Businesses are facing a surge in cyber threats. With global cybercrime costs projected to reach $13.82 trillion by 2028, the need for cybersecurity measures has never been more critical. At the forefront of this defense is cybersecurity monitoring — a continuous process of analyzing network traffic and system activity to detect and respond to security incidents.
As businesses rely on digital infrastructure, the implementation of effective cybersecurity monitoring strategies can save them a lot of trouble. The role of cybersecurity monitoring is to safeguard business assets, maintain compliance, and mitigate the potentially devastating impacts of cyberattacks.
The Risks of Neglecting Cybersecurity Monitoring
Recent studies have shown the projected global cost of cybercrime is set to reach $10.5 trillion by 2025. The risk of ignoring cybersecurity monitoring is further emphasized by research revealing that the average cost of a data breach rose to $4.45 million in 2023, which accounts for a company’s direct financial losses, costs associated with recovery, legal proceedings, and reputational damage.
The threat landscape affects businesses of all sizes, with a survey indicating that 66% of small and medium-sized businesses have experienced a cyberattack in the past 12 months. This statistic highlights that no organization, regardless of its scale, is immune to cyber threats.
Perhaps most concerning for businesses is the impact on customer trust. A recent study found that 55% of Americans would cease doing business with a company that experienced a data breach, underscoring the long-term reputational and financial consequences of inadequate cybersecurity measures.
Steps for Implementing Cybersecurity Monitoring by a Cybersecurity Expert
The journey to cybersecurity monitoring begins with a risk assessment. This first step involves identifying valuable assets, potential threats and vulnerabilities within the network infrastructure. By understanding the specific risks an organization faces, businesses can prioritize their security efforts effectively.
Following the risk assessment, selecting the right tools for security monitoring is important. These tools should align with the organization’s unique needs and provide real-time alerts and analysis. Effective monitoring solutions should be capable of detecting and responding to security incidents promptly, offering both threat identification and incident-response capabilities.
Establishing baselines for normal network activity and implementing continuous monitoring form the core of an effective cybersecurity strategy. By understanding typical network behavior and observing traffic and system activity in real time, businesses can identify anomalies, detect potential security incidents and respond promptly.
It’s essential to regularly review and update the cybersecurity monitoring strategy. As cyber threats evolve, so too must the defenses against them. Additionally, ongoing employee training is crucial to ensure that everyone in the organization is aware of the latest security threats and best practices.
Andrius Buinovskis is head of product at NordLayer, which utilizes the zero trust network access framework, offering offers tailored security plans and layered solutions that simplify network protection and scale with any size business. NordLayer empowers distributed teams with secure connections that align with today’s compliance needs.
Early in 1995, Buinovskis was able to delete and reinstall Windows on his first computer; ever since, his main area of interest has been IT. He has concentrated on IT services development in a variety of markets, including banking, telco, aviation and cyber defense.
