A leading mobile game-producing company was receiving insufficient fund notifications for regularly recurring bills. A review of the accounting records exposed a serious problem. At some point a few weeks earlier, the CEO had clicked on a link in an email that they thought was from the Revenue Department. When the link was clicked, the cyber criminals captured the CEO’s login information, giving them full access to business and personal details. It was a phishing attack which led to the company losing $1 million to an account in China.
What is Cybersecurity?
Cybersecurity constitutes a facet of information security focused on safeguarding computers, networks, programs, and data from unauthorized access. Given its broader scope, cybersecurity encompasses the protection of both corporate and personal data, leading to an overlap between the realms of cybersecurity and data protection. The foundational security objectives of maintaining confidentiality, ensuring integrity, and ensuring availability are critically significant to both facets of information security.
The significance of cybersecurity is escalating as our society becomes increasingly dependent on technology. The current trend indicates no signs of slowing down, and data leaks that could lead to identity theft are now openly shared on social media platforms. Sensitive details, including social security numbers, credit card information, and bank account details, are now commonly stored in cloud storage services like Dropbox or Google Drive.
The significance of cybersecurity lies in safeguarding diverse categories of data, including sensitive information, personally identifiable data (PII), protected health information (PHI), personal details, intellectual property, and governmental/industry information systems. Organizations become vulnerable to data breach campaigns without a robust cybersecurity program, making them attractive targets for cybercriminals.
The escalating risks, both inherent and residual, are fueled by global connectivity and the widespread use of cloud services for storing sensitive data. The combination of inadequate cloud service configurations and the increasing sophistication of cybercriminals raises the likelihood of successful cyber-attacks or data breaches for organizations.
Traditional cybersecurity solutions, such as antivirus software and firewalls, are no longer sufficient, given the evolving tactics of cybercriminals. Business leaders must adopt a comprehensive cybersecurity approach to counter these threats effectively.
Moreover, cyber threats can emerge from any organizational level, necessitating workplace cybersecurity awareness training. This training aims to educate staff about prevalent cyber threats, including social engineering scams, phishing attacks, ransomware threats, and other forms of malware designed to steal intellectual property or personal data. Identifying cybersecurity problems and devising corresponding solutions is essential in safeguarding your systems.
Types of Cybersecurity
Critical infrastructure security: focuses on safeguarding computer systems, applications, networks, and data crucial for national security, economic well-being, and public safety. The National Institute of Standards and Technology (NIST) in the United States has devised a cybersecurity framework to aid IT providers in this domain, complemented by guidance from the U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA).
Network security: prevents unauthorized access to network resources, detecting and halting ongoing cyberattacks and breaches. It ensures secure access for authorized users while protecting the network from potential threats. Endpoint security, on the other hand, shields entry points like servers, desktops, laptops, and mobile devices from cyber threats, recognizing their role as primary targets for attacks.
Application security: focuses on safeguarding applications against unauthorized access, usage, and potential vulnerabilities in their design. Modern development methods, such as DevOps and DevSecOps, incorporate security into the development process. Operating under a shared responsibility model, cloud security secures an organization’s cloud-based services and assets. Information security (InfoSec) encompasses the protection of an organization’s critical information, spanning digital files, paper documents, physical media, and human speech, against unauthorized access or alteration.
Mobile security: safeguards smartphones and mobile devices through disciplines like mobile application management (MAM) and enterprise mobility management (EMM). Recent developments include its integration into unified endpoint management (UEM) solutions, providing comprehensive security management for various endpoints from a unified console
As attacks become more automated, hackers can target hundreds or even thousands of businesses at once. Organisations with weaker technological defences, less awareness of dangers, and fewer resources to devote to cyber security are easy targets for hackers. Organizations must therefore be aware of the hazards and ways to counter them. Let’s look at the top 5 security risks that affect businesses and how companies can defend themselves.
Malware
Malware is malicious software installed on computers and networks to carry out specific tasks. Adware, spyware, and viruses are some examples of malware. Viruses attach themselves to programs, script files, documents, etc., to spread as widely as possible. Adware displays pop-up ads that try to generate income through clicks.
Solution: Businesses with robust technology defences can stave off malware attacks. Endpoint Protection solutions give admins a central control panel to manage devices and ensure everyone’s security is up to date while defending machines from malware downloads.
Ransomware
Ransomware dominates the cybercrime market, with approximately 2.8 billion known unique forms and countless attacks in the last few years. Ransomware attacks are based on the simple premise that businesses need access to their files to function and generate revenue. The organization is asked to pay a ransom to access these files.
Solution: Businesses must implement robust Endpoint Protection on all work devices to stop ransomware attacks. These will aid in preventing data from being encrypted by ransomware assaults. Businesses should also think about putting in place a reliable cloud backup solution. These systems securely back up corporate data on the cloud, reducing the risk of data loss. Implementing data backup and recovery has the advantage of enabling IT personnel to retrieve data in the case of a ransomware attack.
Social Engineering
In a social engineering attack, hackers pretend to be trustworthy individuals or an organisation. Depending on the attack strategy, they try to convince the user to give them access to critical information, download a malicious attachment, or give them physical access to the organization’s facilities.
Phishing is the most typical type of social engineering. These are spam emails, usually containing urgent pleas regarding an issue with the organization’s service provision or the user’s login information.
Solution: Social engineering attacks can be stopped by establishing a reliable Email Security Gateway. Your company can be protected against phishing attempts by cloud-based email security solutions. These tools enable users to report phishing emails, which admins can remove from everyone’s inboxes.
When it comes to reducing the risks of phishing, multi-factor authentication (MFA) is also crucial. When users log into an account, MFA adds a layer of security to the authentication process. Common authentication methods include SMS codes, tap notifications on trusted devices and biometric checks like fingerprint or FaceID scans.
Weak Passwords
Most businesses utilise numerous cloud-based services, each of which calls for a different account. Financial details and sensitive data are frequently present in these services. This information may be hacked if weak passwords are used, or the same password is used across several accounts.
Solution: Companies should utilise business password management systems to ensure that employees use secure passwords. These tools guide users in creating secure passwords for all their accounts, making password management easier for employees across the organization. Businesses should also consider deploying Multi-Factor Authentication systems, as explained earlier.
Insider Threats
A risk to a company posed by employees, former employees, business contractors, or associates is known as an insider threat. These individuals have access to vital information about your business, and they have the potential to cause harm out of greed or negligence. According to a study by Verizon, insider threats were the cause of 25% of data breaches.
Solution: Businesses must build a strong culture of security awareness to prevent insider cyber security threats. Employees will be able to identify an attacker who has penetrated or is attempting to breach corporate data early on. This helps in avoiding insider risks brought on by ignorance.
Key cybersecurity technologies and recommended practices
These cyber security services and technologies can assist your organization in establishing robust cybersecurity measures, mitigate susceptibility to cyberattacks, and safeguard critical information systems while preserving a seamless user or customer experience.
- Security awareness training
Numerous users are unaware of how seemingly innocuous actions, such as using a simple password for multiple log-ins or oversharing on social media, heighten the risk of personal and organizational attacks. Security awareness training and well-crafted data security policies empower employees to safeguard sensitive information and recognize, thwart, and evade phishing and malware attacks.
- Identity and access management
Identity and access management (IAM) delineates user roles and access privileges and the conditions for granting or denying those privileges. IAM technologies encompass multi-factor authentication, requiring an additional credential beyond a username and password, and adaptive authentication, mandating other credentials based on context.
- Attack surface management
Attack surface management (ASM) involves the ongoing discovery, analysis, remediation, and monitoring of cybersecurity vulnerabilities and potential attack vectors constituting an organization’s attack surface. Unlike other cyber defence approaches, ASM adopts a hacker’s perspective. Cybersecurity service providers help identify targets and assess risks based on their appeal to malicious attackers.
- Threat detection, prevention, and response
Recognizing the impossibility of thwarting all cyberattacks, organizations rely on analytics- and AI-driven technologies to identify and respond to potential or ongoing attacks. These technologies encompass security information and event management (SIEM), security orchestration, automation and response (SOAR), and endpoint detection and response (EDR), typically employed in conjunction with a formal incident response plan.
- Disaster recovery
While not strictly a cybersecurity technology, disaster recovery capabilities are pivotal in ensuring business continuity following a cyberattack. For instance, the ability to transition to a backup hosted in a remote location facilitates a prompt resumption of operations after a ransomware attack, sometimes without succumbing to ransom demands. Many cybersecurity services companies include disaster recovery in their service suite.
Popular Cybersecurity Tools
Sprinto: Sprinto stands as a cybersecurity platform crafted to streamline compliance procedures for cloud-based enterprises. By aiding companies in attaining and sustaining compliance with various security standards like ISO 27001, Sprinto offers an array of features including automated checks, continuous monitoring, and a centralized dashboard.
Splunk: Splunk serves as a software tool that strengthens organizations against cybersecurity threats by functioning as a Security Information and Event Management (SIEM) system. It aggregates data from across the network, conducts threat analyses, and facilitates response strategies. With task automation capabilities, Splunk optimizes security analyst workflows, allowing them to focus on critical threats.
Nessus Pro: Nessus Pro emerges as a widely acclaimed cybersecurity solution tailored for vulnerability assessments across computer systems and networks. Renowned for its comprehensiveness and user-friendliness, Nessus Pro enables users to pinpoint weaknesses and enact security measures, akin to a comprehensive checkup for IT infrastructure.
Teramind: Teramind is a versatile software application designed to aid companies in insider threat management, data loss prevention, and workflow optimization. It scrutinizes employee activities such as application usage, email correspondence, and keystrokes, facilitating the identification of potential security risks and ensuring adherence to organizational protocols. Additionally, Teramind offers insights into workflow efficiency, aiding businesses in refining operations.
TotalAV Cyber Security: TotalAV Cyber Security stands out as an all-encompassing security solution safeguarding devices against online threats. Offering real-time antivirus protection, website blocking, and a secure browsing VPN, TotalAV ensures comprehensive defense against network security threats. It includes features for device cleanup and performance enhancement, making it a versatile option for PC, Mac, and mobile users alike.
Norton LifeLock: It amalgamates Norton antivirus software with LifeLock identity theft protection services, offering comprehensive cybersecurity protection. By safeguarding devices from viruses and malware while monitoring suspicious activity related to personal information, Norton LifeLock serves as a robust defense against cybersecurity threats, providing users with peace of mind.
Conclusion:
Businesses are currently experiencing a variety of threats. The best method for businesses to defend against these risks is to put in place a full suite of security technologies and security awareness training to ensure that users are aware of this. Skillmine’s Cyber security services assist businesses in finding the appropriate security products and services.
FAQ
With companies expanding their online presence, organisations with weaker technological defences and less awareness of dangers are easy targets for hackers. Malware, ransomware, social engineering, insider threats and weak passwords are the five major types of cyberattacks.
To overcome cyberattacks, businesses must implement robust Endpoint Protection on all work devices. These will aid in preventing data from being encrypted. Companies should also think about putting in place a reliable cloud backup solution.
Phishing mail is a common type of cyberattack. Here, phishing mail is sent to trick the user into revealing confidential information or deploying malicious software.
