What is a Cybersecurity Incident?

Updated: 5 Aug 2024
What is a Cybersecurity Incident?

What Are Cybersecurity Incidents? 

 

Cybersecurity incidents are events that pose a threat to the confidentiality and accessibility of an organisation’s data or assets. They often result from failed or inadequate cybersecurity measures and have the potential to disrupt business operations. 

 

It should be noted that cybersecurity events and cybersecurity incidents, though often interpreted similarly, have some key differences. Cybersecurity events are any occurrences in a system or network related to cybersecurity, which may or may not be harmful. On the other hand, cybersecurity incidents are events that have escalated to cause a negative impact on an organisation. Incidents typically require investigation and immediate responses to mitigate risks and eliminate the threat. 

 

 

Types of Cybersecurity Incidents 

 

Cyber attackers execute various types of cybersecurity incidents against organisations, utilising different software, programmes, and codes. The methods of attack differ depending on the attackers’ objectives. Below are some common cybersecurity incidents: 

 

  • Phishing: Manipulates individuals into revealing sensitive information or downloading malware, typically through methods like emails, messages, calls, or social media. 
  • Malware: Refers to all kinds of malicious software, where the programs or codes are designed by attackers to infect devices, disrupt operations, or compromise systems. Examples include ransomware, Trojans, worms, viruses, and spyware. 
  • Advanced Persistent Threats (APTs): A prolonged cyberattack where hackers infiltrate and gain access to a network, remaining undetected while spying, disrupting operations, or stealing sensitive data. 
  • Supply chain attacks: Target a company’s supply chain network, exploiting third-party tools or vendors to compromise systems or data. 
  • Insider threat: Malicious or negligent individuals within organisations, authorised to access systems and data, may misuse their privileges to disclose sensitive information. This exposes the company to internal vulnerabilities that cybercriminals can exploit. 
  • Internet of Things (IoT) vulnerabilities: Refers to weaknesses in IoT devices that attackers can utilise for their attacks. IoT devices, such as sensors and smartwatches, are hardware capable of connecting to networks and exchanging data. 
  • Denial-of-Service (DoS) and Distributed-Denial-of-Service (DDoS) attacks: Disrupt normal operations by overwhelming servers, systems, or networks, making them inaccessible to legitimate users. 

 

 

Why Do Cybersecurity Incidents Occur? 

 

While not all cybersecurity incidents are cyberattacks, those driven by malicious intentions often stem from attackers’ motivations such as: 

 

  • Financial incentives: Attackers capitalise on the lucrative nature of cybercrime by stealing financial information, such as bank account details, for direct monetary gain. They may also sell stolen data on the dark web or demand ransom payments, potentially yielding substantial sums, especially when targeting highly confidential data within large companies. 
  • Revenge: Incidents may arise from negative sentiments toward the target party or organisation. 
  • Hacktivism: A portmanteau of “hack” and “activism”, refers to when hacktivists conduct cyberattacks due to their political or social agendas. Common avenues include DoS and DDoS attacks. 
  • Cyber espionage: Carried out to steal confidential information for advantage over competitors or national security purposes. 
  • Intellectual challenge: Some hackers derive satisfaction from these activities, considering them personal achievements. 

  

In other cases, cybersecurity incidents could occur unintentionally due to human error, system misconfigurations, or malfunctions. 

 

 

Offer Image

 

 

What Are the Consequences of Cybersecurity Incidents? 

  

Cybersecurity incidents, whether malicious or non-malicious, inevitably impact organisations. The implications of these incidents can generally be classified into: 

  

Financial Loss 

 

Cybersecurity incidents can be very costly for organisations due to the extensive remediation efforts required during and after an incident. Operational capabilities often suffer, leading to a direct impact on revenue. In major incidents, companies may incur monetary losses from compensating affected customers or making ransom payments. Restoration expenses, such as software and hardware upgrades, digital forensics, and new cybersecurity measures, add to the financial burden. 

 

In attacks where competitors steal intellectual property and proprietary information, organisations face the challenge of adapting to the loss of competitive advantage or disrupted Research and Development (R&D) pipelines. Failure to adjust business strategies effectively can result in a decreased market share and even potential business failure. 

  

Operational Disruptions 

 

Cybersecurity incidents inevitably lead to disruptions in network systems and operational processes. Serious attacks, such as malware infections or data breaches, necessitate downtime for containment or investigations. Not only does this impact business operations and potential revenue, but it can also adversely affect work productivity. Employees’ efficiency may be reduced as they adapt to changes in processes resulting from the incident. 

  

Reputational Damages 

 

While it is understood that cybersecurity incidents are unavoidable, those with significant consequences can damage relationships with stakeholders. They erode trust with customers, business partners, and investors, reducing business opportunities and revenue. When confidence in a business diminishes, attracting new customers and employees becomes more challenging, hindering business growth. Furthermore, such incidents can influence a company’s share price and market standing. Consequently, organisations would have to dedicate substantial and consistent effort to rebuilding their brand reputation, a process that can often take a long time. 

  

Legal and Regulatory Complications 

 

Cybersecurity incidents can result in organisations violating regulations or laws, depending on the extent of the damages and legal compliance they are required to adhere to. In cases where data is breached, organisations must promptly report the incident to relevant authorities and affected stakeholders within a specified timeframe, as mandated by data breach notification laws. Failure to comply with the necessary legal procedures can result in organisations incurring fines or penalties. 

  

 

How to Defend Against Cybersecurity Incidents 

 

There is no one-size-fits-all solution in defending against cybersecurity incidents due to factors such as 

  • Incident types 
  • Industry-specific considerations 
  • Diverse organisational operational needs 
  • Unique risks for specific organisations 
  • Different regulatory requirements 

  

However, several strategies can enhance security posture and increase resistance towards cybersecurity incidents. These approaches include: 

  

Deploy Proper Cybersecurity Tools 

 

At a minimum, organisations should have security tools in place to defend against cybersecurity incidents. Some of these tools include Endpoint Detection and Response (EDR), Intrusion Detection and Prevention Systems (IDS/IPS), and vulnerability management solutions. Organisations can manage these tools using technologies like Security Information and Event Management (SIEM), Unified Threat Management (UTM), Security Orchestration, Automation, and Response (SOAR), and other network monitoring tools. Regular security assessments and updates are also essential to keep pace with rapid advancements in cyber threats and patch vulnerabilities in the company’s networks and systems. 

  

Incident Response Plan 

 

Incident response plans consist of procedures that organisations follow when facing cybersecurity incidents. A well-defined incident response plan equips cybersecurity teams and relevant stakeholders with the necessary tools and expertise to address cybersecurity incidents promptly and effectively. Time is of the essence in minimising the extent of impact, and a comprehensive plan not only streamlines incident response efforts but also ensures that organisations are well-prepared to take the necessary steps for compliance with legislation. 

  

Engage Cybersecurity Experts 

 

Drawing on the expertise of cybersecurity professionals enables a thorough analysis of an organisation’s unique needs, leading to customised and advanced defence strategies for managing cybersecurity incidents. Outsourcing cybersecurity experts relieves organisations from the burden of in-house security management while allowing them to leverage up-to-date defence technologies that these experts consistently keep up with. This is particularly helpful for organisations lacking a strong internal security team, which can often be costly and resource-intensive. 

  

 

Strengthen Your Cybersecurity Posture with Ensign 

  

Cybersecurity incidents are unpredictable and can occur at any time without warning. With increasingly advanced techniques and resourceful cyber attackers, many traditional detection technologies are inadequate in combating these incidents effectively. 

Ensign’s Security Incident Monitoring provides real-time monitoring of your network security devices and endpoint protection solutions. This clear visibility, together with our advanced threat detection technologies and tools, identifies your organisation’s areas of vulnerability to stay ahead of these attackers. Learn about our Ensign Security Operations Centres (EnSOCs) service.

 

 

 

Offer Image 2
    Contact Us
Copyright © 2024 Ensign InfoSecurity Pte. Ltd.