Cyber-security is fast becoming one of the most significant risks businesses of all sizes face. Made In Britain, the not-for-profit organisation, estimates that Cybercrime costs UK businesses nearly £21 billion a year. The average cost of repairing the damage caused by a cybercrime incident is £21,000 per attack.

But it’s not just the financial cost, either. As buyers become increasingly aware of the risks of cybercrime, a good Cybersecurity system is quickly becoming one of the most important parts of the decision-making process.

According to PwC, 85% of consumers say they will not engage with a company if they’re concerned about their cyber-security preferences.

Advanced cyber-security is no longer a nice thing to have but an essential for businesses looking to mitigate risks. The government’s National Cyber Strategy Office reports that nearly 50% of all British companies have experienced a security breach.

Polaris recently valued the Cybersecurity industry at £217 billion.

The risks businesses face from cybercrime are growing as businesses become increasingly dependent on digital infrastructure. Key data and company workflows now all hinge on tech, and a single outage could completely halt a company’s operation.

But it’s more than just the computers employees work on; smart tech, such as smart security cameras, can act as access points for hackers to infiltrate an entire network.

Moreover, cybercrime has advanced, too. AI-powered attacks, advanced ransomware, and even supply chain attacks where hackers gain access through suppliers have all made keeping tech businesses secure much more difficult.

Ultimately, the risks posed by cybercrime and poor security are only growing, and ensuring cybersecurity has become an essential part of managing a modern tech business.

What are Tech Companies Doing About It?

Luckily, the cyber security industry has also developed, and tech companies are using a few key advancements to mitigate the risks in the digital space

AI and Predictive Intelligence

In the past two years, AI and machine learning have helped develop massively effective cybersecurity solutions. AI intelligence can analyse vast amounts of data in real-time and identify patterns that may indicate a breach is taking place, even if they go undetected by the human eye.

For example, an AI-enabled cyber-security tool would be able to establish what it would consider to be baseline “normal behaviour” for users within your organisation, such as where they log in from and the actions they usually perform.

Once an AI tool establishes a baseline, it can detect anomalies, such as a log-in from a foreign location, and alert your IT management team. This means your organisation can shut down potential breaches before they can damage your company.

Zero-Trust Architecture

 Traditional cyber-security solutions operate on what is known as a perimiter-based model. In other words, once a user has passed an initial password security check, they’d have access to all the resources inside a private network.

However, hackers have developed sophisticated techniques to bypass perimeter defences, including phishing, social engineering, and lateral movement within networks.

Moreover, with the advent of remote working, more users are accessing resources on devices which are outside a company’s control.

Therefore, these perimeter-based controls are no longer enough to keep tech companies secure.

Enter Zero-Trust architecture. In essence, these tools operate under the principle of never trusting any user.

Features like multi-factor authentication and micro-segmentation, where each part of a network is divided into smaller security-locked segments, mitigate the risks a tech company may face even if a hacker enters the network.

Advanced Endpoint Protection

Previously, Endpoint protection was relatively simple for tech companies. Each employee had an assigned computer, which they could only access in the office.

However, thanks to remote working and the development of the Internet of Things (IoT), a modern tech company has numerous endpoints that could be vulnerable to attack.

For example, many IoT devices are designed with minimal security, often lacking advanced authentication and encryption. If an IoT device (such as a smart speaker) has minimal security controls, an attacker could exploit it to access a home network.

Once inside the home network, the attacker could move laterally, attempting to access other devices on the network, including a work laptop. From there, they could gain access to a private company network.

Advanced Endpoint Protections can help tech companies manage their network of endpoints to help mitigate security risks. Features like Endpoint isolation, where security teams can remotely isolate a compromised endpoint from your network, prevent a hacker from gaining access to your more comprehensive network.

What can you do about it, and How can Darwin help?

Ultimately, there’s no one solution for the cybersecurity risks that a modern tech company faces. The right solution for you is the one that fits your company’s structure.

If you have a solution designed for a company that works completely in-office and your organisation has embraced remote working, it won’t work.

At Darwin, we know there are many options, and finding the right tool to mitigate your risks isn’t easy, especially when you don’t have time to consider each solution’s pros and cons.

That’s why we aim to help you mitigate risks by providing the expertise you need to choose the right cybersecurity solution for you.

If you’d like to find out how, please call us on 020 8137 3637 | ext. 1001 or email us at declanmckee@darwin-tech.com