The current economic climate poses a huge challenge for cyber security leaders looking to protect their businesses from cyber threats. The correlation between times of economic uncertainty and a spike in cyber crime is well documented, and with UK organisations already facing an enduring and significant threat from cyber criminals, pressure levels are high.
On the one hand, businesses are facing an increased risk of cyber threats, ransomware attacks and data breaches; on the other, they’re up against growing financial constraints, forcing them to reconsider budgets and cyber security measures.
In this climate of elevated risk and financial constraints, cyber security business leaders should choose technology that offers a wide range of security benefits and ticks several boxes at once. With this in mind, in this article I’ll explore how end-to-end encryption works hard on many levels to help businesses operate more securely and smartly during an economic downturn and beyond.
I’ll also look at the key strategies cyber security leaders can adopt to provide long-term cyber resilience for the business for ongoing security and resilience. These include boosting cyber security training for employees, and ensuring the supply-chain is protected.
End-to-end encryption explained
End-to-end encryption for cloud storage and file sharing offers peace of mind on many levels. Not only does it allow for seamless collaboration between teams without sacrificing data security, but it also helps businesses comply with data privacy regulations and ensures confidential information is protected from hackers and cyber criminals.
How does it work?
Encryption software is considered the industry ‘gold standard’ as it ensures files are encrypted as they travel to and from servers, as well as when they’re stored in the digital cloud. This isn’t standard for all encryption types; often data will only be encrypted while it is being stored, or while it is in transit. End-to-end encryption offers an extra layer of security so that only the sender and intended recipient of a message can access its contents. The message will remain secure even if a third party intercepts it as they won’t be able to access it without the encryption key.
The heightened security offered by this software makes it ideal for businesses looking to protect confidential information, such as financial records, customer data, and intellectual property. A secure cloud workspace with end-to-end encryption, such as Tresorit’s zero-knowledge solution, which enables businesses to share files and folders securely, whether externally or internally, works hard to prevent data breaches and ensure businesses comply with various data protection regulations. And with 32% of UK businesses reporting a cyber incident in the last year, it goes without saying that organisations should have it in place.
Cyber security awareness training
With the UK facing increased risks of cyber crime, it’s more vital than ever for businesses to train their staff with the information required to recognise and react to cyber threats. This will go a long way towards embedding a culture of cyber security awareness, which will in turn mitigate risk and enhance resilience against threats.
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Fortunately, there are a number of cost-free and cost-effective resources for businesses, such as the free personalised action plan on the National Cyber Security Centre’s (NCSC) website. This helps organisations pinpoint what they can do right now to protect against a cyber attack.
Businesses can also benefit from a wide range of both free-of-charge and low cost options for online cyber awareness training courses for employees. These are designed to help employees understand the role they play in helping to combat information security risks and can empower them to identify different types of threats from phishing to ransomware attacks. They also help to raise their awareness of cyber security mistakes they could easily make when using email, the web and in the physical world, such as improper document disposal.
A secure supply chain
Cyber attacks on supply chains rose by a whopping 430% in 2021, yet reports show that only 1 in 10 (13%) of UK businesses review the risks posed by their immediate suppliers, with the proportion for the wider supply chain at just seven per cent. This threat introduces an even greater need for end-to-end encryption as the software can go a long way towards keeping sensitive information secure across a business’ entire supply chain. With a zero-knowledge cloud workspace solution with end-to-end encryption, it’s impossible for even the service provider to access any data a company has in place or is processing. Businesses can therefore store and share files and folders securely, both internally and externally, with their supply chain, customers and partners, in an ultra-secure and compliant way.
Vetting the supply chain
Businesses should also take time to vet the security practices of their suppliers. Before a business decides to work with a supplier they should conduct a thorough assessment of the organisation’s data security measures, certifications, and adherence to industry standards.
Businesses should conduct proper due diligence by doing regular reviews of suppliers’ security practices to help ward off any threats associated with third-party involvement. They should also ensure that contracts with suppliers clearly outline specific data security requirements, such as incident reporting procedures and confidentiality protocols.
Final thoughts
When the economy is on shaky ground, a rise in cyber crime follows, with criminals looking to exploit the financial hardship of both individuals and businesses. And with the cost of cyber crime to UK businesses estimated at £27bn per annum, the risk is at an all-time high. With pressure mounting on organisations to economise, CIOs and CISOs should look to adopt technology that ticks several security boxes at the same time. End-to-end encryption works hard on many levels to offer long-term peace of mind and resilience, not only to the immediate business, but also across the entire supply chain.
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