Cybersecurity Challenges Pose Significant Threat to Businesses

A Growing Concern for Companies Worldwide

A recent gathering of industry experts and thought leaders highlighted the significant challenges faced by businesses in the realm of cybersecurity. As automation is adopted to meet these challenges, security responsibility is being shifted to other parts of the company, third parties are being brought in to staff and run security operations, and a risk-based approach is being applied to prioritize cyber security concerns.

The Complexity of Standards and Regulations

According to Miguel De Bruycker, Managing Director General of the Centre for Cyber Security Belgium (CCB), many organizations still feel lost when it comes to navigating the complex landscape of standards and regulations. “Cybersecurity is an area where the business world needs to make a quantum leap to stay ahead in this arms race,” he emphasized.

Addressing the Need with a New Guide

To address this need, the CCB has published a guide to help organizations improve their cybersecurity maturity and comply with new regulations such as NIS2. This new regulation requires many more sectors and companies (over 2400) to assume responsibility for managing cyber security risks.

Priorities for Security Teams

When asked about their priorities, security teams cited implementing Identity and Access Management systems, OT security, awareness training, and cyber resilience programs as top concerns.

A Recent Ransomware Attack Highlights Importance of Preparedness

Thierry Driesens, CIO of TVH, shared his personal account of the company’s recent ransomware attack, which brought all operations to a standstill. The incident highlighted the importance of preparedness and having a plan in place to respond quickly and effectively.

Key Takeaways from the Incident

• While it is impossible to be fully prepared for a cyberattack, making provisions just in case can make all the difference.
• Having alternative communication channels, adequate insurance, keeping details of a cyber expert on hand, setting up a crisis team, and ensuring support from critical suppliers such as banks are essential.

Cooperation with Authorities Crucial

A panel discussion featuring Caroline Frère, head ad interim of the Federal Computer Crime Unit, highlighted the importance of cooperation with authorities and police during a cyber incident. Frère stressed that while it may be tempting to prioritize quick recovery over reporting an incident, it is crucial to gather information to combat cybercrime effectively.

Conclusion

The event concluded with a call to action for businesses to take proactive steps to address cybersecurity challenges and prioritize preparedness in the face of potential threats. By understanding the complexity of standards and regulations, implementing effective security measures, and cooperating with authorities, companies can mitigate the risk of cyberattacks and ensure business continuity.