The recent global IT outage caused by a bug in CrowdStrike’s code serves as a stark reminder of the importance of robust software security.
The incident disrupted critical operations for countless businesses, underscoring the potential for far-reaching consequences when security fails.
Derek Li, evexus’ Chief Technical Officer (CTO), leads our team with a strong focus on quality in all aspects of our work. He has developed a number of strategies to safeguard both the evexus software and all our clients’ data.
Staying cyber secure
Derek says there are three key elements organisations must focus on to stay digitally safe.
- Prioritise development practices
According to a study by security company Veracode, 63% of applications in 2023 contained flaws in first-party code.
Rigorous development practices, such as secure coding, regular audits, and prompt updates, are essential to mitigate these risks.
- Partner strategically
The software ecosystem is complex. Partnering with reputable vendors for cloud services, development tools, and security solutions helps ensure the entire chain is fortified and prevents your data from being exposed to unnecessary risk.
- Security by design
Make security a priority from day one. Thinking about security from the outset, from UI design to code implementation, can prevent vulnerabilities that become costly to fix later.
Main Causes of Security Failures
There are several key factors to be on the look-out for when it comes to preventing security failures.
Human error
Research suggests that human error, such as misconfigurations or accidental data exposure, accounts for a significant proportion of security breaches.
Software vulnerabilities
Unpatched vulnerabilities in software can be exploited by attackers, leading to unauthorized access or data leaks.
Weak passwords
Easily guessable or reused passwords remain a major point of vulnerability. Research shows that 75% of people are at risk of hacking due to weak or repetitive passwords.
Social engineering
Techniques like phishing and pretexting can trick employees into divulging sensitive information or clicking on malicious links.
The Cost of Failure
Software security failures can be devastating.
IBM’s 2023 report found the average cost of a data breach to be a staggering $4.45 million US dollars. This figure includes not only financial losses but also reputational damage and potential legal liabilities.
Put simply, we can’t afford not to make cybersecurity a priority.
Software security is not just a technical issue; it’s a business imperative. By adopting a proactive approach, implementing best practices, and partnering with trusted vendors like evexus, you can significantly reduce the risk of security failures and protect your organization from potentially catastrophic consequences.
