Protect Your Organization: Understanding Five Risks Associated with Cyber Threats and Cyber-attacks

With the frightening increase in cyber-attacks, it’s hard to avoid a media headline or browse the internet without reading about companies that have become the most recent victim.

From our experience in working with clients, researching cybersecurity threats and their detrimental impact, and attending cybersecurity seminars, we have compiled a list of five risk areas you need to be aware of and how to avoid them:

BUSINESS EMAIL COMPROMISE

According to the most recent statistics from the FBI‘s Internet Crime Complaint Center, the most costly form of cybercrime stems from a complex type of fraud known as the Business Email Compromise (BEC). A typical BEC scam involves phony emails in which the attacker spoofs a message from an executive at a company or a real estate escrow firm and tricks someone into wiring funds to the fraudsters.

THIRD-PARTY VENDORS AND VULNERABILITIES

The growing reliance on third-party vendors and service providers creates multiple vulnerabilities. Most organizations are not assessing system and other security risks present when managing these third-party employees.

INTERNET OF THINGS (IoT)

Internet connected devices are everywhere in a company, and most companies can do more to monitor and securely manage these devices. Although these products can offer many benefits to a business, such as saving costs, if the devices are not properly secured, attackers may be able to manipulate the devices to gain access to the company’s network.

PHISHING LINKS

Carefully-targeted messages are delivered to employees and fool them into clicking on a link, leading to malware installation or targeting vulnerabilities.

EMPLOYEE AND STAFF ACTIVITY

One of the most common causes of cyber breaches is employee activity, such as clicking on phishing links as described above, or visiting dangerous sites. Oftentimes, the employees have no idea they have provided network access to a hacker.

BASIC SECURITY PRACTICES AND CYBERSECURITY STRATEGIES

Cyber risk awareness, risk mitigation strategies, and employee training, from the CEO to the entry level intern, are necessary to help mitigate these risks. We cannot emphasize enough the importance of designing strong cyber policies and procedures, as well as establishing a training program to educate employees on cyber-awareness and security breaches.

With the escalation in frequency and severity of cyber-attacks, Barnes Wendling realized there was an increase in the need for cybersecurity services. In 2019, we launched our new cybersecurity consulting services designed to assist you in identifying risks, recommending policies and procedures, testing your cyber controls, and assisting you in enhancing the security of your IT environment. We can help you to recognize and react to cybersecurity threats.

ADDRESS CYBERSECURITY RISKS TO PROTECT YOUR BUSINESS

Focusing on the above risks may not prevent you from becoming a victim of a cyber-attack or from a cyber security incident; however, understanding the risks and how your IT controls rate in today’s high-risk environment, as well as implementing some simple changes, measures and security controls will certainly be a step towards protecting your business and systems.

Contact our team today if you would like further information on our proven approach to security and our cybersecurity consulting services.

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