Cyber fortress: securing your global business against modern threats

As global businesses expand and operate across borders, they face more cyber threats than ever. 

There’s the shift towards remote work and employees using their own devices beyond office-based security firewalls. There’s also the increased sophistication of attacks, with phishing and ransomware now being joined by AI-powered threats. Many can be deployed by non-technical attackers, and launched at unprecedented scale.

This article explores how to protect your global business against some of these emerging cyber threats. There’s particular focus on the unique challenges multinational companies face when operating across borders. Plus strategic recommendations for how to protect and adapt your cybersecurity measures.

Expanding threats to multinational businesses

Today’s business environment is full of large digital networks and remote workforces. Each one is a potential target for cybercriminals. 

Global businesses are particularly vulnerable, with operations in multiple countries making it harder to establish a baseline in behaviours to implement security measures, such as restricting logins to UK office hours only. As a result, threats are now multiplying in variety, and increasing in volume:

Remote work vulnerabilities

The shift to remote work, accelerated by the COVID-19 pandemic, offered flexibility for operating, connecting, and conducting business.  However, it also introduced significant cybersecurity risks. 

Employees working from different locations often use personal devices and unsecured networks, which can be easy targets for cybercriminals. Without the physical security controls of an office, businesses must rely heavily on digital security measures.

Preventative measures for your business to take

• Implement VPNs: Secure data transmission between remote employees and company servers by using Virtual Private Networks (VPNs).
• Multi-Factor Authentication (MFA): Require multiple forms of verification to prevent unauthorised access.
• Regular Security Training: Educate employees about phishing scams, password safety, and safe internet practices.

Managing complex digital networks

Global businesses often operate on complex digital networks and cloud-based systems. Often they span multiple regions, jurisdictions, and time zones. These networks connect various subsidiaries, partners, and clients. 

One entry point can mean unlocking access to company resources, Personally Identifiable Information, and Intellectual Property. Naturally, this makes them attractive to cybercriminals, and also threatens business reputations, and potential fines for breaches. The more complex the network, the higher the risk of vulnerabilities.

Key strategies to mitigate risks:

• Network Segmentation: Divide the network into smaller, isolated segments to contain breaches and prevent attackers from moving laterally.
• Continuous Monitoring: Use advanced threat detection systems to monitor network traffic and detect anomalies in real time.

Regular Audits and Penetration Testing: Conduct frequent security audits and simulated attacks to identify and fix vulnerabilities.

‍

‍

Types of cyber threats impacting businesses

Ransomware attacks

Ransomware remains one of the most common threats. Attackers encrypt company data and demand a ransom for its release. 

Global businesses are particularly attractive targets due to their ability to pay larger ransoms and the significant disruption such attacks can cause. However, there’s no guarantee that payment results in decryption, with a reported 21% of ransomware payers unable to recover their lost data.

Phishing and social engineering

Phishing attacks, where attackers trick individuals into giving up sensitive information, are becoming more sophisticated. AI bots can mimic conversational styles and voices. 

These add to existing social engineering tactics that exploit human psychology, making them hard to defend against with technology alone.

Insider threats

Insider threats, where current or former employees use their access to cause harm, continue to be a major threat. Whether intentional or accidental, the fallout can be equally damaging, especially with privileged accounts and advanced permissions, such as to request and approve money transfers.

‍

Building a cyber fortress

Comprehensive cybersecurity policies

Developing and enforcing comprehensive cybersecurity policies is essential for protecting your business.

These policies should cover everything from password management and data encryption to incident response plans and employee conduct guidelines. There should also be governance checks to ensure policies are followed and aligned to the latest updates.

Advanced technological solutions: how your business can respond

• Artificial intelligence (AI) and machine learning (ML): AI and ML can analyse vast amounts of data to detect patterns and predict potential threats. These technologies are crucial for identifying new and sophisticated threats.
• Blockchain technology: Blockchain offers enhanced security features such as decentralised data storage and tamper-proof transaction records, making it harder for cybercriminals to compromise systems or to attack without triggering alerts.
• Cloud security solutions: With more organisations migrating services to the cloud, and using instant collaboration and communication platforms, it’s essential to implement security and identity measures. These include encryption, access controls, and secure APIs to protect data at rest and in transit.

Incident response and recovery

No security measure is foolproof, so it’s essential to have a well-defined incident response plan. This plan should include steps for identifying, containing, and mitigating cyber incidents, as well as strategies for communication and recovery.

Key components of a response plan:

• Incident response team: Deploy a dedicated team trained to handle cybersecurity incidents quickly and effectively.
• Backup and recovery solutions: Regularly backup data and have a recovery plan in place to minimise downtime and data loss during an attack.
• Public relations strategy: Manage communication with stakeholders, customers, and the media, to maintain trust and transparency during a cyber incident.

‍

‍

The human factor: integrating technology with human insight

While advanced technologies are crucial in protecting against cyber threats, the human factor remains a significant aspect of cybersecurity. 

Employees are often the first line of defence. Their awareness, education, and behaviour can significantly impact the effectiveness of security measures.

Key human-focused strategies:

• Continuous training and education: Regularly update employees on the latest cyber threats and best practices for risk avoidance.
• Creating a security-aware culture: Foster an environment where cybersecurity is a shared responsibility, and employees feel encouraged to report suspicious activities.
• Implementing strict access controls: Limit access to sensitive information based on the principle of least privilege and Just-In-Time, ensuring that employees only have access to the data necessary for their roles and within timescales.

Learning from real cybersecurity incidents

Several high-profile cybersecurity incidents have underscored the importance of robust security measures and proactive risk management. 

In 2017, the WannaCry ransomware attack exploited a vulnerability in Microsoft Windows, affecting over 200,000 computers across 150 countries, including major companies like FedEx and Nissan. 

The same year, Equifax experienced a massive data breach due to an unpatched security vulnerability, exposing the personal information of 147 million people. 

Another large attack affected CapitalOne, with 100 million credit card applications and accounts breached in 2019. 

In 2024, Ticketmaster reported a breach of its servers after a hacker group claimed to have stolen the personal data of more than 500 million of its customers.

These incidents highlight critical lessons: the necessity of regular software updates and patch management, rigorous security audits, timely updates to security protocols, and securing the supply chain by ensuring all partners adhere to stringent cybersecurity standards.

Moneynet: Pioneering secure financial solutions

Moneynet leads the way in secure payment solutions, using advanced technologies like blockchain to provide unparalleled security against many emerging threats. 

By integrating these sophisticated technologies, Moneynet ensures that your financial transactions are protected against unauthorised access and cyber threats. 

This level of security is crucial for global businesses, allowing them to operate with confidence in the digital landscape. Moneynet's commitment to leveraging cutting-edge technology not only secures transactions – and also underpins speed, efficiency, and trustworthiness.

How to build your cyber fortress

Securing your global business against cyber threats is an ongoing process. It takes vigilance, advanced technology, and comprehensive strategies. After all, as cyber threats evolve, so must your defences. 

That means using cutting-edge technologies like AI, ML, and blockchain, combined with strong policies and continuous employee training, to strengthen your business against the many cyber threats it faces. 

By adopting robust cybersecurity measures and leveraging the latest technological advancements, businesses can build a cyber fortress. One that protects their assets, operations, and reputation. Ready for an increasingly digital and interconnected world. 

Talk to Moneynet about making it happen for your business.