Ivan Stojanovic, Business Marketing and Sales Director, Yettel – Cybersecurity solutions are a necessary investment for a successful business

The development of technology is increasing exponentially and with it the risks in the area of cybersecurity, which have increased particularly due to the COVID-19 pandemic. There were several large-scale cyber attacks on state institutions in Serbia last year, we see warnings from competent institutions and companies about threats and fraud on the Internet almost every day in the media, and according to the National CERT, a cyberattack occurs every 39 seconds in Serbia.

- In the conversation with the users, we realized that it is challenging for them to follow the pace of development of new technologies. In order to support them to catch up more easily, we created this program through which we gather the business community, state institutions and experts from various fields, and discuss the key aspects of technological development for companies in Serbia.

Our goal is to create a space for open discussion on topics that are important for every company, regardless of size and industry, exchange experiences on new technological solutions, and share examples from practice. I believe that we need this kind of open discussion in order to see all the potential of new technological achievements. We organized the first in a series of events, dedicated to cyber security, at the end of September - says Ivan Stojanović, Business Marketing and Sales Director at Yettel.

- When we look at global trends, we see that market dynamics indicate an increase in targeted cyber attacks. They are becoming more sophisticated, and attackers are using different tactics, including social engineering, malware and ransomware. The IT infrastructure is attacked, and the goal is to break into the company`s network, disrupt operations and steal sensitive data, such as financial and user data and intellectual property. Or simply - extortion.

These data clearly show that in Serbia there is a need to implement cyber security solutions in businesses of all sizes and industries, because every business can be a victim of hackers.

- I would say that both types of companies encounter cyber attacks very often. The difference is that large companies have a higher level of awareness of the importance of cyber protection, resources, as well as employed experts who deal exclusively with it. On the other hand, small and medium-sized enterprises are more vulnerable for several reasons. For example, they use basic tools for cyber security, do not store sensitive and strictly confidential data in an adequate way, do not have enough resources for more advanced security solutions, or even consider that they are not attractive to attackers, and that there is no need for such an investment.

However, small and medium-sized enterprises are the backbone of any local economy. They represent 99% of the Serbian economy, participate in GDP with 57.7% and employ more than 65% of employees in the non-financial sector, so they are extremely important. When we consider the frequency of cyber attacks and the problems they cause companies, we see why it is crucial to educate them about the importance of cyber security to the functioning of their business.

- First of all, they need to see the importance of cyber security and what are the consequences of cyber attacks on the company`s business. Then, it is necessary to have adequate tools and programs for cyber security. However, in most cases, the most important factor is the human. Data from the European Cyber Security Agency for 2020 show that 84% of cyber attacks are from the domain of social engineering.

An additional risk for cyber security is the trend for employees to increasingly use their own devices for business purposes, that is, to access company systems through their devices - phones, computers, USBs - which represents an additional vulnerability. Therefore, companies must understand that it is important to educate employees about various cyber threats, in order to protect the company`s data, as well as the data of their users, and have stable operations and a healthy business.

Educating employees in the domain of cyber security and investing in security solutions is not a luxury, but a basic necessity, in order to protect the company`s business.