Today, phishing is one of the most prevalent and dangerous types of cybercrime that businesses and individuals face nearly three decades after the word was first recorded, in 1995. 

What is phishing?  

It is a social engineering attack in which a malicious actor tries to trick or lure someone into divulging sensitive information, such as login credentials, financial details, or personal data, by posing as a trustworthy organisation, website or person they know well, for example, the company’s CFO or even the CEO. 

These attacks come mostly via email, but they can also be delivered through phone calls, text message or social media. They have become so sophisticated that even trained professionals can fall victim to such attacks. 

According to Ironscales, 8 out of 10 organisations worldwide have experienced an increase in phishing attacks since March 2020. 

EarthWeb estimates that more than 3 billion phishing emails are sent daily, and almost half of all emails sent in 2021 were phishing attempts. 

Phishing is a very lucrative revenue stream for cybercriminals. For example, clients of a UK law firm lost more than £3 million due to a phishing attack in April 2022.  

Phishing attacks are so successful because they target one of the weakest links in an organisation – employees.  

To prevent your company from falling victim to a phishing attack, it's essential to train employees on how to recognise and avoid these scams.  

The Red flags 

There are several red flags that can indicate a phishing email or message.  

Suspicious senders or domain names: Check the sender's email address carefully, as scammers often use domain names that are similar to legitimate ones but with slight variations. Check the email header to confirm if it is a legitimate domain. 

Urgency or fear tactics: Phishing messages often use urgency or fear tactics to prompt quick action from the recipient. Think twice before opening and if in doubt delete and call the person who sent the email to verify. 

Request for sensitive information: Most businesses never ask for sensitive or financial information by email. Neither do genuine organsations ask you to update your credentials or bank details by email. If in doubt, contact the sender and delete. 

Amazing offers: If it’s too good to be true, then it most likely is. Quick wins, surprise gifts, and coupons, for example, are used to tempt users to click on the links or attachments. 

Misspellings and grammatical errors: Many phishing emails contain misspellings or grammatical errors, which can be a sign that the message is not legitimate. Badly designed or formatted emails should also raise a flag. 

Suspicious links or attachments: Hover over links before clicking on them to ensure they lead to a legitimate website. The rule is simple: Do not download attachments from unknown sources. 

The message to employees should: if in doubt, delete. Contact the sender by email or phone to verify the information or request.  

What you can do 

  1. Ensure that ALL employees receive some form of cybersecurity awareness training or dedicated phishing training. 
  1. Sign up for a security awareness program that allows you to educate and test your employees’ actions when receiving phishing emails. Most programs integrate seamlessly with your corporate email and in real-time.  
  1. Show employees what phishing is and how it works. Explain the different types of phishing attacks and how they can be delivered - email phishing, spear phishing, and smishing (SMS phishing), among others. Ask your IT team to send samples of phishing attempts to everyone as part of an ongoing phishing awareness exercise and explain the tactics that scammers use to make their messages look legitimate. 
  1. Emphasize the importance of being cautious. Encourage them to always think twice before clicking on links, downloading attachments, or entering sensitive information online. 
  1. Establish policies and procedures for them to report phishing attempts to the IT department or security team. 

It is important to create a culture of security awareness among employees. Cybercriminals play on human error and this is a major security weakness. Training employees to stop phishing attacks contributes to a more secure first line of defence and a huge step towards keeping your business safe. 

A survey last year of small and medium sized businesses (SMBs) found that more than half did not have any cybersecurity measures in place, with just over a third (36%) saying they were ‘not at all concerned’ about cyber-attacks or were ‘too small’ to be a target.

Cyberattacks are increasing, and no business can afford to ignore what is a real and growing concern. Many companies complain of a lack of resources or budgets, but the cost of a breach or loss of data is much higher than any investment in security.

It is never too late to focus on security.

The following are some areas to consider.

Risk management

Risk management involves identifying, assessing, and mitigating risks to your business. Cybersecurity risks can be caused by a range of factors, such as human error, technology failure, or malicious attacks. You can mitigate these risks by implementing access controls, encryption, firewalls, intrusion detection and prevention systems, and regular backups of critical data. Ongoing assessments and monitoring are important risk management strategies.

Engagement and training

Your business is only as strong as its weakest link – your employees. Engagement and training are critical components of cybersecurity. You need to ensure your employees are trained to identify potential cyber threats, such as phishing attempts, and how to respond to them. Cybersecurity training can help them understand their role in protecting the business's assets and data.

Vulnerability management

Vulnerability management involves identifying and addressing potential weaknesses in your IT infrastructure. The goal is to proactively address security risks by identifying and mitigating vulnerabilities before they can be exploited by attackers. This involves regularly scanning and testing systems and applications for vulnerabilities, assessing their severity, and determining the most effective way to remediate them.

Identity and Access Management (IAM)

Identity and Access Management (IAM) is a set of policies, procedures, and technologies used to manage and control access to sensitive information and resources within your business. It is a critical component of every cybersecurity plan because it limits access to information and resources to authorised persons and reduces the risk of unauthorised access. Some of the key components of IAM include user provisioning, access control, password management, identity federation, and audit and compliance. IAM solutions can be deployed on-premises or in the cloud.

Data security

In cybersecurity, data security refers to the protection of digital data from unauthorised access, use, disclosure, destruction, or modification. Data security is essential to ensure the confidentiality, integrity, and availability of sensitive information – also known as the CIA triad cybersecurity model. There are various techniques, processes, and technologies to safeguard data, including encryption, access controls, data backup and recovery, network security, and vulnerability management. These measures are implemented to prevent data breaches, unauthorised data access, theft, or loss of data.

Logging and monitoring

Logging and monitoring is the practice of recording, storing and analysis of events and activities within an IT environment, such as user activities, system events, and network traffic, to identify and respond to security threats. Logs are stored in a central repository and can be used to analyse security incidents and provide evidence for forensic investigations.

Logging and monitoring are essential components of cybersecurity because they help organizations identify and respond to security threats in a timely and effective manner.

Supply chain security

This is a growing area of concern for many businesses who depend on remote workers, 3rd parties or consultants. Supply chain security involves managing the risks associated with third-party vendors and suppliers. When you implement robust supply chain security practices, you ensure that your business's data and systems are protected from potential cyber threats.

Asset management

Asset management is the practice of identifying and managing your business's assets, such as hardware, software, and data. By doing so effectively, you can ensure that all assets are protected from potential cyber threats, minimizing the risk of data breaches or system failures.

Incident management

Incident management involves responding to cyber incidents, such as data breaches or system failures. By implementing incident management practices, you can minimize the impact of cyber incidents and ensure that your business can recover quickly.

Investing in cybersecurity is not an expense. It is essential for your business's success and longevity. It is up to you to protect your business from potential cyber threats, minimize the risk of data breaches or system failures, and ensure your business can recover quickly in the event of a cyber incident.

More importantly, you are not alone. If you’re new to cybersecurity, BMIT can help you on this important journey to protect your business.

Small businesses must prioritize cybersecurity. In today's digital landscape, the threat of data breaches and cyberattacks is a constant and growing concern, and small businesses are often seen as easy targets by cybercriminals.

They need to be proactive if they want to protect sensitive information, prevent data loss, and maintain customer trust.

In this blog post, we look at five areas and best practices that businesses can implement to protect themselves from cyber threats.

Protect identities

Protecting identities is essential for small businesses, as sensitive information can be compromised if an identity is stolen. Two-factor authentication should be implemented for all employee accounts, requiring an additional code or device to verify identity in addition to a password. Encryption should be used to protect sensitive customer information, such as credit card details or personal identification information. A strong password policy should be developed and enforced for all employees, including regular password changes and requirements for complexity to make it more difficult for passwords to be guessed or hacked.

Set up security defences

Small businesses should set up robust security defences to prevent unauthorized access to company information. This includes installing antivirus and firewall software on all company devices, which can detect and prevent malware from infecting the system. Regular updates and patches should be applied to software to address any known security vulnerabilities. Regular security audits should also be conducted to identify potential weaknesses in the system and address them before they can be exploited.

Maintain good IT health

Maintaining good IT health is essential for small businesses to ensure that their systems are running smoothly and free of issues. Regular backups of important data should be taken and stored securely, so that if any data is lost or compromised, it can be easily restored. Disaster recovery and business continuity plans should be regularly tested to ensure that the business can continue to operate in the event of a disaster or security incident. System performance should be regularly monitored to identify and address potential issues before they become major problems.

Train employees

Training employees is important for small businesses to ensure that everyone is aware of best practices and potential threats. Regular cybersecurity training should be provided to all employees, covering topics such as password hygiene, phishing attacks, and social engineering tactics. Phishing simulations can be conducted to help employees recognize and avoid phishing attacks. An acceptable use policy should also be developed and enforced to ensure that employees are using company devices and networks appropriately, which can help prevent security incidents from occurring.

State of readiness

Being in a state of readiness means that small businesses are prepared for potential security incidents and can respond quickly to minimize damage. An incident response plan should be developed and regularly updated to address potential security incidents, including steps to be taken in the event of a breach or data loss. Backup and disaster recovery plans should be regularly tested and updated to ensure that they are effective in the event of an incident. Developing and maintaining relationships with security professionals and law enforcement can also help small businesses respond to incidents quickly and effectively.

No network or system is 100% secure but businesses can do a lot to minimise attack vectors and prevent cybercriminals from causing serious damage. Security is never an expense. It is a wise investment. Bringing onboard a trust partner, like BMIT Technologies, with years of experience and expertise, goes a long way towards achieving this.

Nowadays, organisations have a better understanding of the potential risks associated with their reliance on technology to conduct business operations. The possibility of a cyberattack that could significantly impair an organization is a legitimate concern. Although there has been an overall increase in awareness, there are still numerous organisations that fail to give cybersecurity the attention it warrants.

Many organisations face significant challenges when it comes to cybersecurity. These difficulties can range from a lack of understanding about the fundamentals of security to uncertainty about where to begin and how to secure buy-in from management. For those organisations with limited IT resources, the task of implementing effective cybersecurity measures can be particularly daunting.

Kickstarting the cybersecurity journey

The first step is to identify your security posture.

A security posture refers to the overall approach and measures taken by an organization to protect its assets, including people, information, and technology, from potential threats and vulnerabilities. It encompasses the policies, procedures, controls, and technologies that an organisation employs to secure its systems, data, and networks.

An effective security posture should help the organisation to detect, respond, and recover quickly and efficiently from any security breaches should they occur.

 In today's dynamic threat landscape, it is crucial for organisations to assess and enhance their security posture to effectively counter cyberattacks and data breaches. This necessitates a continuous review and update of security measures to stay ahead of evolving threats.

By maintaining a resilient security posture, organisations can protect their valuable assets, mitigate risks, and establish credibility and confidence with their customers and stakeholders. It is imperative for organisations to prioritize the reinforcement of their security posture to ensure their long-term sustainability in an increasingly interconnected world.

The starting point: a cybersecurity discovery assessment

Establishing your cybersecurity posture requires a fair amount of work but it is not as challenging as you may think. Ideally, you would rope in expert advisors, like BMIT technologies, to help define your security posture and then assist with the execution of a plan of action.

BMIT’s cybersecurity discovery assessment is based on an important industry standard framework from the Centre for Internet Security (CIS). BMIT uses version 8 of the CIS Controls.

What are these controls?

The CIS controls are a set of best practices for securing IT systems and networks, and widely recognized as a leading framework for IT security.

How does it work?

The first step is to perform a thorough cybersecurity discovery assessment of your IT systems and networks. This will help you identify vulnerabilities, weaknesses, and potential attack vectors. Once you have identified these risks, you can prioritize your remediation efforts based on their severity and impact on your business.

The second step is to establish strong security policies and procedures that align with the CIS controls. This includes implementing password policies, access controls, patch management, and other key security measures that are in line with industry best practices. In addition, your employees should be trained on security awareness and procedures, so they can recognize and respond to security incidents.

The third step is to monitor and maintain your IT infrastructure on an ongoing basis. This includes regularly reviewing and updating your security policies and procedures to ensure they remain up-to-date and effective. Additionally, you should regularly monitor your IT systems and networks for signs of unauthorized access, or other security incidents. This can be achieved through the implementation of security tools and technologies such as intrusion detection and prevention systems and firewalls, for example.

In the event of a cyberattack, you need to have a response plan in place that can help mitigate the damage and quickly restore normal operations. This plan should include steps for identifying the source and nature of the attack, isolating and containing the affected systems and networks, and notifying the relevant authorities and stakeholders. Additionally, your response plan should include steps for recovering data and systems.

BMIT and your security posture

BMIT is an ideal partner to help you identify the security challenges in your organisation, fortify your infrastructure and environment and finally, be ready for a cyber attach or breach.

There are five steps in the process:

Audit, Assess & Review

BMIT conducts a thorough discovery exercise based on these controls to gain a deep understanding of your current IT infrastructure, data architecture and requirements. Based on this analysis, BMIT will determine the level of assessment required to identify any cybersecurity gaps.

Strategy & Design

After gathering all the information from the assessments, BMIT will deliver a strategic roadmap and provide actionable recommendations to mitigate the findings. Our experts will guide you through the entire process and explain the significance of each action required.

Enable & Deploy

The solution advisors and security engineering team will map out the requirements and time-frame to implement or deploy the solution/s. Deployment may occur in phases depending on the project's complexity and circumstances.

Manage & support

BMIT will manage the deployment as needed and provide full support to ensure the smooth execution and running of any solution or configuration. Once the project is completed, BMIT provide ongoing support and maintain the deployed solutions to ensure optimal performance.

Re-assess & Optimisation

BMIT's experts will continuously monitor and optimise your setup to ensure that your deployment remains secure and compliant. In addition, our experts will recommend changes or further configuration to maximise the deployment's potential.

The BMIT cybersecurity discovery assessment and guidance will help you transition from a reactive to a proactive approach to cybersecurity. Your organisation will be more prepared, aware, and ready to detect, respond to, and recover from any security incident quickly and effectively.

If you want to learn more about BMIT’s assessment and the benefits to your organisations, visit our website here or contact us to book your cybersecurity discovery assessment today.

In today's world, cybersecurity has become an increasingly important aspect for organizations of all sizes. With the rise of digital transformation, the number of cyber-attacks has also increased, making it imperative for organisations to take steps to secure their Microsoft environments. Hardening is a process of securing and reinforcing a computer system or network to reduce the risk of unauthorised access, abuse, or attack. In this article, I will discuss the importance of hardening Microsoft environments to enhance security.

Why Hardening Microsoft environments is important:

Protecting sensitive data: Microsoft environments contain sensitive information such as business critical data, financial information, customer data, and other confidential information. Hardening the environment helps to secure this information from unauthorised access and helps prevent data breaches.

Compliance: Many organisations are subject to regulatory requirements and standards that dictate the protection of sensitive information. Hardening Microsoft environments helps organisations meet these compliance requirements and avoid costly penalties and fines.

Reduced risk of cyber-attacks: By hardening Microsoft environments, organisations can reduce the risk of cyberattacks such as malware infections, phishing attacks, and other malicious activities. This helps to minimise the potential impact of a cyberattack on the organisation's operations and financial stability.

Improved network performance: Hardening Microsoft environments helps to improve network performance by reducing the risk of system downtime due to malware infections and other security incidents. This can lead to increased productivity and improved user satisfaction.

Steps to harden Microsoft environments:

Apply software updates and patches: Regularly applying software updates and patches helps to address known security vulnerabilities in Microsoft environments. This helps to prevent cyber criminals from exploiting these vulnerabilities to gain unauthorised access to systems and sensitive data.

Use strong authentication methods: Implementing strong authentication methods such as multi-factor authentication (MFA) helps to prevent unauthorised access to systems and sensitive data. MFA requires users to provide two or more forms of authentication such as a password and a security token, making it more difficult for cyber criminals to gain access.

Implement a firewall: Installing a firewall helps to protect against external cyber threats by controlling the flow of incoming and outgoing network traffic. This helps to prevent cyber criminals from accessing systems and sensitive data.

Encrypt sensitive data: Encrypting sensitive data helps to protect it from unauthorised access, even if it is stolen or intercepted. This helps to minimise the potential impact of a data breach on the organisation.

Regularly perform security audits: Regular security audits help to identify vulnerabilities and potential security risks in Microsoft environments. This allows organisations to address these risks before they are exploited by cyber criminals.

Hardening Microsoft environments is an essential aspect of enhancing security for organisations. By taking steps to secure systems and sensitive data, organisations can reduce the risk of cyberattacks and comply with regulatory requirements. Regularly applying software updates and patches, using strong authentication methods, installing a firewall, encrypting sensitive data, and regularly performing security audits are just a few of the steps that organisations can take to harden their Microsoft environments. Implementing these best practices will help organisations protect against cyber threats and improve the overall security of their IT environment.

Data is the lifeblood of every organisation. Yet so many business fail to take the necessary steps to protect corporate or client data. According to Consoltech, up to 94% of companies that suffer a severe data loss never recover.

What is worrying is that while nearly every surveyed IT decision maker said they have backup strategies in place, 26% admitted having difficulty or were unable to restore all data/documents! In cases where ransomware was the culprit, companies that paid the ransom only got 65% of the data back – and only 57% successfully recovered their data using a backup (Cloudwards).

Compliance, governance and backup strategies have been around for many years yet the statistics year after year show that there are still businesses that are taking unnecessary and dangerous risks.

It is in this context that BMIT is excited to announce its upcoming event in collaboration with Veeam, one of the world’s leading backup and recovery firms.

The theme of the event is "Navigating Security: Best Practices & Strategies" with a strong focus on data, governance and backup.

The event will take place on the 18th of April, 2023 at The Brewhouse and the keynote speaker from Veeam, Eli Bitton, will share their expertise on the latest backup and disaster recovery strategies. In addition, the event will include a session where we go beyond theory and focus on a real-life user case.

Whether you're a small business owner, IT professional, or security expert, this event is a must-attend. You'll have the opportunity to network and learn from industry experts and gain valuable insights into the latest security trends and best practices.

Don't miss this exciting event!

Register now to reserve your spot.

We look forward to seeing you there!

It should come as no surprise that eight in 10 hacking-related breaches are due to weak/stolen passwords.

Let’s be frank, changing passwords and following stringent password policies is a hassle; that’s why so many people set one ‘strong’ password and then use it across multiple accounts. Even then, if your password is shorter than 9 characters  and uses caps, special symbols and numbers –  it is still susceptible to a brute force attack!

While strong passwords are important, there is another, very effective way to secure your accounts and systems - multi-factor authentication (MFA).

So, what is MFA, and why is it so important? In a nutshell, MFA is a security measure that requires users to provide two or more forms of authentication to access an account or application. This typically includes something the user knows, such as a password or PIN, and something they have, such as a security token, code or fingerprint.

MFA provides an extra layer of security beyond traditional password-based authentication, making it more difficult for attackers to gain unauthorized access.

There are three primary types of MFA:

  1. Knowledge-based authentication (KBA): This type of authentication requires users to provide something they know, such as a password, PIN, or answers to security questions. KBA is the most used form of authentication but is also the least secure, as passwords can be easily stolen or guessed.
  2. Possession-based authentication: This type of authentication requires users to provide something they have, such as a security token, smart card, or mobile device. Possession-based authentication is more secure than KBA, as attackers would need physical access to the user's device to gain access.
  3. Biometric (or inherence) authentication: This type of authentication requires users to provide something they are, such as a fingerprint, facial recognition, or iris scan. Biometric authentication is the most secure form of authentication, as biometric data is unique to each individual and cannot be easily replicated.

How does MFA work?

MFA works by requiring users to provide two or more factors of authentication before granting access to an account or application. The authentication factors can be any combination of the three types of authentication mentioned above (knowledge-based, possession-based, and biometric).

When a user attempts to access an account or application, they will be prompted to provide their authentication factors. For example, they may be asked to enter their password (knowledge-based factor) and then provide a code sent to their mobile device (possession-based factor), which in turn is protected by a biometric feature (fingerprint).

Once the user provides the required authentication factors, the system will verify their identity and grant access if the authentication factors are correct. If any of the factors are incorrect or if the system detects suspicious activity, access will be denied, and the user will be prompted to provide additional verification.

What is the most secure authentication?

In general, multi-factor authentication (MFA) is one of the most secure authentication methods available, however ‘secure’ is often subjective and at times only suitable if it meets a specific risk profile. In some cases, passwordless authentication (for example, biometric + hardware token) or risk-based authentication (for example, access is based on device, location or behaviour) can be a more suitable option.

Why should your business use MFA?

Multi-factor authentication has been around for decades but that does not mean everyone is using it. According to the Cyber Readiness Institute, 55% of small and medium-sized businesses are not ‘very aware’ of MFA and its security benefits, and 54% do not use it for their business. For a proven technology that can stop attacks outright this is surprising.

Here are three reasons why MFA is crucial for your company's security:

Passwords are not enough

I mentioned this above, but it merits repeating again: Passwords are not enough to protect your company's data. Passwords can be easily stolen, guessed, or cracked by cybercriminals. MFA gives you a much needed extra layer of protection.

Protect against phishing attacks

Phishing is a very common tactic used by cybercriminals to steal login credentials and gain access to company data. MFA can help protect your company against these attacks by requiring a second form of authentication, even if the user's password has been compromised. For example, if an employee falls for a phishing email and enters their password on a fake login page, MFA will prevent the hacker from accessing the account without the additional authentication factor.

Compliance requirements

Many industries have compliance requirements that mandate the use of MFA. For example, the Payment Card Industry Data Security Standard (PCI DSS) requires multi-factor authentication for any system that stores or processes payment card data. Additionally, MFA is becoming more common in other industries as a best practice to protect sensitive data from cyber threats.

It is NOT difficult to implement

Implementing MFA in your company can seem daunting, but it doesn't have to be. Many applications and services offer built-in MFA features, making it easy to enable for your employees. Most email services offer MFA as a security option and it’s free! Additionally, there are third-party MFA providers that can help you implement and manage MFA across your company's systems.

So, if you haven't already, it's time to start implementing MFA across your company's systems.

Choose a trusted partner

If you want to improve security and protect the weakest link in your business, BMIT can provide various solutions and services to boost your security posture. Talk to one of our technology advisors today to learn more about MFA and your overall security needs!

Microsoft 365 Business Standard gives every business the standard productivity tool set to collaborate online with access to both web and offline applications for mobile, and desktop from anywhere. The suite of cloud services includes OneDrive, SharePoint, Teams, and Exchange Online. Exchange Online provides your business with an email and calendar service and the basic security features that come with it (malware detection). However, the Business Standard plan misses out on two key areas in modern workplace: security, and enterprise management.

Threats targeting your users to gain access to business data or to disrupt your business are increasing year after year. That is why security should not be shrugged off by a business - no matter the size - specifically SMBs. Having an anti-virus solution does not make the cut in today’s modern cyberthreat landscape; you need more intelligent solutions to defend your business.

Ask yourself: Does your business have the necessary safeguards to protect your users and data?

User and device management is another key area for businesses need to have control – protecting data by setting policies and conditions for who and how data can be used / accessed.

Ask yourself: does your business have control on business / user devices where business data is accessed?

Don’t worry if you don’t! Microsoft 365 Business Premium is built to give every SMB all the tools and features to be more productive and secure with a cost-effective plan.

But why can’t I just add Enterprise Mobility & Security (EMS E3) to my Business Standard plan to get these features?

You can but you will be paying approximately the same price of Business Premium if not more when nearly all EMS features are included, and you will be missing out on other benefits included with Business Premium, such as:

How can BMIT help SMBs?

Microsoft 365 Business Premium is the best choice for Small, Medium Businesses (SMB) up to 300 users, to reap the productivity, management, and security benefits under one plan. BMIT can help you understand your business goals and requirements. We will then guide, enable and support you in your drive to improve your IT posture. Reach out to us.

Hybrid cloud is becoming increasingly popular as a solution for organisations looking to leverage the benefits of both public and private cloud. With the growth of data comes the challenge of managing it effectively and ensuring its security. In a hybrid cloud environment, the combination of on-premises data and multiple cloud services requires a cohesive approach to data governance and security.

These were the three main themes discussed during a very well attended half-day conference organised by BMIT and EY Malta: ‘Moving to the Cloud – Why trust and security matter’.

Gordon Bezzina, CTO of BMIT, was the first keynote speaker. He offered a comprehensive overview of cloud technology advancements and highlighted the three primary reasons for organizations to adopt cloud technology: cost-effectiveness, agility, and enhanced customer experience. Bezzina emphasized that there is no universal approach, and each organization can achieve its unique needs by embracing various elements of cloud technology to maximize benefits.

The following speaker, Daniel Cuschieri, a Senior Manager of Technology Consulting at EY Malta, took the stage and presented on the topic of cloud computing. He started by explaining the basics of cloud in the IT industry, including various types of cloud computing services and how they have transformed traditional IT. Daniel then delved into the three phases of an organization's cloud migration journey, which includes strategy, adoption, and optimization and economics. For each phase, he highlighted the importance of a cloud governance framework, which offers comprehensive guidance for organizations throughout their cloud journey and spans across the entire cloud lifecycle.

In the final presentation, Dr. Dimitrios Patsos, a security expert from Microsoft, delved into the crucial connection between trust, innovation, and security in the multi-cloud and hybrid environments. He highlighted the reality of cybercrime being a thriving industry and emphasized that cybersecurity was slowly becoming a top priority for many boards. The threat landscape, he noted, was shifting as hackers were increasingly targeting users' identities rather than traditional perimeters. Dr. Patsos then went on to stress the significance of innovation in security as a means of building trust. He provided an overview of the various security architectures employed by Microsoft to ensure maximum protection. He emphasized the need for organizations to stay ahead of the curve and embrace innovation in security to safeguard their businesses.

Panel Discussion

Businesses should see compliance as an enabler, rather than a hindrance, because it can help them improve their operations, increase efficiency, and reduce risks. And more importantly, protect their clients and their data.

This was one of many interesting points raised during a panel discussion with three expert panellists – BMIT’s Sean Cohen, EY’s Michael Azzopardi and Microsoft’s Christos Giannakis-Bompolis.

With the cloud becoming more complex, regulatory frameworks guarantee consistency and managed expectations. They also protect customers.

That said, the panellists agreed there was always room for improvement.

Giannakis-Bompolis pointed out that security is a shared responsibility and both vendor and customers had a role to play. A change in mindset was required and customers should not rely on the vendor for their security needs. Azzopardi focused on the data and how companies view data. He said there was a need for structured data governance with clear classification and ownership of the data as well as the integration of controls as needed to protect the data. According to Cohen, awareness on compliance and regulations had to improve and, in turn, gain a better understanding of the data.

Asked to define the next 24 months, one of the biggest developments would be the impact data had on business and cloud adoption, particularly in the context of Internet of Things (IoT) and the growing use of artificial intelligence (AI) in business and industry. Data is key and will be an accelerator for cloud option. “Data is going to drive organisations to the cloud and use the capabilities of AI,” Azzopardi said. From a security perspective, AI will be the next big thing in security solutions. “AI is here and is a huge opportunity. AI will be a driver as organisations use intelligence as a defence,” Giannakis-Bompolis added. Cohen said the Cloud will become a big player as the IoT and data processing become critical. “I believe we will see IoT handling critical data at source, for example in relation to hospital equipment, but analysis of the data will be processed later in cloud.”

Moving to the cloud is not suitable for all, but those who do require a trustworthy provider who meets three requirements: reliability, scalability, and compliance. The provider must be committed to offering the best service while also having the ability to scale and assist customers in achieving compliance. It is crucial for businesses to align their cloud strategy with their business objectives, technology stack, and data architecture. To do this effectively, seeking guidance from experts is essential.

The choice of provider should be guided by a vendor’s local partners. According to Microsoft, a local partner, like BMIT Technologies, can provide skilled professionals with knowledge of the local market, and assist customers in comprehending the range of available products to meet their cloud and security needs.

The cost of cybercrime is predicted to hit $8 trillion, that’s correct, trillion, in 2023, growing to $10.5 trillion by 2025, according to the 2022 Official Cybercrime Report from Cybersecurity Ventures.

To put that into perspective, it is the combined Gross Domestic Product (GDP) of Japan and the United Kingdom combined. If cybercrime were a country, it would be third in terms of GDP after the US and China.

It is a lucrative business, and the currency is one: data. The total volume of data in the world tops 150 zettabytes (150 followed by 21 zeroes) and that data needs to be protected.

Cybercriminals do not discriminate their victims. Every individual and every organisation is fair game. The human element is the most common threat vector.

Why? Humans are the least prepared, least knowledgeable and the weakest link. According to Verizon’s 2022 data breach report, 82% of breaches were caused by users.

Cybersecurity measures alone are not enough to counter cybercriminals’ sophisticated methods. Today, more and more organisations are including security training for employees. It’s effective and shuts the door on most attacks that require some form of human intervention.

Let’s take a look at 10 most common and prevalent cyber attacks that business and their staff should be aware of:

Phishing attacks: This is one of the most common types of cyberattacks, where hackers use social engineering to trick people into revealing sensitive information. For example, an email claiming to be from your bank, requesting your login credentials. In the third quarter of 2022, 3 million phishing attacks were reported (Anti-Phishing Working Group).

Supply Chain Attacks: Supply chain attacks involve targeting a company’s suppliers or partners to gain access to a company’s network or systems. Attackers may use a variety of techniques, such as malware or phishing, to gain access to a supplier’s network and then use that access to gain access to a company’s network.

Ransomware: This type of attack involves hackers gaining control of your system or data and demanding payment for its release. A recent example of this is the ransomware attack on the Costa Rican government to the tune of $30 million. No payment was made and 50% of the encrypted data was leaked to the public.

DDoS attacks: Distributed Denial of Service (DDoS) attacks involve overwhelming a website or server with traffic, making it inaccessible to users. Cloudflare reported that there was a 67% rise in ransom DDoS attacks in 2022.

Insider threats: These are threats posed by employees, contractors, or other insiders who have access to sensitive information. For example, an employee who steals customer data or changes master passwords, effectively shutting access to a network and its systems.

Code Injection Attacks: Code injection attacks involve adding malicious code to a legitimate program or website. Attackers may use code injection to steal data, cause damage to systems, or gain access to networks. An example of a code injection attack is a hacker adding malicious code to a website’s database.

Man-in-the-middle attacks: These attacks involve intercepting communication between two parties to steal information or alter messages. For example, a hacker could intercept a user’s login credentials while they’re logging into a website.

Social engineering attacks: These attacks involve using psychological manipulation to trick people into revealing sensitive information. For example, a hacker could pose as a technical support representative and convince a user to give them access to their computer.

IoT attacks: Internet of Things (IoT) devices, such as smart home devices, are vulnerable to attacks if they are not properly secured. An example of this is the Mirai botnet, which hijacked thousands of IoT devices to launch DDoS attacks.

Malware: Malware is malicious software that can infect your computer, smartphone, or other devices. It can steal information, delete files, or even take control of your device. Mydoom arguably had the most serious impact in history causing $38 billion worth of damages in 2004.

This is the reality we are living in. Organisations that adopt a ‘it won’t happen to us’ attitude are simply postponing the inevitable. Security is a cost but it is also an investment that is far less costly than dealing with a breach, loss of data and money.

How can you protect your business?

  1. Educate your employees: Train your employees on how to identify and respond to potential cyberattacks, such as phishing emails.
  2. Keep software up to date: Make sure all software and hardware are up to date with the latest security patches.
  3. Use strong passwords: Require employees to use strong, unique passwords and enable two-factor authentication where possible.
  4. Backup your data: Regularly back up your data to a secure, offsite location.
  5. Implement access controls: Restrict access to sensitive information to only those who need it.
  6. Monitor your systems: Regularly monitor your systems for unusual activity or potential security breaches.

Creating a strong security posture in your business is an investment that requires time and guidance. At BMIT, we can help your business take that important first step: assessing your cybersecurity readiness and the providing advice and a complete strategy on how to address any weaknesses and vulnerabilities in your enterprise IT setup.

Cyberthreats are constantly evolving. Assess, secure, and fortify your business today with BMIT.