Strategies to Safeguard Data Against Cyber Threats

The resurgence of ransomware attacks in 2023 underscores the urgent need for organizations to prioritize cybersecurity and adopt multiple approaches to safeguard their data; two companies in 2Future's portfolio lead in offering innovative solutions to enhance data security.

Everything we do in a progressively interconnected world—from intimate personal communications to multi-million dollar business transactions—is anchored by data. However, as our dependence on technology deepens, a pressing demand for robust measures to protect data arises. The digital landscape is fraught with ever-evolving risks, from ransomware attacks to data breaches, capable of crippling businesses and compromising sensitive information. Against this backdrop, the importance of cybersecurity has never been more evident, making it imperative for organizations of all sizes and industries to adopt multiple strategies to safeguard against these invisible yet profoundly disruptive threats.

Ransomware Attacks: A Rising Threat

According to Wired Magazine, the resurgence of ransomware attacks in 2023 is alarming, as it counteracts the 2022 decline attributed to enhanced security measures and global law enforcement efforts. The attacks have grown in scale, sophistication, and boldness, with ransomware groups becoming more aggressive in targeting organizations of all types. 

The latest IBM Data Breach Report indicates that 83% of businesses faced multiple data breaches in 2022, with a global average breach cost of $4.35 million. These figures could actually be higher, as many companies are hesitant to disclose breaches for fear of reputational damage and regulatory repercussions. The situation is further exacerbated by the rise in ransomware payments, amounting to a staggering $449.1 million in the first half of 2023 alone, according to a report by cryptocurrency trading firm Chainalysis. Besides its impact on business operations, this disturbing trend can also sink an organization’s stock price, stifle competitive advantage, increase insurance premiums, and erode customer trust.

The Path to Resilience: Approaches for Data Protection

There is a critical need to explore multi-faceted strategies to protect data from increasingly sophisticated digital threats. Companies must adopt a layered defense strategy that permeates every level of their operations. This entails more than just deploying security software; it's about ingraining a culture of vigilance and responsibility across the organization. 

In this context, two companies within 2Future’s portfolio are at the forefront of providing innovative solutions to enhance data security.

In an ambitious effort to address the vulnerability of terrestrial data centers, Lonestar Data Holdings is pioneering the novel concept of building data centers on the Moon. The Moon's unique environment offers enhanced security against cyber threats, like viruses, which can attack and even destroy data centers. Additionally, it eliminates the use of vulnerable fiber optic cables, which can be physically damaged or infected by malware.

The other 2Future portfolio company, Qriar, offers comprehensive solutions based on the Zero Trust framework to safeguard businesses against ransomware attacks. This approach is rooted in the belief that no one, whether individuals or systems, can be inherently trusted to access information without undergoing stringent authentication. To successfully achieve this security paradigm, the adoption of tools, such as Identity as a Service (IDaaS), ensures precise control over access privileges; Privileged Access Management (PAM) safeguards identities with specialized permissions, and Multifactor Authentication and Risk-Based Authentication (MFA and RBA) enhance security measures. MFA demands multiple verification methods before granting access, while RBA dynamically tailors authentication requirements based on the assessed risk level associated with a user's access attempt.

Other strategies that companies can adopt to safeguard their data against cyber threats include:

• Data Encryption: Encryption ensures that even if data is compromised, it remains unreadable and unusable without the decryption key. Utilize robust encryption algorithms to protect information stored on servers, databases, and mobile devices.
• Strong Access Controls: Implement a least privilege principle, in which employees are only given the level of access necessary for their roles, and add an extra layer of security through MFA.
• Secure Network Infrastructure: Implement firewalls, intrusion detection, and intrusion prevention systems to monitor network traffic for suspicious activities. Use Virtual Private Networks (VPNs) to encrypt data transmitted between different locations.
• Backup and Incident Response Plan: Regularly back up critical data to offsite locations or cloud storage, ensuring data restoration after a breach or disaster. Also, develop a well-structured incident response plan that outlines steps to follow in case of an incident, identifies key roles and responsibilities, and highlights communication protocols. Moreover, conduct periodic drills to ensure the team is prepared to respond effectively.
• Third-Party Risk Management: If your company relies on third-party partners, their security practices can also impact your data. Establish stringent criteria for evaluating third-party vendors' cybersecurity measures and require them to adhere to your data protection standards.
• Employee Education and Awareness: One of the primary contributors to data breaches continues to be human error. Provide regular training to personnel on cybersecurity best practices, such as proper handling of sensitive information, phishing, and social engineering.
• Long-Term Cybersecurity Plan: Although investing in digital risk management may be expensive initially, it yields long-term benefits and strengthens strategic standing.
• Compliance with Regulations: Depending on your industry and location, data protection regulations may apply, such as LGPD (Brazil), GDPR (Europe), and HIPAA or CCPA (USA). Ensure your company complies with them to avoid legal penalties.

In an era where data fuels innovation and empowers progress, safeguarding this resource is non-negotiable. As companies strive toward a future dominated by interconnected systems and intelligent technologies, investing in robust cybersecurity is the bedrock of resilience against cyber threats. Protecting data remains a steadfast commitment that ensures business continuity, reputation preservation, and success in the digital age.