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Why Legacy Companies Should Consider The Latest Cybersecurity Best Practices | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware


Andrew Newman is the co-founder & CTO of ReasonLabs, a cybersecurity pioneer providing enterprise-grade protection to families worldwide.

These days, the business world tends to view companies in one of two camps: 1. old-school behemoths, which are at least two decades old, rooted in tradition, with an internationally recognized name; 2. the exciting and innovative new startups, who are slowly but surely making their way in the world.

Often, the older companies have the benefit of being around for so long that they’ve had the time and the resources to build solid network security. But what happens when that network security becomes out of date and the technology is obsolete because it doesn’t keep up with new emerging threats?

Let’s dive into how and why these organizations must upgrade their systems to meet the new digital world we all live in.

Adopting The Latest Technology

Ironically, despite probably being the best-of-the-best in their heyday, the old school “legacy” companies are now spending millions in order to adapt to the new cyber era—not such an easy thing to do when you’ve already got established systems at work. But between setting up social media accounts, figuring out how to accept crypto payments, switching to automated customer support systems and utilizing all other forms of modern marketing, cybersecurity solutions are an imperative must-have.

The advent of AI in cybersecurity has opened up new possibilities for network and endpoint coverage. Whether you are a one-man operation or a large corporation, implementing the most up-to-date technology is imperative in securing a new company. An endpoint protection solution from the get-go adds peace of mind to founders and employees, and protects your assets from infiltration.

Now is the time to research the endpoint protection and next-generation antivirus solutions so that you can provide your employees, clients and customers with the ultimate defense against any cyber threats. Even if it means a complete restructuring, it is advisable to invest the time and money, because a cyberattack is likely to cost a lot more.

Shoring Up Your Employees

As we are all well aware, 2022 has seen an explosion of hybrid-work models, with many global companies choosing to adopt “hot-desking” or “work from home” policies. As great as this is in terms of many employees’ work-life balance, it actually adds a dimension of concern from a cybersecurity point of view.

In the physical workplace, an organization will rely on their corporate network security to encompass all devices while at the office—but what happens when an employee takes their laptop home and relies on their standard Wi-Fi?

Home networks are, by definition, less protected than the workplace. The “work from home” landscape needs to be better protected. Mandating antivirus protection for all employees, wherever they are working, is crucial. Additionally, awareness and education surrounding the use of other cybersecurity solutions, like a DNS or VPN, should be provided to employees so that their privacy is protected whether they are working from home, a coffee shop or an airport lounge.

The growth of “work from home” opportunities also means that many more small businesses are starting up, and the owners of these businesses must also pay attention to their cybersecurity details. Many people aren’t security-focused and won’t necessarily prioritize this aspect of their new business. Just because you aren’t a large multinational corporation, does not mean that you won’t be susceptible to cyberattacks.

A recent survey showed that 42% of small businesses in the U.S. were victims of a cyberattack last year. Additionally, the same survey revealed that it is the younger generation of business owners who are more concerned about cyber safety—again reiterating the need to raise cybersecurity awareness for users of every generation.

New IoT Products From Legacy Companies Demand More Security

So much of the world, and so many everyday objects, now have internet capacity. In fact, according to a Statista estimate, the number of IoT-connected devices worldwide will reach almost 30 billion by 2030. In the healthcare sector, hospitals and medical institutions are also more and more often turning to a web-based strategy in order to efficiently diagnose, treat and manage patients’ data.

The added “tele-element” to these medical systems makes personal data more susceptible to being stolen—around 50% of hospitals have been attacked with ransomware, with 45% of those saying that these cyberattacks are interfering with patient care.

When an individual, or a company, adopts new technology, they need to be cautious over who they share their credentials with. From hospital patient records to wireless blood pressure cuffs and heart monitors to cuddly toys containing recording devices, users must be cautious over how their items are used and who else may be using them or intercepting data.

Conclusion

The basic premise here is that your cybersecurity must be at the forefront of your priorities. A hack could cost you, your company or your customers a lot of financial and mental angst. Do your research when setting yourself up. Analyze who or what you need to safeguard—your clients, your patients, assets, data and confidential information.

Then research endpoint protection solutions and other tech options while educating your team so that you can encompass all elements of cybersecurity: This is the first and most important step.


Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?


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