rotecting your organisation's network from cyberattacks is crucial, especially as the UK has seen a 31% increase in attacks since the pandemic began. With over £6 billion lost to these attacks over the past years, businesses must strengthen their defences.
And, often, the weakest links of the chain in an organisation's cybersecurity strategy are the endpoints - or the devices connected to the central business network. Additionally, because of the increased workplace mobility, a business's stakeholders have started to access this network from remote and off-site locations, making it even more challenging to protect the endpoints.
As your network's complexity increases, hackers can take advantage of the new vulnerabilities, making traditional Antiviruses and Firewalls no longer enough. That's where EDR, or Endpoint Detection and Response, can help you secure your business, prevent attacks, and hunt down potential threats.
What Is EDR?
EDR or Endpoint Threat Detection and Response is a term coined by Anton Chuvakin in 2013 and refers to the process of keeping the business secure proactively. Some of the tasks EDR takes care of include:
Because of its effectiveness in preventing and responding to sophisticated attacks, EDR has become the golden standards in the field of cybersecurity. Indeed, EDR tools are specifically designed to protect endpoints rather than networks, and they are developed to recognise suspicious patterns and threats. Alongside controlling access to the points, EDR also employs capabilities such as:
Today's New Cybersecurity Risks
Cybersecurity has been a crucial pillar in the security strategy of organisations for years. However, in the past, it was common for organisations to rely just on Antiviruses and Firewalls. But today, hackers have refined their skills and attack strategies, while organisations had to level up their defences.
Indeed, businesses are always relying more on digital systems, such as cloud technology, communication platforms, and data storage systems. However, when this system complexity is paired with the rise of remote working, it is not difficult to see how potential entry points for attackers are multiplied. And, understanding the pending risk above your assets is the first step to secure them.
Indeed, it is not uncommon for an organisation to deal with attacks such as:
Nonetheless, these attacks and malicious code can commonly penetrate through your system's outer layers, such as your employee's accounts or devices. EDR allows you to distribute your defences across each device instead of just covering a few cardinal points.
It is important to notice that the prevalence of cyberattacks has increased by 400% since the start of the pandemic, and certain industries, such as healthcare, pharmaceuticals, logistics, and finance, are among the worst-hit ones. Of course, each attack has a precise scope, and they don't always aim to steal data or money. Nonetheless, they can be extremely damaging to your organisation's assets.
The pharmaceutical and healthcare industry, which has already been put under immense stress by the current pandemic, has become one of the worst-hit sectors by cyber attacks. Statistics report that over ⅓ of attacks within the healthcare sector have been carried out by an insider, and 60% of breaches could be linked to third-party vendors. Additionally, 67% of healthcare institutions in the UK have reportedly experienced a cyber-attack over the last year.
The situation is made worse by the fact that the pharmaceutical and healthcare industries whole a high volume of sensitive data, patient information, and suppliers details. Additionally, over a quarter of pharmaceutical firms don't have an appointed CISO (Chief Information Security Officer) to properly manage their cybersecurity needs. While the Merck & Co. breach became a famous attack, it won't be the last one to happen, so it is crucial to strengthen your company's defences.
Supply Chain & Logistics
The global supply chain has never relied as much on the logistics and transportation sectors. Indeed, as Covid-19 and the consequent lockdowns caused local shops to remain closed, business owners opened up online shops, fueling the growth of the logistics industry. And as the sector grows, its network and endpoint system becomes increasingly more complex, making it an easier target for attackers.
However, each company is responsible for identifying what risks lie within its supply chain. Indeed, this is crucial to protect the interest of the business' clients, employees and stakeholders. And, as companies should manage their supply chain, the logistics sector should understand the increased risk it is facing. After the 2017 Maersk's cyberattack, companies in the sector have become aware that they could be the next target. EDR can help you prevent these attacks and continuously monitor your endpoints as your business expands.
Banking & Financial Services
It is not difficult to see why the banking and financial service industries have become one of the major targets for cyber attackers. According to a PWC report, cybersecurity represents the most significant threat to privacy, profit, data, and reputation.
Indeed, the financial services industry collects large volumes of highly sensitive data, including personal profiles and financial statements. Cybercrime reports show that the industry loses over $18million a year on cyberattacks, especially because financial institutions are 300 times more likely to fall victim to a cyberattack compared to other industries.
While these stats show how important it is for financial industries to implement cybersecurity tools, 70% of firms still report that cybersecurity represents their most critical threat. Therefore, implementing EDR tools is of paramount importance for all financial firms and banking institutions who wish to protect their systems, especially employees behind working remotely.
How Can a Cybersecurity Expert Help You?
Whether you operate within the logistics, pharmaceutical, or financial services industry, it is crucial to devise an EDR strategy that is unique and tailored to your needs. Indeed, depending on the endpoints you employ, the complexity of your network, and your business goals, you will need to account for a different digital risk profile.
Experienced managed service providers and cybersecurity experts such as Gemraj Technologies Ltd can help you integrate a personalised service that is created for your organisation's needs.