Penetration testing for potential weaknesses in your information technology business infrastructure, websites and web applications is an essential part of doing business. In this digital age where so much business is conducted over the internet it is critical that you protect your business data and intellectual property from hackers.
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Does your senior management team and board of directors know the daily cost to your business of operational downtime due to a cyber security failure? This knowledge is an essential part of managing the operational risk for your business. It is highly likely that your business will be hacked and the cost can be severe as well as a loss of trust in your business by your customers who are inconvenienced.
The 16/3/21 article on the authoritative website Varonis.com revealed some disturbing statistics that should concern the owners and managers of all businesses:
-The average cost of a data breach is $3.86 million as of 2020. (IBM)
-The average time to identify a breach in 2020 was 207 days. (IBM)
-The average cost of a ransomware attack on businesses is $133,000. (SafeAtLast)
-By 2023, the total number of DDoS attacks worldwide will be 15.4 million. (Cisco)
Face it, the chances of your business being a victim is high and that is why there exists the Information Security Standard ISO 27001. This standard is a specification for an Information Security Management System (ISMS) and is published by the International Organization for Standardization.
If you follow the guidelines and are certified as being compliant by an independent and accredited certification body following a compliance audit you lessen the chances of being hacked and suffering losses associated with it.
If you need quick, expert, online ISO 27001 consultancy support services click on the image below:
Top 9 Reasons Why Penetration Testing Is Essential For Business
If you have been hacked or fear the business losses associated with being a victim of a future hacking, ransomware or other malicious cyber attack the time to prepare is now if you have not already done so. The best defense is being prepared to defend your business from cyber attack which happens to businesses every day.
You are not alone in this. That is why The International Information Security Management System Standard ISO/IEC 27001:2005 has been established. These are the nine reasons why you need to comply with ISO 27001 and have a penetration test regularly to ensure that your cyber security and staff training are up to date:
- Small to medium size enterprises (SMEs) are the hardest hit by cyber crime. Some countries seem to be targeted more than others or, perhaps, their reporting administration is better. The Computer Business Review reported that the Federation of Small Business in the United Kingdom (U.K.) stated that the cost to the United Kingdom economy was around 5.26 billion U.K. pounds per annum. Sixty six percent of U.K. SMEs had been victims of cyber crime in the past two years.[source] The owners or board of directors have a responsibility to take steps to protect the business from what is a clear and present danger of being a cyber attack victim and bearing the losses associated from these attacks.
- The International Organization for Standardization (ISO) has reacted to the rise of cyber crime and the need to protect businesses and the data that they hold. They have developed an Information Security Management System (ISMS) standard. This is a roadmap for businesses to develop a systematic approach so that business data can be protected, secure and not corrupted.
- In developing the ISMS there was a need to set standards which could be implemented, complied with and audited by a certification body. This meant that not only could a business have confidence in the way it was carrying out its daily operations, but be secure in the knowledge that it had taken fair and reasonable steps to comply with acceptable standards. The public and other businesses could also have confidence in the integrity of the certification process and will therefore continue to do business with an ISMS certified business.
- The ISMS lays out clearly defined steps in the implementation process so that it similar to a process mapping of the steps to reach the standards required. This will assist in the identification of where there are gaps in the process that will require rectification.
- The process mapping of the ISMS steps will facilitate the project management team building a presentation to the top management team of the business for the full implementation of the ISMS process on a risk management basis. In short, there is a clear and present danger that any business that does not undertake the ISMS process will be more exposed to losses associated with cyber attacks.
- On May 4, 2016 the new European Union Data Protection Regulation (EUGDPR) was published in the Official Journal of the European Union. The GDPR sets out new requirements that apply to doing business with EU-resident individuals. Non-compliance will result in substantial fines of up to a maximum of 20 million Euros or 4% of total worldwide global turnover of the prior financial year, whichever is higher. Similar legislative cyber security responses will occur in other worldwide jurisdictions to protect an individual’s data and counteract organized crime.
- What is clear from the ISMS and the GDPR is that cyber security is an ongoing business risk and that steps have to be taken to ensure that IT Governance to protect data, products, policies and procedures is regularly tested with a penetration test.
- A penetration test (pen test) from an audit perspective is an external attack on a business’s computer systems to determine whether it has cyber security weaknesses that would allow attackers access to the computer’s systems and data. This is best undertaken by paid consultants who have a process for testing for vulnerabilities. A report is issued to the business following the penetration test. The business can then respond by correcting potential problems before losses occur.
- With the potential for likely cyber attacks and the losses that can occur coupled with administrative penalties that result from non compliance it is clear that penetration testing is essential.
If you would like to help with ISO 27001 compliance in regard to security documentation, instructions and generally click on the image below
The European Union’s Data General Protection Regulation (EUGDPR) came into force on 25 May, 2018. If your business or organization deals with the identities of European Union residents it now must comply with the EUGDPR. The fines for non compliance are Euros 20 million, or four per cent of global annual turnover, whichever is the greatest. Click on the icon below to ensure that you have the EUGDPR documentation toolkit.
If you want to know more about the EUGDPR and to obtain an infographic to place on your website click here.
