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【Security Matters】Crucial Steps to Counter the Rising Tide of Cyber Attacks

Information Security

【Security Matters】Crucial Steps to Counter the Rising Tide of Cyber Attacks

Cyber attacks are becoming increasingly rampant and with a trend towards greater intelligence and automation, resulting in even larger losses to enterprises. According to Forbes, the average cost of a ransomware attack in 2022 reached as high as US$4.5 million.

Major International Group Faces Severe Disruption Due to Cyber Attack

A global hospitality giant with hotel and gambling ventures recently suffered a severe cyber attack on its IT systems. This attack impacted various aspects, including the website, booking system, check-in system, and slot machines within the casinos. Some guests were even unable to access their rooms due to malfunctioning room key cards, and e-payments at restaurants were also disrupted. As a result of this incident, the group had to suspend operations in certain areas of the United States, severely damaging its reputation.

Data Breach at Local Organization Poses a Significant Privacy Risk

A well-known tech hub in Hong Kong has also fallen victim to a ransomware gang's intrusion, resulting in the theft of over 400GB of data. This includes tenant information, internal confidential data, and personal privacy data such as employee photos, ID cards, bank statements, and credit card information. The attackers demanded a ransom of US$300,000 (approximately HK$2.35 million).

Both international and local businesses are susceptible to cyber attacks. Not only it will lead to financial losses but also impact reputation and may even lead to violations of regulatory requirements due to data breaches, causing significant harm to future business prospects. Across all industries, it's crucial to implement robust information security measures to counter the constantly evolving and changing landscape of cyber threats.

Perfecting Enterprise Protection with “Cybersecurity Framework”

When a system breach is detected, enterprises should take immediate action to contain the situation and implement remedial and defensive measures. In the long term, it's essential to develop effective incident response strategies and enhance information security management to prevent security incidents from happening again.

Immediate Remediation and Defense to Prevent Further Losses

  • The first priority should be to isolate the infected servers or equipment to prevent hackers from continuing to steal data and spread the malware to other devices and avoid further intrusions.
  • Then, conduct a thorough investigation to assess and analyze the root cause of the incident, identify and patch vulnerabilities. Enterprises can prevent future attacks by starting with a Compromise Assessment, detecting ongoing or historical attack activities, and assessing whether additional malware is still exist in the system. Subsequently, conduct a Digital Attack Surface Assessment to analyze potential attack surfaces across the entire IT environment and identify unknown threats to develop future incident response strategies.

Strengthening Information Security to Safeguard Your Business

In addition to effectively identifying security threats, predicting anomalies, and implementing robust defensive measures, long-term protection of business security can be achieved through:

  • Unified Threat Management (UTM): Serving as the network’s first line of defense, UTM offers all-in-one features, including firewall, anti-virus, anti-spam, ransomware protection, intrusion prevention systems (IPS) and Internet activities control, which effectively blocks the spread of viruses.
  • User and Entity Behavior Analytics (UEBA): By investigating all anomalous activities and identifying threats using behavioral analysis and advanced machine learning algorithms, UEBA can swiftly identify suspicious activities and vulnerabilities. It accurately predicts unusual network activities, effectively reducing losses resulting from attacks.
  • Data Loss Prevention (DLP): Effectively identifies and prevents unsafe and improper use, transfer, or sharing of sensitive data. It helps enterprises monitor and protect sensitive information stored in the cloud, on endpoint devices, or within the office.

In a comprehensive “Cybersecurity Framework”, apart from formulating effective measures in the domains of identification, prediction, and protection, it is essential to implement robust management in detection, response, and recovery, and to continuously manage and monitor the cybersecurity processes.

Information security management is a specialized and expansive field. A professional and reliable Security Operations Center (SOC) is capable to perform continuously analysis and maintenance of equipment and networks across various branches of enterprises. SOC services include comprehensive vulnerability assessments and management, as well as the development of robust security incident response plans and notification mechanisms. Even in the event of incidents, these measures ensure proper handling of affected customers and minimize business losses. Additionally, enterprises need to allocate security resources annually to ensure the ongoing protection of their systems and networks. This proactive approach ensures that even in the unfortunate event of a cyber attack, business continuity is maintained and security threats are minimized, and safeguarding corporate brand and reputation.

CITIC Telecom CPC is Dedicated to Strengthening Your Information Security

As an experienced and trusted Managed Security Services Provider (MSSP), CITIC Telecom CPC offers high-quality, professional, and reliable one-stop-shop TrustCSI™ Information Security solutions. We operate three world-class Security Operations Centers (SOCs) in Hong Kong, Guangzhou, and Shanghai. Our team of security experts is 100% certified with international security programs, enabling us to fully comply with international and local policies and regulatory requirements while providing professional information security services on demand. Through highly available Security Information and Event Management (SIEM) technology, supplemented by 24x7 real-time monitoring, our services effectively help enterprises carry out correlation analysis of security events to identify vulnerabilities, prioritize threats as well as refine security policies and processes to safeguard their business.

CITIC Telecom CPC is committed to safeguarding your business from all angles, focusing on four key aspects of information security, covering Identify & Predict, Protect, Detect, and Respond & Recover, forging a complete “Cybersecurity Framework” to help enterprises defend against cyber attacks. Contact our professional security consulting team today to learn more!

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