In today's interconnected world, where data and collaboration are the foundation of business operations, cybersecurity has emerged as a non-negotiable priority. The emergence of new technologies such as generative AI creates even more opportunities for cybercriminals to develop new, more reliable ways to attack organizations, exposing them to an ever-expanding threat landscape.
The speed at which cybersecurity threats evolve is staggering, posing challenges for businesses of all sizes and sectors. A survey in the UK found that 50 percent of businesses had experienced some form of cybersecurity breach or cyberattack within the past 12 months, 31 percent had conducted a cybersecurity risk assessment, and 33 percent had deployed security monitoring tools to identify and mitigate threats. While up-to-date statistics are not available for businesses in Malta, similar trends are evident within the local business community.
From ransomware and DDoS attacks to data breaches and supply chain compromises, the impacts of cyber attacks can negatively impact any business. In addition to business disruption due to interrupted access to critical systems and services, cyber attacks can also result in data loss or theft, stolen user identities or takeover of user accounts, financial loss, regulatory fines, and damage to a company's reputation.
Regulated industries must also meet risk assessments and cybersecurity requirements arising from upcoming EU legislation and mandated by their respective regulators. These regulations include DORA for banks, financial institutions, and insurance companies, and NIS2 for various public and private sector critical entities essential to the economy and society. However, non-regulated industries are not immune to cyber attacks and must assess risks to protect their interests, ensure business continuity, and protect customer and employee data. Data protection requirements defined in the GDPR have been and will continue to be comprehensive requirements for most businesses. Therefore, the need to protect sensitive corporate data and harden digital infrastructure has never been more important.
A reactive approach to cybersecurity is no longer sustainable. At the core of any effective cybersecurity strategy is a proactive approach that predicts, prevents, detects and responds to emerging threats. Such a strategy requires a full-fledged cybersecurity team within each enterprise, whose primary role is to comprehensively understand emerging threats, vulnerabilities and attack vectors, while implementing a customized cybersecurity strategy that addresses the organization's specific needs.
Recognizing that skills shortages are one of the emerging threats for 2030, GO has strategically partnered with local cybersecurity firm CyberSift to provide specialized cybersecurity managed services, support and expertise to customers within the local business community. The partnership will enable Maltese businesses to access a wide range of cybersecurity services, including security information and event management, vulnerability assessment, AI threat intelligence, penetration testing, advanced endpoint protection and incident response, without investing in large in-house resources. Recognizing the importance of customer trust in their cybersecurity service providers, GO and CyberSift have invested heavily in their own cybersecurity capabilities. Both companies are ISO 27001 certified, demonstrating their adherence to the most recognised global security standard and their commitment to a risk-based approach for continuous improvement of related processes.
As businesses embark on digital transformation, cybersecurity will play an increasingly critical role in ensuring sustainable growth and resilience. GO is at the forefront of shaping this future, providing innovative solutions and complimentary resources to help organizations navigate the complexities of the digital environment.
One such initiative is the Cyber Webinar Series, which aims to provide valuable insights and practical guidance on topics such as AI in cybersecurity, staff training and leveraging the EU grants scheme. GO also offers a free Cybersecurity Assessment Tool designed to evaluate current cybersecurity practices and identify areas of improvement for your company.
Through investments in innovative solutions, GO provides businesses with the knowledge and tools they need to confidently navigate a dynamic cybersecurity landscape and increase their organizational resilience. Explore GO's comprehensive suite of cybersecurity solutions today to protect your data and operations in an ever-changing threat environment.
