With the surge of digitisation in the 21st century, cyber threats are no longer a novelty but a pervasive challenge. Spearheading the fight against these threats is KYND, a pioneer in continuous risk monitoring.
Over the years, KYND’s insights and expertise have been instrumental in improving businesses’ security postures.
In a recent post, KYND delved into the advantages of continuous monitoring in an age of escalating cyber-attacks and a shifting regulatory landscape. The cyber InsurTech company argues that an ongoing threat visibility can act as a guarantee for effective cyber risk management within an organisation.
A recent report from CheckPoint Research highlighted a worrying trend: global cyber-attacks rose by 28% in Q3 2022 compared to the same period in 2021. The average weekly number of cyber-attacks per organisation has reached a staggering 1,130. Adding to the concern, a government report by the Cyber Security Breaches Survey found that 31% of businesses estimate they experienced a cyber-attack at least once a week, and 20% of those businesses experienced a negative outcome due to a cyber-attack.
These statistics are more than mere numbers. They have real-world implications, with companies like US edtech firm Chegg and fast-fashion giant SHEIN facing legal consequences for data breaches affecting millions of their customers.
KYND said that these incidents underscore the critical importance of proactively managing cyber threats before they wreak havoc on your business. One effective method to achieve this is implementing a continuous monitoring program to stay updated on emerging vulnerabilities in your business and the broader threat landscape.
Why is continuous monitoring necessary? According to KYND, in today’s fast-paced digital world, an annual risk assessment snapshot is no longer enough to evaluate a company’s risk posture or implement adequate security measures. With new cyber threats emerging every day, there’s a significant risk that changes to an organisation’s infrastructure and cyber risk profile may go unnoticed between periodic checks. Without real-time risk visibility, an organisation’s cyber resilience can be seriously compromised, potentially leading to severe disruptions and cyber-attacks.
Continuous monitoring is the antidote to this problem. It enables businesses to keep a real-time check on the most pressing cyber vulnerabilities, paving the way for timely threat mitigation and overall risk reduction. In the face of stricter regulatory compliance requirements and hefty fines for data breaches, continuous monitoring empowers organisations to manage their attack surface effectively.
Continuous monitoring goes beyond a single snapshot, scanning for vulnerabilities on a regular basis, prioritising risks as they emerge, and making threat management more efficient. While manual monitoring can be laborious and time-consuming, many risk management companies provide continuous cyber risk monitoring services, taking the burden off the businesses.
KYND argues that having continuous monitoring in place is crucial for an organisation’s overall cyber resilience strategy. This proactive approach allows businesses to detect potential cyber threats promptly and take immediate action for remediation. In the unfortunate event of a data breach, continuous monitoring can expedite threat detection, drastically reducing the risk of data loss, financial repercussions, operational disruptions, and reputational damage.
Continuous monitoring also simplifies compliance with data security protection regulations. With the average cost of a data breach in 2022 reaching a staggering $4.35m, continuous monitoring is a prudent approach to avoid potentially debilitating fines. It allows businesses to stay updated on emerging cyber threats, demonstrating due diligence and proactive efforts to prevent data breaches.
KYND provides a robust continuous monitoring service that scans for and alerts you to new and existing threats as they emerge. The company’s comprehensive risk monitoring service allows organisations to identify, prioritise, and plan remediation activities, thereby enhancing their cyber defences.
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