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Data breaches and DDoS attacks have the power to put businesses into bankruptcy, but more than that, they also harm reputations and lead to customers distancing themselves from them.
This guide addresses some of the most frequently asked questions regarding business cyber security risks.
What is Cybersecurity Risk?
Cybersecurity risk refers to an organization's susceptibility to loss due to cyber attacks or breaches in terms of ransomware, phishing attacks, or malware infections; third-party threats and internal vulnerabilities can all increase its exposure.
Malware & Ransomware
Cybersecurity ventures estimate that ransomware will cause $11.5 billion in damages this year alone, according to current threat volumes and victims added every 14 seconds.
Ransomware has become one of the greatest threats facing internet businesses today - not only due to payments but also to productivity loss, downtime of systems, and repair/replacement hardware costs impacting a company's ability to survive an attack.
2. Endpoint Attacks
As more businesses move their resources to the cloud and employ remote workstations, hackers have more targets as they adopt "bring-your-own-device" security policies and allow employees to bring personal devices offsite for work use.
Protecting personal and offsite devices poses an ever-increasing security challenge; cybercriminals exploit endpoint attacks as gateways into more extensive networks; Enterprises can effectively avoid cyberattacks by mandating that endpoint devices meet specific security breach standards before being permitted access into networks - with endpoint detection and response (EDR), being essential as an EDR technology critical in combating threats posed by remote workers as well as IoT technologies that use endpoint detection technology in real-time for real-time detection as part of real-time detection technology.
3. Phishing
Phishing emails and business email compromise (BEC) are low-tech methods cybercriminals use to gain network entry.
Phishing emails appear identical to regular ones you receive every day from colleagues, companies, and executives - look-a-likes can gain access through clicking malicious links, fake landing pages, and fraudulent identities created using cloud services such as Gmail and Office 365 that lack adequate protections against impersonations attacks; to protect employees against sophisticated email attacks, you should implement additional safeguards like encryption and threat intelligence measures against BEC attacks (BEC is short for Business Email Compromise).
3. Supply Chain Attacks and Third-party Assaults
Supply chain attacks (or third-party attacks) occur when cybercriminals exploit weaknesses within an external supplier's system to gain entry to networks belonging to large organizations.
According to Ponemon Institute research, 75% of IT pros who responded surveyed stated the threat from third-party access is increasing and becoming more dangerous; according to Soha Systems, 63% of data breaches can be directly or indirectly tied back to third-party access.
5. Machine Learning Attacks
Cybercriminals have increasingly turned to Machine Learning and Artificial Intelligence tools to launch cyber attacks, using these advanced tactics against sensitive databases and critical networks.
CSO Online reports that Artificial Intelligence attacks drove many recent large-scale cyber attacks.
6. IoT Attacks
Statista predicts the Internet of Things (IoT) to become nearly 31 billion devices by 2020, representing everything from laptops and routers to smartwatches, medical equipment, automotive, home security devices, and manufacturing machinery.
Hackers could exploit IoT devices controlled by hackers for financial gain or exploit sensitive data stored there for use purposes - increasing security risks exponentially and potentially overburdening networks with heavy usage or accessing sensitive files without permission.
Related:- Securing Applications with Cyber Security Best Practices
7. Improper Patch Management
Patches address vulnerabilities or "holes" in hardware or software programs released by manufacturers to fix these vulnerabilities within their products, such as operating systems and technologies.
Although patches can be essential to company security, users and security teams often ignore them despite other tasks requiring their attention - leaving businesses exposed and potentially at risk.
8. Foam Jacking
Foam Jacking, as its name implies, allows cybercriminals to steal forms from websites using Formjacking as a form-jacking technique.
Cybercriminals will typically target checkout pages on eCommerce websites to gather personal and financial details by taking over them with form jacking - potentially exploiting valuable information found within each form submitted on these platforms. Symantec's internet security threat report highlights this trend, with approximately 4,800 sites being infected each month, according to Symantec's report.
9. Cryptojacking
Cybersecurity can be compromised by cryptocurrency, an online currency. Criminals use third-party computers at home and work to mine cryptocurrency for money - often hacking someone else's system to do it! Cryptojacked systems may cause serious performance issues for businesses as their IT departments search out and eliminate the rogue code in question.
10. A Critical Scarcity of Cyber Security Experts
Cybercrime has quickly become an epidemic for businesses and governments worldwide, leaving companies scrambling to find enough cybersecurity specialists to combat it.
Many predict a shortage of at least 1 Million positions by year's end, possibly reaching as much as 3.5 million worldwide!
The CEO of Secure Cyber Defense is Shawn Waldman. According to him, being aware of critical vulnerabilities is crucial for data breach prevention.
We advise businesses to perform regular vulnerability assessments of new hardware, third-party software, and access points to close and close cybersecurity gaps. Secure Cyber Defense assists companies, governments, manufacturers, educational institutions, financial firms, and education agencies in assessing, monitoring, and protecting sensitive consumer data.
Why Should Companies Prepare for Cyber Security Risks?
Cyber risks are a threat that threatens businesses of all kinds, threatening to derail operations by costing money you didn't intend to spend, disrupting operations in ways you never anticipated, and damaging reputations among customers, partners, and employees alike.
Every successful cybercrime attack causes financial strain to your company, and they must have an action plan for dealing with and preventing this form of cybercrime.
You can do these things with a robust cybersecurity risk plan:
- Cyber threats are real.
- Recognize the most vulnerable points in your business.
- Recognize these risks and their likely consequences.
- Develop a defense strategy to protect your business.
- Cyberattacks can be reduced by learning how.
- Transferring risk can reduce some dangers.
Which Companies Should Have a Cybersecurity Plan?
Cybercriminals pose a constant risk to any company handling sensitive data - almost every company today!
What Distinguishes Cybersecurity from Computer Security?
Nowadays, computer security and device protection have converged to an extent; "computer security" refers to devices' physical safety, while device protection means keeping Wi-Fi routers, cloud services, and IoT (Internet of Things) devices out of harm's way.
Both terms have become interchangeable due to devices like Wi-Fi routers and data center solutions being constantly on our minds and becoming ubiquitous devices themselves.
How Much Does a Cyber Attack Cost?
Cyberattacks can be costly depending on their type and level of damage; legal penalties and compensation could also follow from an attack or breach.
Here are a few numbers that might spark your curiosity.
- By 2021, global cybercrime is estimated to cause damages of $6 trillion per year.
- Cybersecurity Ventures predicts that international cybercrime will cost $10.5 trillion annually by 2025, an increase of 15 percent yearly.
- Radware published a report in 2018 that stated the average cost of a hacker attack was over $1 million. Verizon's data breach report for 2021 puts the price of a cyberattack at an average of $4.2 million.
Types of Cybersecurity Attacks
What Are the Most Significant Cybersecurity Risks for Businesses?
According to Verizon's 2020 Data Breach Report, nearly one-third of breaches in 2010 involved social engineering techniques, while 90 percent were complicated phishing attacks.
Which Phishing Attack is the Most Popular?
Phishing attacks are a common type of attack.
- Phishing deceptive: Email-borne attacks have long been used as an efficient means for thieves to acquire confidential data by pretending to represent a legitimate business or individual.
- Spear-phishing: Social media provides the perfect venue for targeting individuals by gathering personal data from their profiles to develop specific emails targeting each of them.
- CEO fraud: Targeting high-level executives by asking them for financial transfers through their business emails.
- Vishing: Phishing involves fraudulent calls made over the telephone by criminals pretending to represent well-known institutions to gain sensitive data or funds from them.
- Smishing: Another type of digital fraud using SMS text messages to send fraudulent phishing emails to earn money or data theft.
- Phishing: This form of phishing lures users to malicious websites through DNS cache poisoning.
What Can Be Done to Stop Phishing Emails?
To protect your company against phishing attacks, train all employees on how best to use their personal and computing devices.
Here are some suggestions to get you going.
- Care should always be taken when dealing with electronic communication, mainly if it contains files or links about fraudsters or malware. Instead, delete it immediately or forward it directly to the Federal Trade Commission at spam@uce.gov for investigation and deletion.
- Do not disclose personal details through pop-up pages. Reputable organizations do not collect info using random pop-up websites.
- A firewall, antivirus, and phishing filter software can significantly decrease your chances of receiving fraudulent emails, though no Internet security tool can completely eradicate its chance.
Describe Ransomware.
Ransomware is malware designed to lock away valuable files until their target system owner pays a ransom demand.
Can Cloud Storage Be Dangerous?
Cloud storage providers are responsible for safeguarding cloud-based data. Many cloud services offer more advanced protection measures than local solutions.
Cloud storage solutions must include data encryption, as doing otherwise gives attackers an advantage in decrypting. As decryption requires complicated tools and time and effort from attackers, decrypting may only sometimes be worth their while, so they move onto new targets more readily.
What are some of the top business security system practices?
Corporate cybersecurity initiatives are complex undertakings that demand support from all key stakeholders, extensive employee training programs, and robust security controls that protect information throughout a company's operation.
- Safeguard your sensitive data.
- Avoid clicking on suspicious emails and links.
- For added network security, use complex and strong passwords.
- Secure Wi-Fi routers are the only devices you should use to connect business devices.
- Install antivirus software at work and home.
- Invest in software to monitor your systems and notify you of suspicious activities.
- Regularly update and back up all your software.
- Assure all team members, not only IT, receive training on cybersecurity best practices.
Cyber Attacks: How to Respond?
How Should I Respond to a Cyber-attack?
As part of an incident response plan, your first goal should be to contain cyber attacks or data breaches.
Disconnect affected servers or devices from your IT network to limit damage from spreading further across devices in your IT environment.
Assess the damage. What has been compromised? Your legal obligation is to report a violation.
What is salvageable? Once the damage has been stopped, its extent can be assessed; then, management needs to commence by notifying appropriate parties and starting recovery processes. Your response plan should contain this data, so your team will have guidance during an emergency.
What Can Be Done to Automate Cybersecurity Response?
Implementing cybersecurity best practices requires documentation, time, and effort as an organization.
Once they're in place, ensure these protocols remain upheld - as well as periodically revisit your risk management plan to ensure it adequately safeguards against risks to protect the business.
Managing this project can be time-consuming and cumbersome so numerous redundant tasks could be automated, such as follow-ups, monitoring, organizing, and organization.
Reduce manual work, improve accuracy by eliminating human mistakes, and boost productivity so employees can concentrate on other critical tasks contributing to business expansion.
What Matters in Cybersecurity?
Cyberattacks pose an unprecedented and growing threat to individuals and businesses in the US, costing billions each year.
Cybercriminals, bad actors, and foreign governments target small companies because their information attracts them; unfortunately, they lack an infrastructure capable of safeguarding digital systems that securely store, access, or distribute this data.
Surveys reveal that most small business owners believe their enterprise is vulnerable to cyber attacks; many cannot afford IT professionals and must devote more resources or time to cybersecurity efforts.
Learn the threats and best practices surrounding cybersecurity, then commit resources towards strengthening it.
Optimal Procedures for Avoiding Cyberattacks
Training Your Employees
Small businesses with employees at work and related communications are particularly at risk of data breaches because these are primary entryways into your system.
Cyberattacks may be avoided through training personnel on basic internet safety practices.
You can also cover:
- Phishing emails to be aware of
- Using good Internet browsing practices
- Avoiding suspicious downloads
- Enabling authentication (e.g., solid passwords or Multi-Factor Verification, etc.).
- Protection of sensitive customer and vendor information
Protect Your Network
Utilize encryption and firewall technologies to safeguard your Internet connection, making sure to secure Wi-Fi with hidden networks using the setup of the router or wireless access point to not Broadcast its service set identifier, also referred to as an SSID name for obscure Wi-Fi network name; use password protection on the router to safeguard access; utilize virtual private network technology so employees may connect securely from outside your office network environment;
Use Antivirus Software and Update All Your Software
Ensure that all computers in your company are regularly equipped with antivirus software from trusted vendors online and installed automatically by settings to update periodically; patches and upgrades from these vendors should improve functionality while fixing application security vulnerabilities.
Updates of operating systems, browsers, and applications should also be automated to safeguard against security standards and vulnerabilities within the entire system.
Make Multi-factor Authentication Available
MFA (Multi-Factor Authentication) is an alternative method of identity verification that uses more information than a username and password to establish someone as being authenticated.
MFA usually requires at least two of three factors from its users - something they know (passwords, phrases, or PINs), something they own (phones or physical tokens), or something physical representing themselves (fingerprints, facial recognition). Ask vendors you use if MFA is available for your various accounts (financial, accounting, or payroll) (e.g., financial, accounting, or payroll accounts).
Manage and Monitor Cloud Service Provider Accounts
Cloud service providers (CSPs) should be considered for companies with hybrid structures when managing information, apps, and collaboration needs.
Software as a Service (SaaS) providers such as email services can assist in protecting any sensitive data being processed by these solutions.
Protect, Back Up, and Secure Sensitive Data
- Secure payment processing: Make sure your bank or payment processor offers reliable, trusted tools and anti-fraud protections in place. Your financial institution or payment processor may have additional security compliance requirements imposed upon them; to comply, use separate payment systems from less secure software packages; do not process payments while browsing the web on one machine; etc.
- Control physical access: Protecting computers used by businesses from unauthorized individuals requires locking laptops and mobile devices when not in use since these are easily stolen or misplaced. Employees should create user accounts with strong passwords. Only trusted IT personnel and key personnel should have administrative privileges. You should regularly conduct access audits to ensure devices issued to former employees have been returned and ex-staff is no longer on your system.
- Backup your data: Save all of the data stored on your computer regularly. Word processing documents, computer spreadsheets, databases, and accounting and human resource files should all be protected with weekly backups in cloud storage.
- Control data access: Always regularly audit data stored in cloud-based storage repositories like Dropbox, Google Drive Box, and Microsoft Services. Assign administrators to these drives or collaboration tools as needed, and give them instructions to keep an eye on user permission settings to ensure that employees may only access what is essential. This ensures employees will only gain access to what is relevant.
Risk Assessment For Business
Awareness of potential attacks and how you can protect systems and data is the foundation for increasing cybersecurity.
An evaluation of cybersecurity risks in your organization can assist in pinpointing areas that expose it to threats while creating a plan with user training and guidance on protecting email platforms, data systems, and information storage infrastructures.
Tools for Planning and Assessing
IT support cannot be replaced, whether external consultants or employees - but their cost can be prohibitive for businesses.
Here's a list of measures companies can implement to enhance security in-house.
- Make a cybersecurity plan. Create a cybersecurity plan.
- Perform a cyber resilience assessment – DHS collaborated with Carnegie Mellon University's Software Engineering Institute Computer Emergency Response Team Division (CERT) to create the Cyber Resilience (CRR) Review. This assessment does not aim to measure technical security measures but instead analyze operational resilience and cyber security practices - you or DHS professionals may complete it independently or collaborate during the implementation of the assessment process.
- Perform vulnerability scans - DHS offers small businesses free vulnerability scanning through its Cybersecurity and Infrastructure Security Agency. The agency provides various scanning and testing to help assess exposure to potential threats, ultimately resulting in secure systems by addressing vulnerabilities or changing configurations.
- Manage ICT supply chain risks- CICI's ICT Supply Chain Risk Management toolkit can assist your information technology and communications systems from sophisticated supply chain attacks. Featuring social media posts, videos, and resources for creating awareness regarding the risks associated with supply chains.
- Use free tools and services for cybersecurity- CIS has assembled an exhaustive collection of cybersecurity resources, such as its cyber security services, open source software widely utilized, and services from private and public community organizations. This living resource repository will assist your efforts to strengthen security; furthermore, CISA offers advice and assistance for small businesses.
- Maintain DoD Industry partner compliance (if applicable). - Cybersecurity Maturity Certification (CMMC), which targets federal contractors and subcontractors, has recently been implemented. It aims to protect Controlled Unclassified Information shared between DoD agencies. CMMC is an assessor certificate framework program helping contractors meet cybersecurity requirements. Featuring three levels (Foundational; Advanced; Expert), companies must implement security measures according to how sensitive their data is evaluated accordingly by assessors CMMC must also stay abreast of rulemaking processes because a specific certification will eventually be necessary for contract awards.
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Conclusion
Security in any organization rests upon its ability to effectively manage internal and external risks.
Insider risk management requires carefully considering people, technology, and processes when undertaking such an endeavor.
Tools may assist in detecting and mitigating insider threats but won't address their causes.
Onboarding programs, security courses, team-building exercises, and work-life balance programs may prove helpful here - such as team-building exercises. A healthy workplace may help decrease the likelihood of employees engaging in harmful behavior; ultimately though both technology and people must work in synergy, risk management must remain continuous and proactive for its engine to remain reliable, with trust between people first policies as well as robust technology being effective ways to reduce incidents when incidents do arise and quickly respond accordingly.
