Importance of Enterprise Security in the Digital Age
Security in the Digital Age: The Vital Role it has for Enterprises
In an era where the digital landscape is the backbone of modern businesses, the significance of robust cybersecurity services cannot be overstated. India, a rapidly developing nation with a heavy focus on digitisation, is no exception to the ever-evolving security threats. From large enterprises to Micro, Small, and Medium Enterprises (MSMEs), all are gMicro, Small, and Medium Enterprises (MSMEs)rappling with managing their security posture. Even leading industries in India from manufacturing to financial services who contribute most to the GDP are facing a large share of security attacks today.
The threats faced by organisations are diverse and dynamic, requiring continuous adaptation, collaboration, and a unified approach to safeguarding against potential risks. With the aim to address these concerns and fortify the digital resilience of organisations, Vi Business held multiple Roundtable Conferences on cybersecurity services across four cities in India. This forum served as a unique platform to explore the intricacies of cybersecurity challenges, share insights into emerging threats, and collectively chart a course towards innovative and effective solutions.
This article explores the engaging discussions and shared knowledge exchanged by the forum's industry leaders and security experts. Additionally, it will explore the ways in which security incidents are always evolving, the difficulties that contemporary businesses are encountering, the steps they are taking to address it, and, finally, the key expectations they have of security solution providers.
A Brief outlook of the rise of cyber-attacks in India
India is seeing an alarming rise of attacks in the past few years, almost 80% of Indian companies have experienced some sort of cyber-attack in the last 12 months.
While large enterprises have robust security measures in place, MSMEs face a lot of unique challenges, with over 40% of all cyber-attacks in India directed at them2. The lack of cybersecurity resources and expertise in smaller enterprises is making them vulnerable to a host of cyber threats.
The Vi Business Roundtable Conferences on cybersecurity services identified the following security challenges that target businesses across India:
Diverse threats: Cyber threats range from traditional viruses and malware to Advanced Persistent Threats (APTs), ransomware, and social engineering attacks.
Nation-State threats: State-sponsored cyber-attacks pose significant risks to critical infrastructure, national security, and intellectual property.
Data-as-a-Target: With the proliferation of digital data, protecting sensitive information has become a top priority.
Regulatory compliance: Stringent data protection regulations (e.g., DPDP Act) necessitate robust cybersecurity measures to ensure compliance.
Cloud security challenges: Increased reliance on cloud services introduces new security challenges, emphasising the need cloud-native security solutions
Shared responsibility: Understanding the shared responsibility model between cloud service providers and users is crucial for effective cybersecurity.
Proliferation of IoT devices: The rapid growth of Internet of Things (IoT) devices presents new attack surfaces and vulnerabilities
Securing the edge: Protecting devices at the edge of networks is essential to prevent unauthorised access and control.
Cybersecurity skills gap: The increasing complexity of cyber threats highlights the shortage of skilled cybersecurity professionals. Continuous training and educational initiatives are essential to bridge the skills gap.
What are the business challenges of modern IT leaders?
At the implementation level, the knowledge and approach towards a robust security posture vary widely across most enterprises in India. While some have basic measures in place such as firewall implementation and security patch upgrades, many are still struggling to achieve full maturity in their existing security posture.
Business challenges in the form of lack of experts, and financial resources are often forcing organisations to prioritise immediate operational needs and costs, over security. Even identifying the right fit for their requirements has become a tedious task.
For example, in the healthcare sector unawareness regarding government compliance guidelines for incident reporting as well as the lack of internal framework is a big concern, and many are not prepared to adjust their business model to adhere to it. Many MSMEs rely on third-party IT service providers or cloud vendors for their technology needs, often unaware of the potential risks this invites.
Some of the most prominent business challenges observed today are:
● Lack of available resources
● Business models are changing and are becoming more eco-system driven
● Due to the cloud-centric nature of businesses today, managing multiple locations data is a big challenge
● Delivery of services
● Gaining competitive advantage
● Catering to ever-evolving and changing customers, especially in a B2C environment
● Penetrating the market
● Meeting customer’s expectations
● Expanding attack surface due to flexible, hybrid-working models
Furthermore, security awareness remains an ongoing organisational security challenge due to the persistent gaps in comprehending the full scope and significance of security. Besides, connectivity is also a business challenge which negatively impacts service delivery. To add to these points, organisations also struggle to catch up with digital transformation and evolving technology.
What should enterprises look for in a security partner?
First and foremost, enterprises today should consider partners' expertise and experience in dealing with the unique challenges faced by smaller enterprises. A provider with a proven track record can offer security solutions
that are scalable, cost-effective, and aligned with the specific security requirements of your organisations.
Aspects like scalability and flexibility are given and will always be crucial considerations.
The selected partner should be able to adapt its services to the evolving needs and growth trajectory of the business.
If we talk about the MSME sector among different sets of enterprises, we see that they often experience dynamic changes in their operations, and that the partner should provide solutions that can scale up or down as required. Additionally, a comprehensive understanding of compliance requirements, especially considering the regulatory landscape in India, is required. The Managed Security Service Provider (MSSP) service Managed Security Service Provider (MSSP) provider (MSSP) should assist MSMEs in navigating and adhering to relevant data protection and cybersecurity regulations.
Below is a breakdown of some of the top and mid-level asks enterprises should have today with them:
Top-Level Asks:
Regular threat detection & posture assessment exercise: As there is limited knowledge about identifying the right security solutions, enterprises seek partners who can provide proactive threat detection and mitigation. They are particularly interested in solutions that involve behaviour analysis and vulnerability assessment.
Look for custom solutions: With the rapidly evolving security tool landscape, enterprises should look for tailored security solutions that match their unique needs while keeping costs in check. Building certified experts: Look for certified security expert, who can guide them in building the right security strategy and help handle security challenges effectively.
Technical experts: Look for their technology acquisition history, and how they are building capabilities using them to serve in the market. IT leaders should also looking at which partners & OEMs they are doing business with.
Mid-Level Asks:
Root cause analysis: Look for how many incidents they have resolved in the past and what type of incidents they were, study their customer case studies across different verticals. Incident resolving capabilities are key while assessing a partner.
Business understanding: Engage with a partner who understand your current business model and your future roadmap.
Takeaway:
Enterprises need to do away with the reactive approach of being on an anticipatory mode to predict and mitigate any and all challenges. All organisations - small or large - who are actively progressing on digital grounds should build a robust security model in collaboration with a partner.
The principle of security begins with your level of awareness. The more you understand your infrastructure, the better you can protect or respond in time. A holistic and proactive security strategy can cover not only technology but people and processes as well.
There should be a strong focus on conducting regular security assessments, keeping in mind exploitability and vulnerability elements. It is also advantageous to use certain fundamental approaches, such as vulnerability management and penetration testing, to identify and address any potential weaknesses in the infrastructure. Training and awareness programs for employees about social engineering attacks are also beneficial.
The adoption of cutting-edge technology like Artificial Intelligence (AI) and Machine Learning (ML) should be incorporated in security frameworks to improve threat detection and response capabilities. And lastly, to guarantee adherence to industry government rules and data protection legislation, a cooperative strategy should be implemented.