5 Reasons the Essential Eight is More Important than Ever

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5 Reasons the Essential Eight is More Important than Ever

With the rise of hybrid work and a surge in cyber crime, having an airtight cyber security plan in place is critical. The Essential Eight is a set of control strategies designed to create a solid foundation that helps prevent cyber breaches, limit their damage and allow businesses to recover if they occur. So, why is this list of mitigation strategies more important than ever before?

 

1. COVID-19 has resulted in more opportunities for cyber criminals

With people shifting to remote or hybrid work due to lockdowns and pandemic restrictions, businesses are relying on the internet more heavily than they did previously. This has increased the attack surface, giving cyber attackers more opportunities to find weak spots in an organisation’s cyber defence strategy. And according to the nation’s biggest employers, the hybrid work trend is here to stay long after the restrictions brought by COVID-19 are gone.

2. Cyber attacks are on the rise

The Australian Cyber Security Commission received over 67,500 cybercrime reports in the 2020/2021 financial year, a 13% increase from the previous financial year. It’s also estimated that there’s a ransomware attack on businesses every 11 seconds worldwide. These attacks are becoming increasingly sophisticated, making it critical for businesses to keep up with a comprehensive cyber security strategy—and this starts with laying down a strong foundation using the Essential Eight.

3. A single breach can have devastating consequences

Cyber crime is costing the Australian economy up to $1 billion annually according to a Cyber Security Review led by the Department of the prime Minister and Cabinet. On top of potentially massive monetary costs, a cyber attack can seriously damage your reputation, lead to loss of valuable data and cause significant business disruptions. Using the Essential Eight as a baseline and building on it with cyber security measures that are tailored to your business is crucial at a time of rapidly growing threats.

4. The majority of cyber attacks can be prevented

In 2020 and 2021, the Cyber Security Safety Unit (CSU) found that 84% of reported incidents could have been prevented or significantly reduced with at least one of the Essential Eight controls. To help businesses to reduce the risk of being affected by a potentially crippling cyber attack, the Australian Cyber Security Centre (ACSC) recently released their latest revisions to the Essential Eight list of mitigation strategies. Businesses can use this list in combination with other cyber security measures recommended by their IT team or provider to create airtight protection.

5. Cyber insurance and compliance requirements

The more comprehensive your cyber security strategy is, the lower your cyber insurance premiums will be. In a world where cyber attacks are increasing in number and sophistication, using the Essential Eight as a baseline also helps achieve ISO27001 compliance. Meeting this set of international standards helps you attract and retain customers by complying with legal requirements, establishing trust and, ultimately, reducing risk.

 

Are there gaps in your cybersecurity? Our experts assess the unique needs of each business and use industry best practice to implement robust cyber security tools that make sure your business is protected from every angle. If you’d like to know more, get in touch with us today to begin securing your business against a growing threat landscape.

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