What is Cyber Security? 5 Key Types of Security Businesses Need

Understanding cyber security is critical for any business aiming to protect its data, assets, and reputation. As of January 2024, 21% of UK organizations reported experiencing a data breach accident once a month.

But while threats continue to grow, many businesses and individuals are overwhelmed with the complexity of cyber security. What exactly is it, why does it matter, and what measures do you need to put in place to stay protected?

Read on to learn all you need to know about staying safe from cyber attacks in 2024. 

What is cyber security?

Cyber security refers to the practice of protecting physical devices, software systems, and networks from digital attacks. Security measures aim to stop hackers from accessing, changing, or destroying sensitive information, extorting money from users, or interrupting business operations.

Common cyber threats include: 

• Malware: Malicious software like viruses, ransomware, spyware etc. that infects and harms computer systems.
• Spam and phishing: Fraudulent attempts to obtain sensitive information by disguising as a trustworthy entity. 
• Denial of service (DoS) attacks: Flooding a system with traffic to make it impossible for the target to handle legitimate requests.
• Internet of Things (IoT) attacks: Attacks on internet-based devices or networks to take control of the device or steal information. 

Cyber security measures can include training employees on best practices, utilising cyber security software and tools, or outsourcing IT to a third party. 

Why is cyber security important?

As businesses increasingly adopt new technologies and operate remotely, risks of cyber attack also grow. Ransomware attacks, for example, rose an astonishing 81% from 2023 to 2024. 

Cyber security measures are therefore becoming non-negotiable in order to protect sensitive information and avoid the disastrous consequences of attacks, from financial losses to reputational damage.

Complex cyber security laws are also constantly evolving, and businesses must stay abreast in order to remain compliant. For example, the EU recently announced the Digital Operational Resilience Act (DORA) which will impact banks, insurance companies and investment firms as of 2025. Non-compliance can result in hefty fines and legal repercussions. 

Finally, with cyber attacks quickly disrupting operations, effective cyber security measures help ensure that your business can continue to operate smoothly even in the face of an attack.

5 types of cyber security every business should implement  

Data Security  

Protecting data from unauthorised access is a top concern for security professionals in 2024. With 74% of account takeovers originating with email phishing attacks, strong password policies and multi-factor authentication (MFA) are fundamental to ensure data confidentiality. 

Recent ransomware attack on Cloud storage company Snowflake highlights the need for MFA, as hackers allegedly gained access to accounts that used single-factor authentication. It led to 10 companies facing demands for ransom payments between $300,000 and $5 million.

Regular data backups are also crucial to be able to restore important information in the event of a cyber attack or data breach. Without backups, data loss can be catastrophic, potentially breaching customer confidentiality and attracting potential lawsuits. Implementing a backup and recovery strategy ensures that data can be quickly and reliably restored.

Another key measure to ensure sensitive data remains confidential is encryption. Encryption tools stop hackers being able to read data, even when accessed or intercepted. Implementing encryption protocols such as SSL/TLS for web traffic and using encrypted storage devices for data at rest can stop unapproved individuals accessing it, ensuring its integrity.

Network Security 

Network security is vital for protecting data as it travels across or is stored within networks. Unsecured networks can be easily targeted by attackers to intercept or tamper with data. 

Key measures for maintaining network security include:

• Using firewalls to monitor and control incoming and outgoing network traffic
• Setting up VPNs to secure remote connections
• Ensuring Wi-Fi networks are encrypted and password-protected

Firewall solutions act as a barrier between trusted internal networks and untrusted external networks, preventing unauthorised access. VPNs provide secure communication channels for remote workers, safeguarding sensitive information transmitted over the internet.

Intrusion Detection and Prevention Systems (IDPS) can help monitor network traffic to detect and prevent suspicious activities that could indicate a cyber attack. Deploying IDPS solutions that provide real-time monitoring and automated responses to detected threats ensure that any anomalies are swiftly addressed to minimise potential damage.

Endpoint Security 

Endpoints (devices which are physically an end point on a network) are common targets for cyber attacks. With the rise of remote work and the proliferation of mobile devices, endpoints such as laptops, smartphones, and tablets have become prime targets for cybercriminals. These devices often serve as gateways to the broader network, making their security paramount.

Deploying an endpoint protection solution is essential for safeguarding these devices. EPP solutions typically include: 

• Anti-virus software 
• Anti-malware 
• Ransomware protection 
• Mobile device management (MDM)
• Device encryption
• Web filtering 

Anti-virus and anti-malware software are fundamental components of endpoint security. They are essential for detecting and removing malicious software that can compromise systems and data. Furthermore, it is crucial to regularly update these programs with the latest threat definitions to protect systems from new and emerging malware. 

Internet of Things (IoT) Security 

The rise of Internet of Things (IoT) devices has introduced new security challenges for businesses. These devices, which include everything from smart thermostats to remote-managed printers, often have access to sensitive data and can serve as entry points for cyber attacks if not properly secured. 

Ensuring that only approved devices can connect to the network is crucial for maintaining IoT security. Setting up strong authentication and authorisation mechanisms helps prevent unwanted access. 

This can include the use of:

• Unique device credentials
• Secure tokens
• Encrypted communications to verify the identity of each device attempting to connect to the network

Keeping IoT devices secure requires regular firmware updates to patch vulnerabilities. Manufacturers often release firmware updates to address security flaws and improve device performance. 

Cloud security 

94% of companies use Cloud software in their business operations. Therefore, implementing Cloud security is more important than ever to protect applications and services from cyber threats and unauthorised access. 

Protect data through encryption, access controls, and identity management systems to ensure only authorised individuals can access sensitive information. Compliance with regulatory standards is achieved by leveraging trusted cloud service providers with relevant certifications. 

Threat detection and response are enhanced by Security Information and Event Management (SIEM) systems, which provide real-time monitoring and alerts. Continuous monitoring and regular security audits help identify and mitigate vulnerabilities, ensuring the cloud environment remains secure against evolving threats.

Start protecting against cyber threats today 

Implementing cyber security solutions can help you gain peace of mind over the rising risks of cyber threats. Start by assessing your current security posture, identify gaps, and prioritise setting up relevant measures to protect your data, network, and devices.

If you want additional help in ensuring your business remains secure, managed IT services can help lift the heavy burden of security from your internal teams. Trusted provider Arc Systems offers a range of cyber security solutions and can help you get started. Visit Arc to speak to an expert today.