Critical Corporate Cyber Security Risks: Here’s What You Need to Look Out For
Do you think your business information is at stake?
Cyber security is not just an issue for the IT department. It impacts the whole organisation, influences several work processes, and creates major bottlenecks in the system architecture.
Take ransomware attacks, for instance. Last year, there were 181.5 million ransomware attacks – that too in just the first six months of the year. The affected corporates had an option to either pay the huge ransom or say goodbye to their company’s data forever. And if you think you are already equipped to decrypt ransomware virus or encryption, then you may be missing the point. Even Wikipedia defines decryption of ransomware as an intractable problem.
This may be one of the worst-case scenarios but even small loopholes in cyber security can pose great risks. A study says that cybercrime is now the 2nd most reported economy-related crime and impacts 31% of organisations.
Let’s analyse the risks that you should prepare for. Check out the list below.
16 Cyber Security Threats that Hamper Growth
Not Covering Cyber Security Basics
Most of the cyberattacks occur due to a lack of basic security cover. Even something as simple as software patching has the power to eliminate 78% of the vulnerabilities in your system.
Further, one commonly perceived notion is that an antivirus can save you from cyberattacks. However, in reality, it shouts, “Welcome hackers.”
Why?
Well, because it doesn’t encrypt your data. You need a separate provision for encryption.
Not Understanding the Origin of Security Risks
Organisations fail to evaluate their risk profile. Many of the corporates don’t even know that they are vulnerable.
Most of the security risks are not even obvious:
- Data loss
- Cyber incidents
- Customer exploits
- Compliance loopholes
- Phishing attacks
- Service denials
- Domain-based issues
- Impersonation
You need to know these risks to mitigate them.
No Cyber Security Policy
You are putting your organisation at risk by not having a cyber security policy and consequently not allowing employees to engage with it. It is necessary to have clear policies in place for cyber security, processes, employee behaviour, stakeholder behaviour, and what you expect from every company-related stakeholder in terms of cyber security.
- Identify risks.
- Establish governance.
- Identify the company’s network and needs.
- Identify risks related to user information.
- Identify risks related to third parties and vendors.
- Identify risks related to unauthorised access.
After analysing these components, develop a relevant cyber security risk handling policy.
Confusing Security with Compliance Structure
Don’t confuse your security compliance with cyber security. It is not the same!
Complying with security rules doesn’t necessarily indicate that you are immune to cyber risks. You need a separate architecture to keep cybercrimes such as malware support, access protocol, security audits, etc. at bay.
Not Addressing the Weakest Link
It is already known that employees usually are the weakest link. Many of the cybercrimes, knowingly or unknowingly, originate from employees. The people in higher management and the ones who have access to confidential files may be susceptible to these risks. Set clear guidelines for these users in your cyber security policy.
No Device Policy
If you allow your employees to access company data on mobile, you need a structure and policy for it. A personal device can bring in multiple security loopholes and intrusions.
Start with password protection on mobile devices and then draw a roadmap to ensure security. After that, prepare a full guide to help your employees follow regulations related to the device’s use.
Constraints Related to Resources, Talent, and Funding
Small organisations can face issues in this respect due to low funding, resources, and talent.
While it is not going to be easy, you can implement some basic policies and structures to keep your organisation secure. For instance, not allowing employees to use their device to access the company’s data.
Lack of IT Training
Check the methods and ways that hackers use to get into your systems and consequently educate your employees regarding that. The human filter can save you a lot of trouble. Your employees should not open malicious emails, transfer files without considering security, and password protect the removable company devices.
No Recovery Plan
Almost 77% of organisations don’t have a plan to detect or recover from a security attack. This means that you may not have the capability of detecting the attacks early.
Sadly, by the time you will realise this, you may have inadvertently compromised a lot of the customer data.
Make a recovery plan for different cyber security scenarios. This involves analysing past security attacks, cyberattack trends, and industry activities related to cyber security.
Not Accounting for Evolving Risks
Companies don’t encounter normal virus attacks. They may instead suffer from polymorphic malware attacks, which change constantly. This makes it hard for security software to detect the security breach. Using a proactive, malware detection product will only curb low-level threats.
In the long run, you need a system to monitor outgoing and incoming internet traffic and transactions to be able to catch the threats before they shut down your network.
Traditional, Old Architecture
We have already discussed how outdated software (software patching) can cause security issues. Similarly, outdated hardware can also make way for malware. Use new hardware as it can support new updates of the software.
Inflexibility in Corporate Structure
If your team detects a breach, they should be able to quickly act on it. Larger organisations have a complex corporate structure, which can end up wasting a lot of your time on approvals.
Instead, have an active policy for security breach instances. This policy should be referred to quickly in case of security breaches to avoid delaying the repair and remediation.
Lack of Accountability
If your employees are not accountable for system security, you won’t be able to implement cyber security strongly – ever. You need to guide your employees and make them accountable for the change. Your weakest link should become your strongest link.
Lack of Data Source Integration
When sharing data among the company’s stakeholders, ensure authorisation and authentication. For instance, CIOs work on several projects at once. Therefore, they should implement an identity detection and authorisation structure to ensure the right person has access to the right data.
Harboring A Reactive Mindset
Most businesses have a reactive mindset which means that they wait for a security issue to occur before reacting. Change this to a proactive mindset and stay ahead of security loopholes and issues.
This will mitigate risks, improve customers’ trust, increase legal compliance, and provide you with a clear vision. Here are some of the benefits of a proactive mindset:
- You can mitigate risks faster.
- You can comply with legal laws and company policies.
- You can improve data integrity and security.
- You can act quickly if a cyberattack occurs.
Not Monitoring Spending Pattern
If you are spending on security architecture such as hiring experts and purchasing software, use them.
Don’t trap these security measures within the wall of your corporate structure. Use it as soon as you have them.
Conclusion
Cyber security awareness strengthens your customers’ trust in you.
Imagine being an elite business and then having your information stolen because of a security breach.
Fortify your defence, increase cyber security awareness, stay away from the aforementioned cyber security risks, and train your resources to act proactively.