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How a cyber attack could destroy your business without it happening

Kaan Sen, Runibex CIO, looks at how transitioning to the Cloud can protect small and medium businesses from supply chain cyber attacks.

I have some unsettling news for small and medium sized businesses (SMBs) everywhere. Hackers are sizing up the security vulnerabilities in your IT infrastructure. And it’s your customers they’re actually after. This blog looks at how transitioning to the Cloud with a Cloud Service Provider (CSP) can protect you from supply chain cyber attacks.

A supply chain cyber attack targets organisations by focusing on its weakest links. This may be security holes in software but is, perhaps, more commonly vulnerabilities in the IT infrastructure of suppliers and partners. Research shows that ‘next generation’ supply chain attacks grew by an astonishing 430% in 2020.

Targeting the weakest link

Hackers aren’t stupid and they’ll look for the easiest path. This explains why almost half of SMBs report they have experienced a cyber attack in the past twelve months.

Put simply, these attacks happen where hackers think there are weaknesses. Smaller companies often lack the IT expertise or resources to put in place strong cyber security arrangements. Once a breach has been successful on an SMB supplier, the hacker leverages the trusted relationship to gain access to their target network.

Wall Street Journal showed that fewer than two thirds of companies with under $50 million in revenue have a cyber security program in place.

You are the weakest link. Goodbye!

Larger companies are beginning to build cybersecurity into the contracts they have with suppliers and indeed their supplier’s supplier. They’re putting in place verification processes to ensure those security stipulations are met.

In effect, your customers could begin to close you out from business if you can’t demonstrate your cyber security credentials. You could be floored by a supply chain attack without ever falling victim to one!

Cloud: Becoming the strongest link

In its transforming cyber security report, McKinsey recommends “making a secure transition to the public Cloud’. To do this, SMBs require the skills and resource of a Cloud Service Provider (CSP) to help make a successful transition. In this way, you’ll benefit from:

Controlled data access

When data is stored off-site in the Cloud, employees, suppliers, contractors and customers are physically separated from your business-critical data. This lack of physical access makes it more difficult for malicious actors to stumble across data and use it negatively. In addition, the CSP can apply sophisticated authorisation and authentication to ensure only the right people access your data.

Data encryption

Encryption can be difficult for smaller companies to implement across their ecosystem of trading partners. The best CSPs have AES/SSL encryption built into their services so data is secure both in transit and at rest.

Frequent auditing

Unlike on-premise systems, CSPs undergo frequent audits to protect against flaws in their security systems. This ensures that you can receive reports on the security capabilities available to you. It becomes straightforward to demonstrate yours cyber security arrangements to customers.

Data segmentation

A major security advantage the Cloud has over on-premises infrastructure is the segmentation of data servers from user workstations. In the Cloud, use access and data storage are separated significantly reducing the risk of phishing and email-based threats.

Cyber security expertise

The CSP has to be a cyber security expert. The Cloud infrastructure is monitored at all times in order to head off potential security threats, and the CSP enacts and enforces all the latest security technologies and strategies. Your applications and data are monitored 24x7 to ensure protection.

Moving to the Cloud is an excellent approach to overcome cybersecurity concerns from both the SMB and its customers. In addition, the CSP can help you build your Cloud infrastructure to take advantage of new digital technologies to drive innovation and business performance.

If you’d like to know more about secure Cloud services from Runibex, visit their web page.

 

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