1. Ransomware/ Ransomware-as-a-Service Ransomware attacks are a serious cyber threat. These attacks infect a victims network and holds their data and computer systems hostage until a ransom is paid. The immediate losses from the ransom are only the beginning. The economic damage from prolonged downtimes and disrupted operations are often the most severe damage to a victim. Attacks like these are why 60% of small businesses go out of business within six months of a cyber breach.Ransomware is a popular attack from attackers operating behind shrouds such as the dark web. This is on the increase and shows no signs of slowing down because it can be hugely profitable to the attackers. Ransomware is far more accessible to less sophisticated hackers through ready-made kits which can be purchased easily called Ransomware-as-a-Service.This is being used to target primarily small businesses often due to their less expensive cyber security solutions making them easily targets. The result has been a rising frequency of attacks with reduced individual cost, as hackers want quick paydays from their hacks. The ease of pulling off these attacks, and the large number of hackers poses an enormous risk to small businesses.
2. Social engineering cyber attacks take advantage of social interactions to gain access to valuable data through deception. Cyber attackers manipulate and lure their targets into taking certain actions, such as bypassing security measures or to reveal certain sensitive information. Even the best cyber security systems are not immune to a social engineering attack, because the target lets the hacker into the system. Experts say social engineering attacks are on the rise, which is why we’ve listed it as a top threat.
3. Third Party Exposure Many retailers use third parties for vendors such as payment processing. Placing too much trust in 3rd oarty services, often causes them to believe that they are not at risk of a third party breach. However , using a third party suppliers still leaves them vulnerable to a data breach that they don’t have control over. Just because you’re not directly handling personal information—including health details or credit card number, does not mean that a 3rd party can put them at risk. Leaving yourself exposed like this, means that you can have embarassing sensitive data breaches of information impacting your entire database and personal details affecting all of your stakeholder relationships. Further, government authorities take a dim view of mass or sensitve 3rd party data breaches and hold your organisation responsible with substantial penalties.
4. Patch Management Out of date software/OS updates is the root of many cyber attacks.For this reason, leaving yourself vilnerable like this leaves companies vulnerable to nunerous information security breaches. As soon as attackers detect software vulnerabilities, they use it to exploit systems to launch an attack. Millions of dollars have been lost from large sclae cyber attacks in recent years.
5. Cloud based attacks The more we rely on the cloud for data storage, the higher the risk of a major data breach. Cloud services are vulnerable to a wide range of cyber attacks. This includes account hijacking and Denial of Service (DDoS) attacks, which prevent victims from being able to access their data. Many people have been led to believe that they are secure because they use cloud security technology. In reality, technology is only part of the solution. Because no technology can completely eliminate vulnerabilities, a holistic approach is needed for robust protection. Large scale organisations who lack Insurance in this area, can be highly exposed.
6. Mistaking Compliance for Protection Simply meeting data compliance standards certification does not mean that lax standards and complacency wont creep in due to a false sense of security and lack of vigilance to maintain protection. For example, many companies need to meet the Payment Card Industry Data Security Standard (PCI DSS) for their annual audit. However, this is not necessarily representative of their usual standard of protection. According to Verizon’s PCI Compliance Report, four out of five companies failed to maintain compliance at their interim assessment. These were the same companies that previously met compliance standards. Companies that were deemed PCI DSS compliant still suffered from cyber security breaches, some just weeks after they were certified. As these companies have learned, simply meeting legal standards is not the same thing as adequate cyber protection.
7. Employee Training being underestimated Poorly trained or ignorant employees connected to the web using corporate devices is a threat for cyber exposure.A recent study from a Stanford University professor found that 88% percent of data breach incidents are caused by employee mistakes. The most common cyber security threat employees fall for is phishing attacks. With attacks growing more advanced, many employees don’t have the skills to identify a phishing email. Additionally, many employees engage in poor cyber security discipline, using the same password for work and home computers. The solution for this is employee training. Any cyber risk management plan needs to account for human vulnerabilities, and take measures to ensure everyone is following correct protocols. Only a robust system of controls working in unison can begin to provide meaningful protection against cyber threats.
8. Inadequate Cyber Risk Management mitigation Some of the strongest tools against cyber exposures, such as multi-factor authentication (MFA), endpoint protection, and secure email gateways, are often ignored by companies. This is a major mistake, as these controls are extremely effective at mitigating risk for common attacks such as phishing and social engineering. Not only does this open them up to cyber security threats, but it can also damage their ability to secure comprehensive cyber insurance. With the extreme rise in attacks in recent years, obtaining new cyber insurance plans and cyber renewals will not be as easy as before. Carriers now want their clients to take on additional protections before they will provide them coverage.
9. Internet of Things (IoT) The Internet of Things (IoT) connects devices from all over the world through the internet. This allows for a network of devices that can store, send, and receive data. Because of its convenience, many individuals and businesses are taking advantage of this growing technology. But, the very thing that makes them convenient also makes them vulnerable. Hackers can exploit internet connectivity as an access point through which to steal data. As companies increasingly rely on IoT devices, many experts predict this will be one of the biggest cyber threats in the coming years.
10. Outdated Hardware Not all threats to cyber security come from software.The pace at which software updates are released can make it difficult for the hardware to keep up. This, in turn, creates exposures that can put companies’ data at risk. As hardware becomes obsolete, many outdated devices will not allow updates with the latest patches and security measures. Devices that rely on older software are more susceptible to cyber attacks, creating a major potential vulnerability. It is important to monitor this and respond quickly when devices become out of date. Just like you should keep your software up-to-date.
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