Expert Speak

Network Security Strategies That You Shouldn’t Ignore

Published

1 year ago

January 18, 2024

You don’t want to wake up one day to the news that your organization’s network security has failed. When a network failure occurs, critical operations may be hindered, and sensitive data could be leaked without proper security reinforcement.

In March 2020, Sina Weibo, China’s biggest social media platform, disclosed that a hacker gained access to a segment of its database, affecting 538 million users. The compromised information included real names, site usernames, gender, locations, and phone numbers.

Similarly, LinkedIn found itself in a tricky spot when the data of 700 million users was offered for sale online. However, LinkedIn denied the occurrence of such a data breach. Most organizations take their network security very seriously. According to a new International Data Corporation (IDC) spending guide, global security investments are expected to experience 12.1% growth in 2023, reaching a total of $219 billion.

Let’s look at a few ways you can improve your network security.

Organisation-wide visibility
It’s important to integrate applications and technologies from different vendors to keep the network secure. Organizations need a central viewpoint for all the data from each system in their IT infrastructure. Let’s say a multinational company has offices worldwide. In this case, having enterprise-wide visibility is an important parameter for securing its network. One way to achieve this is by deploying an enterprise network monitoring tool. It helps analyze and monitor devices, including routers, switches, and firewalls.

Monitor risk continuously
According to a report by Forrester Research, 74% of companies worldwide, spanning various sizes and industries, encountered a cybersecurity breach in 2022, representing an increase from the 59% reported in 2020. The rising number of cyberattacks is alarming and requires around-the-clock monitoring to mitigate them. The 2020 SolarWinds hack is a perfect example of how a network failure could lead to a catastrophic data breach. Government departments of homeland security, state, commerce, and treasury were all impacted, with evidence of missing emails from their systems.

Private companies, such as FireEye, Microsoft, Intel, Cisco, and Deloitte, also experienced repercussions from the attack. Deploy a robust SIEM solution to analyze and correlate security events across the enterprise to avoid instances of network failure. SIEM solutions monitor and analyze every device connected to the network in real-time and alert you after detecting vulnerabilities.

Use a next-gen firewall
The firewall, as the first line of defence for your organization’s network, must be given the utmost importance when building the network security posture. While a traditional firewall monitors the inflow and outflow of traffic, a next-gen firewall comes equipped with features such as application control, intrusion prevention, and URL filtering. As cyberattacks continue to evolve and increase each day, it is imperative not to rely on legacy firewalls. Instead, deploy next-gen firewalls that offer extensive application control and enterprise-wide visibility.

Update your software
Software updates and patch management, although simple, are crucial to defend your network from cyberattacks. More often than not, vulnerabilities present in various applications leave a loophole for attackers to infiltrate your network.

Keeping your software up to date is one of the easiest ways to secure your network. Since patches and updates for applications are crucial, they shouldn’t be left to the mercy of human errors. Therefore, automate software updates and patches for vulnerabilities using a patch management solution. This ensures the automation of patching and software updates, preventing oversights.

Key takeaways
Securing your network is crucial for maintaining uninterrupted business operations. Implementing a single point of visibility for enterprise-wide network devices, continuous traffic monitoring, next-gen firewall deployment, and regular software updates are essential measures to protect your network effectively. Learn more about network monitoring.

Cyber Security

The Human Factor: Why Cybersecurity is as Much About People as Technology

Published

1 week ago

January 15, 2025

Priyan Sampath

Global Entrepreneur Roman Ziemian explores why organisations must prioritise human awareness and culture to build a truly secure future. (more…)

Cyber Security

How Public-Private Collaborations Contribute to Cybercrime Disruption

Published

2 weeks ago

January 8, 2025

Prarthana Mary

Written by Derek Manky, Chief Security Strategist & Global VP Threat Intelligence | Board Advisor | Threat Alliances at FortiGuard Labs (more…)

Expert Speak

Combating Advanced Cyber Threats in the Middle East’s Financial Industry

Published

2 weeks ago

January 6, 2025

Edward Frank

The Middle East’s financial sector is increasingly a target for sophisticated cyberattacks, driven by numerous factors. Mobile financial services, online transactions, and emerging technologies like AI and cloud computing have expanded potential attack surfaces. As a result, according to the World Economic Forum’s Global Risks Report, cybersecurity ranks among the top five global threats over the next two years, with banking systems as key targets.

For cybersecurity professionals working within the sector, the pressure doesn’t end there. New data protection laws, such as the three new policies being developed by the UAE Cybersecurity Council on “cloud computing and data security”, “Internet of Things security”, and “cybersecurity operations centres” demand that financial institutions rigorously protect customer data. However, the increasing sophistication of attacks, driven by AI, often outpaces the requirements of such regulations, let alone the time taken for them to come into force.

All this creates significant pressure on financial institutions to establish a best practice that enables them to secure their operations, reduce vulnerabilities and maintain consumer trust.

The Role of Regulations in Cybersecurity
Regulations heavily influence the financial sector’s cybersecurity strategies, often focusing on risk management. However, while threats evolve quickly, regulations tend to lag and take time to develop.

Traditional corporate security teams can no longer prevent breaches as swiftly as attackers compromise systems, and monitoring tools have limited ability to stop a threat. That’s because the time it takes for attackers to compromise and exfiltrate data is now quicker than the time it takes for an organisation to remediate, which is typically 4-6 days.

With the average data breach now costing around $4.45 million, financial institutions need a proactive cybersecurity strategy, not one that is reactive to regulation alone, including investment in advanced technologies to quickly detect and neutralise threats.

Financial institutions should only view regulatory requirements as a foundational baseline, rather than a comprehensive basis for defence. Within the financial sector, more than any other, proactive, threat-based strategies are essential.

AI: Both a Threat and a Solution
AI is reshaping business functions in financial services, enhancing the customer experience and operational efficiency, but it also introduces new security risks. Today, attackers are using AI for reconnaissance, social engineering, malicious code development and more. These tactics accelerate attacks, making them harder to combat with traditional cybersecurity measures.

Even within the security department, it has become a double-edged sword, aiding both cyber criminals and defenders. While many organisations adopt AI to improve operations, the technology also expands attack surfaces, allowing cybercriminals to automate and scale attacks.

By consolidating security products and shifting to a platform approach, AI-driven cybersecurity solutions can be best utilised to help institutions detect and respond to threats in real-time, protect data and be more agile in response to incoming regulation.

Communicating Cybersecurity Needs
To put the right solutions in place, security teams first need trust and investment and that means taking the cyber challenge to the board. C-level leaders in the financial sector often underestimate their cyber-resilience so effective communication from CISOs and CTOs about cybersecurity risks and investment needs is essential.

Maintaining trust is critical for any business that holds sensitive, personal or critical data. Where financial services institutions rely on reputation, any investment in cyber is a good investment. It means a reduction in risk from cyber attacks, which do carry financial implications, in addition to the fact that an effective security posture carries the potential for funds to be released from a business’s cyber insurance policy.

In the digital financial landscape, robust cybersecurity measures safeguard reputation, customer trust, and operational continuity. As digital transformation continues at pace, banks and other financial entities must embed security into every aspect of their operations – turning investments in AI and cybersecurity innovations into competitive advantages.