With a name that sounds a lot like a certain Tarantino movie, the Essential Eight is a cyber security framework that has been introduced to help companies comply with cyber security laws, legislations and regulations.
Given the dramatic rise in cyber attacks of late, organisations must be hyperaware of the threat that lies in wait. Those organisations infiltrated by a malicious cyber attack may never fully recover, as the financial and reputational ramifications can be devastating.
The Australian Cyber Security Centre (ACSC) introduced the framework to identify, mitigate and deter cyber attacks, and to provide businesses with the tools needed to do so. The Essential Eight framework is centred around three founding pillars: to prevent attacks, limit the impact of an attack and data availability. From these foundations stem eight crucial mitigation strategies:
- Application control
- Patch applications
- User application hardening
- Admin privilege restriction
- Patch operating systems
- Multi-factor authentication
- Microsoft Office macro settings configuration
- Regular backups
When your business is assessed against the Essential 8, your compliance to the framework is measured in terms of its ‘Maturity Level’ (zero through to three). These Maturity Levels help gauge your current cyber-mitigation efficacy. In the current cyber climate, the Essentials Eight framework offers many benefits to companies of all sizes, aiding in the effort to thwart cyber criminality.
The Business Benefits of Implementing the Essential Eight Framework
Privileged Access Management (PAM)
One of the prime benefits of the Essential Eight is PAM, which places administrative restrictions, or privileges, on applications, operating systems and devices on a user-by-user basis. This provides your organisation with:
- Heightened data security
- Increase control over operations
- Reduced risk of human error
- Greater insight into how applications, operating systems, devices and more are used
- Cost savings due to the reduced risk of over expenditure on materials and resources
- Improved productivity and efficiency
Privileged Elevation and Delegation Management (PEDM)
Another strategy deployed in the effort to mitigate the effectiveness of cyber threats is PEDM, which enables the rescindment of localised administrative rights and control over device endpoints. This once again enhances your data security as you gain total control over who, within your organisation, has access to your operative devices.
Multi-factor Authentication (MFA)
Not only is MFA one of the most adopted cyber security strategies – used by 57% of all global enterprises – but it also one of the most effective. In fact, by implementing MFA across all business devices, your business is 99.9% less likely to be breached, as a result of an automated attack.
Cost-effective Cyber Security
Like any business, profit makes up the bottom line. You don’t want to feel as though your hard-earned money is being poured into a bottomless pit. This can be especially true when businesses examine their cyber security as it may, to some, feel superfluous to the cause. However, this could not be further from the truth.
In 2021 alone, the ACSC estimated the total cost for victims of cyber attacks, both individuals and businesses, to be (AU)$33 billion. This staggeringly large amount could have been mitigated by adhering to the Essential Eight framework – which is why the Australian Government have been so forthcoming in its dissemination.
Reap the Rewards of the Essential Eight Framework with Tekspace!
Get in touch with the experts at Tekspace to book a free risk assessment and bolster your security posture, today.
