Playing with Fire: The Costs of Doing Nothing about Cybersecurity
Think your small business is flying under the radar of cybercriminals? You may believe your company is too small to attract the attention of cyber vultures, especially with so many bigger, juicier targets out there. But here’s a fact that might surprise you: according to a report by Verizon, a staggering 43% of cyberattacks are aimed squarely at small businesses.
So, how are you protecting your digital assets? Have you got an air-tight cybersecurity strategy sitting in your business toolkit yet?
Ignoring Cybersecurity: A High-Risk Gamble Your Business Can’t Afford
We get it. Tight budgets can make security seem easy to ignore. But the fact of the matter is, you can’t afford to. Skimping on this vital protection is like driving without insurance- the consequences of an accident are financially catastrophic.
- The costs are crushing. US businesses spend an average of $9.44 million to clean up a data breach.
- Time is money. It takes an average of 277 days to identify and contain a breach.
- It’s not a matter of if but when. In 2022 alone, 83% of businesses fell victim to a cyber attack, usually more than one.
So what does that look like for you? One cyberattack can lead to massive data loss, substantial financial impact, and damaged reputation – often irreversible for smaller businesses.
- Financial Losses: The average costs of a data breach for small to medium-sized businesses can rocket into hundreds of thousands of dollars, frequently even millions.
- Business Survival: After a cyberattack, your business is on life support. Of 1006 small business decision-makers surveyed, 25% of businesses were forced to file for bankruptcy, while 10% shut down completely.
- Reputational Damage: Trust built over years can disappear overnight with a data breach, affecting sales and relationships. Stock prices can plummet too: Capital One’s share price fell nearly 14% within two weeks of a breach disclosure
The most alarming statistic is that only 27% of business leaders feel their companies as prepared to prevent, withstand, and recover from a cyber attack. Many don’t even know where to start.
Proactive, not Reactive: The MobiWorks Advantage
Think of it this way – you don’t wait for your car to break down before servicing it. You change the oil regularly to keep it running smoothly, right? That’s being proactive. The same logic applies to cybersecurity.
Cyberattacks are not just probable; they are preventable. That’s where MobiWorks Consulting steps in. We encourage businesses to consider routine adversarial emulation, or penetration testing, as a preventative measure against cyber attacks.
So what is the cost of all of this, really? Let’s break it down:
- The average cost of a penetration test with MobiWorks is around $9,600.
- Meanwhile, according to an IBM study, the global average cost to contain a data breach is a whopping $4.5 million.
When you do the math, the cost of a penetration test with MobiWorks is, on average, just 0.00213% (1/470th of a percent) of the global cost of dealing with a data breach.
And in the US market, where the average breach cost soars to $9.44 million, a pentest with MobiWorks is a mere 0.0001% (1/10000th of a percent) of that figure.
And don’t forget about time. When it takes 277 days to identify and contain your average breach, MobiWorks can complete a full Penetration Testing Cycle in about two weeks, depending on your specific needs.
Regulations recommend annual testing, yet companies may prefer quarterly assessments or tests after pivotal system updates. Beyond substantial cost savings, you also conserve invaluable time – time that could be used operating your business rather than grappling with a data breach.
But what exactly is penetration testing, and how does MobiWorks execute it?
Securing Your Digital Frontier: The MobiWorks Methodology
Imagine penetration testing as a rigorous, real-world stress test for your IT systems, orchestrated by the good guys of the cybersecurity realm. At MobiWorks, we step into the shoes of potential attackers, employing a systematic process to help companies fortify their defenses.
Crucially, priorities are set based on the sensitivity of the data handled, user access levels, and the technology used.
The testing process is divided into three phases:
Step 1 – Reconnaissance: We start with target discovery, unearthing crucial details about your company and systems, all through legitimate means. We don’t stop at finding the visible aspects, we dig deeper, using techniques like passive learning, port scanning, and web application discovery to map your digital landscape.
Step 2 – Vulnerability Identification: After our initial mapping, we search for weak points in your armor – anything from misconfigurations to insecure application designs. In this phase our techniques range from active vulnerability scanning, using a battery of automated scanners to perform detailed analysis of vulnerabilities and policy flaws. We examine your web server responses, check your protocols for known weaknesses, and dissect your threat models to understand and uncover potential attack vectors. From there we can map out all possible avenues a cybercriminal might exploit.
That’s only the beginning. We probe far beyond system-level vulnerabilities to examine your applications, too. From improper input sanitization that could lead to SQL injection, to flawed output encoding that could result in cross-site scripting (XSS), we leave no stone unturned. We test your authentication and authorization mechanisms, check your session identifiers, validate your file upload functionality, and scrutinize your business logic.
Step 3 – Exploitation: The final phase is all about validation. We simulate real-world attacks to confirm if the vulnerabilities we’ve discovered can be exploited. Automated testing includes identification of script libraries and cross-referencing their versions with public vulnerability databases. Manual testing involves identifying specific injection points for malicious payloads, understanding how attacks can be chained for maximum impact, and attempting exploits if vulnerabilities are identified.
The Outcome and Next Steps
Our process is thorough and iterative, based on constant learning, refining, and testing. We employ risk ratings to assess each vulnerability identified: critical, high, medium, or low. This rating helps prioritize remediation efforts and is calculated based on a combination of factors, including likelihood and impact.
- Critical: Minimal obstacles to discovery and exploitation, with successful attacks always resulting in bulk disclosure of sensitive data. Remediation should be a top priority and should not be held to the standard change cycle.
- High: Minimal obstacles to discovery and exploitation, with successful attacks resulting in the disclosure of limited sensitive data. Remediation should be performed promptly, and bypassing the standard change cycle should be considered if the next change window isn’t soon.
- Medium: Discovery and exploitation may require advanced skills or a secondary attack vector. Successful attacks may result in the disclosure of sensitive data. Remediation can be performed as part of the standard change cycle.
- Low: Discovery and exploitation are very difficult, and sensitive data is unlikely to be disclosed. Business factors such as product lifetime and staff availability may delay or eliminate remediation plans.
- Informational: No sensitive data is disclosed. The finding may aid an attacker in discovering new attack targets or crafting better exploits. Remediation will improve the security posture by making reconnaissance more difficult.
With this robust methodology, we ensure comprehensive penetration testing that goes beyond simple checklists. We provide your business with a thorough risk assessment and clear recommendations for remediation.
Equip yourself for the future today. With MobiWorks Consulting as your trusted ally in security, confidently face any cybersecurity challenge that comes your way. Reach out to us and start fortifying your digital frontiers.
Citations:
- Verizon. (n.d.). Small Business Cyber Security and Data Breaches. Section 1, paragraph 2.
- IBM. (2021). Cost of a Data Breach Report. Section 2, paragraph 3.
- IBM. (2021). Cost of a Data Breach Report. Section 6, paragraph 1.
- IBM. (2021). Cost of a Data Breach Report. Section 1, paragraph 2.
- PR Newswire. (2019). New survey shows majority of small businesses believe they are a likely target for cybercrimes; more than a quarter have experienced data breach in last year. Section 1, paragraph 4.
- Istari Global. (2023). The Impact of Security Events: Stock Market. Section 1, paragraph 1.
- World Economic Forum in collaboration with Accenture. (2023). Global Cybersecurity Outlook 2023. Figure 13.