In today's digital landscape, cybersecurity is a paramount concern for businesses of all sizes. With millions of cyber-attacks occurring daily, it is crucial for organisations to implement robust security measures to protect their valuable data and maintain trust with their stakeholders.
It’s a Complex Landscape
The cybersecurity landscape is becoming increasingly complex and dangerous.
Microsoft's unique vantage point, with its presence in the digital ecosystem and the ability to aggregate security data from a broad and diverse spectrum of companies, organisations, and consumers, provides unprecedented insights into key trends in cybersecurity.
According to the Microsoft Digital Defense Report 2024, Microsoft customers face more than 600 million cyber-attacks daily from both cybercriminals and nation-state actors. These attacks range from ransomware to phishing to identity attacks, highlighting the urgent need for robust security measures.
The report also reveals that Microsoft tracks more than 1,500 unique threat groups, including over 600 nation-state threat actor groups and 300 cybercrime groups. If you think that no one is interested in your organisation because it is too small or not important on a global scale, think again.
These attacks are automated, co-ordinated and don’t discriminate.
Recent High-Profile Cyber-Attacks
The year 2024 witnessed a surge in cyber-attacks, with incidents targeting critical infrastructure, healthcare, financial institutions, and even political campaigns. Some notable examples include:
- Change Healthcare Ransomware Attack: In February 2024, a ransomware attack against United Health-owned Change Healthcare caused massive disruption in the U.S. healthcare system, preventing many pharmacies and hospitals from processing claims and receiving payments.
- Ascension Health System Attack: In May 2024, the Ascension health system was struck by a ransomware attack that forced it to divert emergency care from some of its hospitals.
- CDK Global Ransomware Attack: Most recently, software maker CDK Global fell victim to a crippling ransomware attack that disrupted thousands of car dealerships relying on the company's platform.
These attacks highlight the growing sophistication of threat actors and the vulnerabilities across industries. As Vasu Jakkal, Corporate Vice President for Security, Compliance, Identity, and Management at Microsoft, stated, "Cybersecurity is a team sport. No one organisation can do it alone. It requires collective defence, where we all work together to share intelligence, defend against threats, and create a safer digital world for everyone."
Financial Impact of Cyber-Attacks
The financial repercussions of cyber-attacks are staggering. According to the IBM Cost of a Data Breach Report 2023, the average cost of a data breach reached $5.9 million. This figure includes direct costs such as incident response, legal fees, and regulatory fines, as well as indirect costs like reputational damage and loss of customer trust. For instance, the 2023 ransomware attack on a cloud IT service provider caused simultaneous outages at 60 US credit unions, leading to significant financial losses and operational disruptions.
The International Monetary Fund (IMF) highlights that the risk of extreme losses from cyber incidents has more than quadrupled since 2017, reaching $2.5 billion. These extreme losses can potentially cause funding problems for companies and even jeopardise their solvency. The financial sector, in particular, is uniquely exposed to cyber risk, with attacks on financial firms accounting for nearly one-fifth of the total.
The Swiss Cheese Model of Cybersecurity
At Velocity Technology Group, we believe in the "Swiss Cheese" model of cybersecurity. This model emphasises the importance of implementing multiple layers of defence to prevent cyber-attacks. Each layer, like a slice of Swiss cheese, has its own strengths and weaknesses. By stacking these layers together, we can create a more resilient defence system that minimises the risk of a successful attack.
Add A Slice Of Velocity Security Oversight Services (SOS)
Velocity SOS acts as an additional "cheese" layer in your cybersecurity defence stack. Our service proactively scans your Microsoft 365 environment via Microsoft's API’s. In the event an attacker gains access to your tenant and disables built-in suspicious activity alerts, Velocity SOS will continue to scan from outside the environment and alert you to any suspicious activities. This ensures that no critical warnings are missed, even if a global admin account is compromised.
Proactive Monitoring for Success
Our proactive monitoring approach is designed to keep your organisation safe. We constantly scan your Microsoft Tenant for any signs of unusual activity. When we detect something that requires your attention, we send automated emails to your help-desk and our own. These emails cannot be stopped by cybercriminals, ensuring that you are always aware of potential threats. We continue to send warning emails every hour until the issue is resolved, treating these warnings like a smoke alarm that cannot be ignored.
Rich Reporting for Deep Insights
Velocity SOS provides detailed tenant and security reporting, allowing you to dive deep into every corner of your Microsoft 365 accounts. Our key reports include:
- Security Report: A comprehensive report covering all key aspects of your security, including recommendations on how to secure your tenant.
- Sharing Tracker: Tracks who has shared what, when, and with whom in SharePoint and OneDrive.
- Login Tracker: Monitors successful and unsuccessful login attempts, plotting them on a map for easy visualisation.
- SharePoint Unique Permissions Report: Details who has access to what in SharePoint.
- Mailbox Folder Permissions: Analyses and reports who has access to which folders in Exchange.
The Wrap Up
In an era where cyber threats are becoming increasingly sophisticated, it is essential to have a comprehensive security strategy in place. The financial and operational impacts of cyber-attacks are significant, and the need for robust cybersecurity measures has never been more critical. Velocity SOS offers a proactive, multi-layered approach to cybersecurity, ensuring that your organisation is protected from all angles. By leveraging our service, you can rest assured that your Microsoft 365 environment is continuously monitored and safeguarded against potential threats.
It is our responsibility and technology leaders to prioritise cybersecurity and protect our organisations from the ever-evolving landscape of cyber threats. I invite you to explore Velocity Security Oversight Services and see how it can enhance your cybersecurity strategy.
