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