5 Reasons Why Penetration Testing Is Important For Your Company

Today, the whole web is struggling and scared with the cyber threats hanging around, making it difficult for businesses to continue operating in peace. To create a safe and secure stage, the importance of penetration testing comes into power the business security. 

Penetration testing is the ultimate choice for small to large businesses struggling with the hacker’s impact. It allows organizations to discover well-detailed information about cyber attacks. 

According to reports, the penetration testing market size is estimated to generate $5.3 billion by 2031. The number speaks for its relevance in the market in helping businesses strengthen their security. With penetration testing, you stay alert before it takes over all the business systems. Here, you will get to know about the top 5 reasons that show the importance of penetration testing. 

The benefits of implementing Penetration Testing Which Is Essential for Your Company

Penetration tests assess whether an organization is secure against an adversary using multiple attack vectors. As a result, you can close security holes before attackers exploit them. Here are the notch benefits of penetration testing

1. Identify hidden vulnerabilities in systems before criminals do

A critical part of maintaining security is finding and exploiting vulnerabilities before attackers do, hence the common practice of applying security patches. When cybersecurity plans are breached, previously overlooked deficiencies can be revealed

The goal of Pen testing for businesses is to prioritize risks and get the most out of your resources by identifying the most likely vulnerabilities. In a penetration test, the human element can reveal vulnerabilities that:

• These vulnerabilities can only be exploited by combining low-risk flaws in a particular order.
• Human factors, such as social engineering or human error, are used to demonstrate the need for security education.
• Ensure that network vulnerability screening is followed by additional validation.

2. Develop strategies and processes to strengthen security

Penetration tests help you determine how secure your IT system is. It is beneficial for executives at your company to be aware of potential security vulnerabilities and their impact on system efficiency. Penetration testers can also provide recommendations for identifying and remediating security vulnerabilities and determining where to allocate your cybersecurity budget.

3. Shorten dwell times and reduce remediation costs

Detecting and stopping a data breach typically takes 277 days, according to IBM’s Cost of Data Breach 2023 study. If malicious hackers have access to sensitive data and harmful software for a longer period before they are discovered, the more damage they can do and the more consequences they can cause.

The financial implications of cyber breaches and assaults are compounded by downtime, poor network performance, brand image, reputation, loyalty, and, most critically, customers. Breach repercussions may last for many years for your company.

A data breach will cost an average of $4.35 million worldwide in 2022, up 12.7% over the average in 2020. A major financial investment, cutting-edge safety measures, and several weeks of downtime will be required to restore normal operations.

If you fix the flaws a penetration test reveals before a cyber breach occurs, your company will experience less downtime. A successful breach costs tens of thousands of dollars!

4.Maintain compliance with security and privacy regulations

Penetration testing is crucial to protecting your business and its assets from attackers. The purpose of pen tests is primarily to ensure network and data security, but their value extends much further. Maintaining a regular pen test program can help you comply with even the most stringent privacy and security requirements.

All companies must conduct regular audits and tests of their security systems to ensure compliance with regulations such as HIPAA, PCI-DSS, GDPR, SOC2, and ISO 27001, among others. According to PCI DSS 4.0, Requirement 5 requires pen testing. These regulations require you to meet a certain level of security to avoid potentially severe fines. Businesses can strengthen their security policies through penetration testing, which produces extensive reports that show assessors they are diligent about keeping current on vulnerabilities.

5. Protect the reputation of the brand and maintain customer loyalty

Due to the frequent media reports of data breaches, customers are concerned that their information is secure. Penetration tests can prove a company’s security. In addition, security reviews often discuss penetration tests before signing contracts such as mergers or vendor agreements.

Also Read : How To Choose The Right Penetration Testing Company For Your Business?

Top Causes of Security Vulnerabilities

• Errors in Design and Development: Hardware and software can also have flaws that make them unusable. The data critical to your business can be exposed due to these bugs.
• Errors caused by humans: Human errors are one of the prime causes of vulnerabilities within the system. This can be intentional and unintentional. Some of the common activities that lead to human error include opening up the credentials, improper disposal of documents, programming errors, clicking suspicious links, and so on.
• Connection: The system must be connected to an unprotected network (an open connection) to make it vulnerable to hackers.
• Complexity: A system’s vulnerability to security increases with its complexity. In general, the more features a system has, the greater the likelihood that it will be attacked in any way.
• Password: A password is used to ensure that unauthorized access is prevented. You must choose a password that is strong enough so that no one can guess it. The use of passwords cannot be shared with anyone at any time, and passwords should be changed periodically as well. Even with these instructions in place, some people still reveal their passwords to others, write them down somewhere, and use easy passwords that are convenient to remember.
• Input from Users: You have undoubtedly heard about SQL injection, buffer overflows, etc. It is possible to attack a system using the data received electronically through these methods to get access to the system.
• Management: It is difficult and expensive to manage security. It is sometimes a problem that organizations lack competence in risk management, and as a result, vulnerabilities are introduced into the system.
• Staff lacks training: Due to this, human errors are committed, and other vulnerabilities arise.
• Communication: It is important to note that channels such as mobile networks, the internet, and telephones allow security theft to take place.

Penetration Tests: How Often Should You Schedule Them?

Hardening is a process that involves penetration testing, so it should be conducted periodically. Tests should be conducted at least annually. It is, however, best practice to conduct a penetration test when:

• Infrastructural or application upgrades are made.
• Patches for major security issues are applied.
• It is necessary to update or modify end-user policies.
• A new office is opened, or a new location is chosen.
• A new digital asset, such as a website or a cloud service, is launched.

Also Read : How to Prepare for Your Annual Penetration Testing? : Ultimate Pentesting Checklist

How Much Does a Penetration Test Cost?

Generally, penetration tests cost around $5,000, but the overall cost depends on the size of the app or website. A penetration test for a “small” application would cost considerably less than a test for multiple user roles on a website, several applications, and a network.

Penetration Testing Success Stories

Ransomware Attack on Norsk Hydro

One of the most widespread ransomware situations took place a few years back for one of the Norwegian aluminum companies, Norsk Hydro, in 2019. They suffered a major loss because of the ransomware activity, which led them to suffer a significant amount of money. In response to the attack, Norsk Hydro shut down most of the part of the plan for damage control. 

They were unaware of how the attack happened. They get in touch with the penetration test team to check the root of the attacks. According to them, many vulnerabilities in the system allowed attackers to open attacks on the system. 

Canadian Government Cybersecurity Breach

The second incident happened the same year in 2019, but still, it was the Canadian government that became the victim of the breach. The attacks compromised the security of the system and gained access to more than 9,041 people’s personal information registered in the Canadian government system.

This took place at the job portal. To combat the attack and know the details of the attacks, the Canadian government contacted a penetration tester to conduct the test and discover the gaps. It was discovered that attackers could have exploited several vulnerabilities in the system to gain access to sensitive information held by the government by exploiting these vulnerabilities.

Conclusion

Implementing Cybersecurity for businesses is a great choice for businesses and organizations to eliminate the gaps within the system. Penetration testing is the best plan of plan that plays a vital role in determining the attacks and taking an approach towards operating a secure business.

Frequently Asked Questions (FAQ)