 2022
Telesoft Telesoft
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In July 2020, CWT global paid out $4.5 million as a consequence of one of the
most expensive ransomware attacks of all time. Businesses are changing as the
world becomes ever more digital, and this change has created new challenging
threats for enterprises across the globe. The CWT incident is just part of a
much wider problem; cyber attacks cost the global economy an estimated $6
trillion per annum. Businesses, often with inadequately protected networks, find
themselves common targets of cyber attacks. 


WHAT IS A DATA BREACH?


A data breach is an incident whereby sensitive or confidential files are
accessed or stolen by unauthorised individuals. This malicious activity can
leave enterprises with significant challenges such as:

 * Compromised confidential information
 * Losses of crucial data, especially if a proper backup system is not in place
 * Financial loss – through lost assets or ransomware
 * Clientele or employee information compromised 
 * Reputational damage; affecting stocks, customer trust and new business
   opportunities 


AVERAGE COST OF A CYBER ATTACK FOR BUSINESSES

Enterprise cybersecurity is fundamental to prevent incidents that can cost
millions; precisely $3.86 million per business on average. Reducing this cost
requires prevention, and prevention requires a more encompassing protection
strategy beyond conventional network monitoring and endpoint security. As modern
networks continue to grow increasingly complex, we recommend complete visibility
and proactive threat hunting to effectively minimise the risk to enterprises.


THE NEED FOR ENTERPRISE NETWORK SECURITY


WHAT DOES NETWORK VISIBILITY OFFER BEYOND ENDPOINT SECURITY?

Network visibility is a complete view over your entire network. It’s the ability
to see all the data traffic flow, access records and so forth. Seeing everything
that goes on within your own network is crucial to protecting it. 


MAXIMISE YOUR NETWORK VISIBILITY TO DETECT THREATS

As an enterprise, you want to understand the ongoing operations within every
level of your organisation. This same principle should apply to your
cybersecurity strategy. Conventional enterprise network monitoring is no longer
adequate in protecting your systems from modern, more intelligent threats. We
recommend a thorough network visibility strategy, and the following tips to help
you get started:

 * Introduce a network monitoring capability to identify and monitor devices and
   users that access your network
 * Look for patterns of traffic activity, highlighting anomalies
 * Utilise network visibility technologies which include Machine Learning (ML)
   and Artificial Intelligence (AI) that can thoroughly analyse your network and
   detect issues in real time, reducing the burden on analysts.


ANALYSE AND PROTECT YOUR NETWORK

Visibility within your network provides your security teams with the opportunity
to effectively discover risks, however, this is not possible without a thorough
risk assessment. 

Risk assessments are appropriate at many levels of business – from enterprise
down to individual projects. The common denominator is an analysis of key weak
points or potential hazards. Monitoring for and preventing live threats should
therefore not be the only practice as part of your network visibility.
Understanding what’s on your network and the prioritization of assets will allow
your security team to respond more effectively to a breach.


NETWORK THREAT HUNTING TO IDENTIFY THREATS

Relying solely on endpoint protection to prevent data breaches is not enough
when considering that the current dwell time for threat actors is roughly 100+
days. Proactively hunting for threats allows enterprises to find those threats
that are going undetected and evading endpoint security solutions. This is
beneficial as it provides an extra layer of defence for threats and another
opportunity to detect them. It’s easy to confuse threat hunting with network
monitoring or threat intelligence. Threat hunting is often supported by threat
intelligence, while findings from active prevention can be added to your
intelligence. While network monitoring is a passive form of defence, threat
hunting is active and designed to find threats that have evaded other defence
systems.

Whilst the skills, tools and personnel required to carry out effective threat
hunting can become expensive for the average organisation, it is possible to
benefit from outsourcing this capability to managed service providers. 


THE COST OF NETWORK VISIBILITY; IS IT WORTH IT?

Maximising the visibility of your own business network is crucial to ensuring
the security of your work, your employees and your data. With a thorough
protection strategy you can significantly reduce the risk of serious breaches
and ensure your business continues to operate and thrive in the ever more
digital world. Network visibility not only contributes to security but to the
business as a whole. By reducing the risk of a data breach, you instill trust in
customers, improving reputation and protecting the data you retain.


TAGS

enterprise security , Machine learning , Network Visibility , Threat Hunting


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