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Turning Cyber Risk into Business Resilience | #cybercrime | #computerhacker

When businesses embark on a journey of digital transformation, a range of priorities naturally jostle for attention, perhaps none more so in the current climate than cybersecurity. As the monetisation of cybercrime continues to ramp up, cybercriminals are finding new and ever more sophisticated ways to exploit vulnerabilities and launch sophisticated attacks.

Technology leaders are well aware of the mounting threats. But compromised visibility across the digital estate, disparate security solutions and overworked teams often put them at a disadvantage when it comes to fending off attacks. Already, 84% of Australian organisations predict they’ll be victims of a cyberattack in the coming months, according to Trend Micro’s Cyber Risk Index 2022.

Uniting technology leaders for a stronger defence

In today’s cyber landscape, cybercriminals no longer work alone but operate within sophisticated networks, constantly refining their tactics. If cybersecurity leaders work in isolation, without leveraging the benefits of shared knowledge and learnings, they will be in a position of weakness. This need for united action was the impetus behind Trend Micro’s Risk to Resilience World Tour, a series of events launched earlier this year, aimed at bringing the industry together to more effectively fight off cyber threats.

Trend Micro partners and customers at the event were quick to realise that collaboration is necessary for the industry if organisations want to effectively navigate the complex cyber terrain.

“Businesses might be in competition with one another but they are united against the common threat of cybercrime. With the increased frequency of successful cyber attacks across the country, there’s a palpable sense of anxiety among cybersecurity professionals. By collaborating on key cybersecurity issues, the industry can focus its efforts on establishing a set of best practices and sharing learnings,” said a partner present at the Melbourne Risk to Resilience event, one of 100 global events in the series.

Creating the game plan for resilience

Trend Micro not only supports a wide network of global partners and customers but also invests heavily in research and development to remain at the bleeding edge of cybersecurity. Given today’s business climate, with increases in interest rates and tightened budget constraints across the board, it’s imperative for technology leaders to overtly demonstrate the link between solid cyber hygiene and its overall business impact on management. Already, 69% of Australian business decision-makers admit they’re being asked about security posture in negotiations with prospects and suppliers, according to Trend Micro’s Risk and Reward research.

While an understanding of the threat landscape is essential, it’s even more important for organisations to understand the criticality of risk prioritisation. It’s not possible to tackle every threat. So, risk prioritisation enables the effective allocation of limited resources, the mitigation of potential damages and helps to ensure business continuity. By identifying and addressing high-priority risks, organisations can optimise their security efforts and protect critical assets. With a targeted approach, businesses can also focus on meeting cybersecurity benchmarks, such as the ASD Essential Eight, which is increasingly becoming important to qualify for cyber insurance across Australia.

Trend Micro has devised a roadmap to enhance organisations’ cybersecurity resilience. This includes establishing visibility across the digital estate, adopting a proactive attack surface management strategy, combining XDR with attack surface management and securing the cloud transformation journey at every stage.

A scalable defence is the best strategy

As enterprises navigate the complexities of digital transformation and an expanding attack surface, proactive cyber risk management becomes crucial. By adopting the holistic framework of assessment, detection, response and mitigation of risks, cybersecurity heroes can bolster their organisations’ cybersecurity resilience. The three-pronged defence strategy of attack surface management, extended detection and response (XDR) and zero trust is the best strategy.

XDR improves efficiency by consolidating data and workflows, automating routine tasks and enhancing threat detection and prioritisation. Zero trust simplifies access management, reducing the attack surface and minimising risks. A combination of XDR and zero trust strategies alleviate stress on analysts by streamlining cybersecurity efforts. Trend Micro recently launched the Trend Vision One platform, which is based on these three core pillars — detection, response and zero trust — and is focused on being scalable to meet the varying needs of organisations.

Scalability is an element that is critical to any cybersecurity strategy. For instance, at the Sydney Risk to Resilience event, Trend Micro partner AWS pointed out how any approach to addressing cloud security challenges needs to support — and not interfere with — the reasons enterprises are switching to the cloud in the first place. That means cloud security itself should be agile, on-demand and available through online marketplaces, with the ability to scale right alongside enterprise cloud resources.

“The consolidated platform approach showcased by Trend really resonated with me,” said an organisation’s CISO attending the Canberra event. “For a few years now, we’ve had zero trust and visibility improvements high on our agenda, but it has been quite challenging to achieve with the disparate tools. Having these tools consolidated would greatly reduce the effort and time needed to achieve complete visibility and progress confidently on a zero trust journey.”

As the cyber landscape evolves, the pressure to strengthen the defence against attacks will increase. However, a sound cybersecurity strategy that is based on the foundations of proactive risk management, XDR and zero trust, can help to alleviate some of the top challenges IT teams currently face. Industry leaders must come together to ensure that their mutual interest in cybersecurity resilience is met and that they create a united defence against bad actors.

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