The modern workplace is changing rapidly and many organizations are embracing hybrid work models that include remote work. Although the accommodations for remote work are great for employees, it has placed extra strain on employers in regards to cybersecurity. More specifically, organizations have to invest more in securing their endpoints as phishing and ransomware attacks are at all-time highs.
The FBI has reported a 300% increase in cyberattacks since the start of the pandemic and organizations with weak endpoint security have fallen victim to hackers. Crowdstrike, a leader in endpoint security, stated that “eCrime and nation state adversaries dominating headlines, the need for modernizing endpoint security is more dire than ever”.
What is endpoint security?
Endpoint security is simply a cybersecurity approach that focuses on securing endpoints in a business. Endpoints are devices that connect to a corporate network from beyond the firewall. These endpoints include common devices like:
- Mobile devices
- Digital printers and more
When employees are working at offices, there are less endpoints that a company has to worry about. Since many employees are working partially or fully remotely, every single device that can connect to a company’s network is an endpoint that hackers can infiltrate. The 2021 Verizon Security Index found that 40% of businesses believe mobile devices are companies’ biggest security risks.
What are the risks associated with ignoring endpoint security?
Data theft and loss: Weak endpoint security can lead directly to data theft and loss. Hackers today can remotely steal and keep a business’ data. This data can be sold online or be used to extort the business for resources. This opens the gate for many other cyberattacks to occur because some data will include sensitive information like usernames, passwords, etc.
Compliance violations: Depending on the different sectors that a business may be operating in, there may be several legal and financial ramifications due to weak endpoint security. In 2012, a physician’s laptop data was stolen that contained personal information on 3,600 patients. The hospital had to pay over $1.5 million in HIPAA fines due to the compromise in endpoint security.
Brand damage: A successful cyberattack due to lack of adequate endpoint security will severely damage a business’ brand and can lead to the eventual closure of the business. The average time it takes for a business to identify and contain a breach is 279 days. By the time a business reacts to a breach, the damage has been done. It will take an incredible amount of PR and time to gain back consumer trust after a breach.
To learn more about how your business can bolster your endpoint security, talk to an expert here.