Enterprise Security: Staying Ahead of Cyber Threats and Protect Your Organization

Do you know countries such as Indonesia have laws punishing companies who lost customer data? Punishment can be brutal. In Indonesia, the laws are primarily outlined under the Personal Data Protection Law (PDP Law) and the Capital Market Law. The maximum fine under the PDP Law is 2% of the concerned party's annual income or revenue. In cases where the breach is deemed intentional, imprisonment may be imposed. Additionally, the Capital Market Law empowers the Financial Services Authority (FSA) to impose administrative sanctions for breaches of data protection provisions, including fines, limitations on business, suspension of business, revocation of business licenses, cancellation of approval, and cancellation of registration.

Those who had overlooked security and suffered painful experiences know firsthand the irreversible damage to their company. Don’t let this be you! The bigger the business, the bigger the risks.

In my role as CTO, thankfully, my companies have never been breached due to the robust cybersecurity framework we’ve designed & built for ourselves. Never been hacked and we intend to remain vigilant and keep safe forever. But bragging about my achievements is not the purpose of this article.

So how do we achieve better security posture, protect our operations, build customer trust, and comply with regulations? To safeguard against account compromises, identity theft, and data breaches, let’s dive deep into top 5 security aspects crucial for companies to address. Alongside them, I’ll share the industry best practice recommendations.

Weak Passwords & Multi-Factor Authentication

Still using a password such as “password”? Don’t be that person!

To implement strong passwords is the first step to prevent unauthorized access to systems and data. A strong password policy includes using a mix of uppercase and lowercase letters, numbers, and symbols, and ensuring passwords are at least 12 characters long. According to article, a 12-character password with a mix of uppercase and lowercase letters, numbers, and symbols would take approximately 63k years to crack using a brute-force algorithm. If there are too many accounts and password combinations to remember, try to use a password software such as Keeper Security to manage it all.

What’s multi-factor authentication (MFA for short)? MFA is a layered defense that requires users to provide multiple forms of identification to access an account or system, making it much more difficult to gain unauthorized access. Users must provide a second factor of authentication, such as a security token or smartphone, in addition to their password. MFA is considered a key component of cybersecurity because it adds an extra layer of protection beyond a single password entry. Even if passwords are compromised, attackers need to possess the second factor for an account takeover.

A crucial step in protecting against phishing and brute-force attacks, MFA can significantly reduce the risk of unauthorized access. Do we know exactly how much more difficult? Did you know implementing MFA leads to a 99.22% reduction in the risk of compromise across the entire population. [Source] By leveraging the benchmark-multiplier method and manually reviewing a sample of potentially compromised accounts, researchers found that 99.99% of accounts with MFA enabled remained protected throughout the investigation period of an incident. Yes, you read that right. 99.99%

MFA is relatively easy and inexpensive to implement. Most organizations can easily enable MFA for their systems and applications with little-to-no disruption to their users. Additionally, consider using biometric security measures like facial recognition or fingerprint scanning. If you have the option to enable MFA / 2FA for your entire company, just do it.

These statistics highlight the importance of strong passwords & using MFA in reducing the risk of unauthorized access, and making it much more difficult for attackers to gain access to sensitive information and systems.

Access Controls & Network Security

Establish stringent authentication and access controls to ensure only authorized users can access company resources. This includes setting up secure Wi-Fi networks, using firewalls, and implementing network segmentation to limit the spread of malware in case of an attack.

Always hold the master / admin accounts.

Web Application Firewall. Watch out if your system has high web traffic, this can be relatively expensive.

Employee Education and Awareness

Educate employees on cybersecurity best practices, including recognizing and combating phishing emails, using good internet browsing practices, and avoiding suspicious downloads. This includes training on phishing and social engineering, as well as implementing policies that address these concerns.

Never open or execute shady files especially if you’re on Windows or Android

Outdated Software & Unpatched Vulnerabilities

Outdated software and unpatched vulnerabilities can leave your systems and data vulnerable to cyber attacks, data breaches, and other security threats. Hackers often target these weaknesses to gain unauthorized access to your systems and steal sensitive information.

Regularly update and patch software to address security vulnerabilities and prevent exploitation by hackers. This includes configuring software to install updates automatically and using automated patch management systems to ensure timely updates across company networks and devices. How to manage outdated software and unpatched vulnerabilities:

Regularly update software: Ensure all software, including operating systems, applications, and plugins, are updated with the latest patches and security fixes.

Implement automated patch management: Use automated tools to streamline the patching process, reducing the risk of human error and ensuring timely updates.

Prioritize critical updates: Focus on updating critical software and systems first, such as those handling sensitive data or providing access to networks.

Monitor and test updates: Regularly monitor and test updates to ensure they don't introduce new issues or conflicts with other software.

Document and track updates: Keep a record of all updates, including dates, software versions, and any issues encountered, to facilitate auditing and compliance.

By following these best practices, you can effectively manage outdated software and unpatched vulnerabilities, reducing the risk of cyber attacks and ensuring the security and integrity of your business operations.

Data and Information Protection

Implement encryption and secure storage for sensitive information and data to prevent unauthorized access and leakage. Regular backup and recovery plans should also be in place to ensure business continuity in the event of a data breach.

This is a bit more advanced. If your organization is using an all-in-one cloud workspace platform such as Microsoft 365, Google Workspace, Salesforce, they have enterprise-level license types which comes with built-in Data Loss Protection features such as:

• Comprehensive Data Discovery
• Real-Time Monitoring
• Content-Based Classification
• Data Encryption
• User and Entity Behavior Analytics (UEBA)
• Endpoint Protection
• Data Backup and Recovery
• Integration with Security Information and Event Management (SIEM) Systems

These features are crucial for a comprehensive DLP solution to effectively prevent data loss, protect sensitive information, and ensure regulatory compliance.

Conclusion

Cybersecurity is never ending continuous work-in-progress. Attackers never stop trying to exploit weaknesses or loopholes. The most effective cybersecurity strategy is to add and stack different layers of protection on top of one another. Fight on!