For the past two years, the world has been busy handling cases of global health, COVID-19. There are so many adjustments to the regulation like people starting to work remotely, and children studying from their homes with online classes. We are forced to live with technology and the surrounding internet.
Over the years, the technology industry has been on the rise. Every day a new tech startup comes up. Many experts predict that this year, we can recover our economy since the new industry is growing rapidly and the COVID-19 cases are also slowing down.
But unfortunately, another problem comes, there is some conflict in western countries between Russia and Ukraine that is affecting the world’s economy and is now starting to become chaotic. Technology stocks began to decline drastically, technology companies are also making a lot of staff reductions. Some countries are increasing their interest rate and their inflation level.
Also, read about cybersecurity threats during the holiday.
Everyone started to plan their money wisely and cut some budget for something unnecessary. But, most tech companies have a challenge when they need to be more efficient, and at the same time, they need to be more protective of their data.
A study from Check Point Research (CPR) reported that the second quarter of 2022 saw an all-time peak, where global cyber-attacks increased by 32 per cent. The average weekly attacks per organisation reached a peak of 1.2K attacks.
So, what should this tech company need to do during the economic crisis?
World Economic Situation 2022
What happens to cybersecurity?
The Economic crash has brought so many impacts, especially to the technology industry. As we can see, most tech companies lay off their employees to save their budget. Their stock prices are also going down during this time. In some cases, cyberattacks also worsen these tech companies.
Of course, cyberattacks make the company’s image look even worse. Cyberattackers can inject fake price quotes in data feeds, publish some fake news through reliable news organisations, or create numerous non-existent sell orders to cause stock prices to plummet and cause a market crash.
The FBI has found that cybercrime has increased fourfold since the COVID-19 outbreak began. At their conference online, launched by the Aspen Institute, FBI assistant director Tonya Ugoretz said the FBI’s Cyber Crime Complaints Centre (IC3) said she receives up to 4,000 complaints a day.
We need to be more serious to prevent these cyberattacks from occurring in our company during this critical time. Start from educating our employees with cyber awareness, and installing complete cyber protection.
Keep Protected during the Crisis with 3 Steps
In this economic crash, people are very cautious about how they spend their money. On the other hand, cybersecurity is a must to have, but the cost is so expensive. We also need to pay for the software, management, and other details.
But the question is, can we ensure cyber safety with a minimum budget? When there is an issue, someone will always try to look for a solution. And yes, there are three steps that we can do to protect our company during this downturn.
See more about how to set the cybersecurity budget.
1. Use an all-in-one console
It is the most effective way to reduce costs without sacrificing cybersecurity performance. Organisations often purchase different kinds of software directly from different vendors or multiple resellers, which usually results in a higher final price. A recession can be a good time to rethink your technology stack and identify key partners who can support multiple initiatives in an all-in-one console.
Simplifying the management of your tool set frees up time, money, and resources to focus on other projects. Just like what ArmourZero provides, an all-in-one platform where we can plan, manage and track all cybersecurity systems for our business.
2. Use Automation
Many companies continue to struggle with digital transformation and building automation pipelines. Key industries such as energy and construction have a long way to go in replacing manual bottlenecks with digital energy, which will be a major source of growth for companies taking the plunge.
An automated cybersecurity system will help the company get better protection and cut more budget. If previously they needed to check their system manually, now there is another company that can help them to detect it and will directly give a response. This technology may not be 100% AI, but at least it helps people in their job.
3. Focus on how to Defence
The optimism and cash flow generated by growth markets are perfect for risky investments that create aggressive advantages. But a recession is a good time to get back to basics and focus on defence. Security awareness training has consistently proven to be one of the most cost-effective strategies for reducing cybersecurity risks and mitigating potential consequences.
In fact, a company’s people (not technology) are its most vulnerable resource, and 80% of successful cyberattacks are due to social engineering attacks.
It’s just a matter of time until we receive the attacks. What we can do now is think about protecting our company with trusted cybersecurity and using the budget effectively.
So ArmourZero came up with a cybersecurity subscription model, with very affordable pricing. You can get an all-in-one package, from the software licence, and management, until monitoring and reporting. Contact our security expert for more information.
*This article has been published on e27.co on 7 Oct, 2022
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