Corporate risk management requires organizations to put methods and practices in place that anticipate potential threats to the business and minimize any financial losses. In today’s digitally-driven economy, it is vital that enterprises understand cybersecurity threats and add these online dangers to their existing risk management practices. However, managing cybersecurity risk can be an overwhelming prospect and organizations need to prioritize their efforts. Below are the top five cybersecurity vulnerabilities corporations need to integrate into their risk management strategy.
5 – Malware
Malicious software or malware is a significant cybersecurity risk for every business. Cybercriminals develop these lethal packages to gain access or cause damage to a computer network. The threat has the potential to cause irreparable harm to a corporation if it does not take the necessary proactive measures.
Anti-malware solutions that protect devices, services, and networks can help organizations mitigate this cybersecurity risk. However, as cybercriminals release new malware variants continuously, no defensive mechanism is foolproof. According to the 2019 Symantec Internet Security Threat report, over 142 Million threats are blocked by its Global Intelligence Network daily. Having a capable backup solution and robust Disaster Recovery plan should also form part of your cybersecurity risk mitigation strategy.
4 – DDoS Attacks
Distributed Denial of Service (DDoS) attacks can severely disrupt the operations of an organization. As these attacks flood a network with unsolicited traffic they can have a devastating effect on digitally-driven enterprises. As with any other cybersecurity vulnerability, organizations need to take a proactive stance against this type of threat.
The rise of emerging technologies like the Internet of Things (IoT) has dramatically increased the volume of traffic available to DDoS attackers. The Mirai botnet is an excellent example of a lethal DDoS attack. Cybercriminals leveraged unsecured IoT devices to initiate large-scale DDoS assaults with devastating effect. Subscribing to services that offer DDoS protection should form part of an organization’s risk management strategy. Enterprises should also implement measures that monitor their networks so that they can detect and respond to DDoS attacks proactively.
3 – Man-in-the-Middle Attacks
Hackers use Man-in-the-Middle (MitM) attacks to steal user credentials and compromise systems. By inserting themselves between a user and an application, they sniff live network traffic to capture sensitive data they can leverage for nefarious purposes.
As data breaches can cause both financial and reputational harm to any organization, enterprises need to ensure measures that prevent MitM attacks form part of their overall risk mitigation strategy. Implementing solutions that encrypt data can prevent hackers from reading the traffic they intercept. However, proactively strengthening network security and deploying secure authentication solutions are additional measures organizations can take to mitigate this risk.
2 – Phishing
The human element is the weakest link in the cybersecurity chain. Hackers know and exploit this vulnerability through socially engineered phishing attacks. Using fraudulent emails, texts, or even voice calls, they trick unsuspecting victims into divulging sensitive information such as their login credentials.
According to the 2018 Verizon Data Breach Investigations Report, phishing accounted for 93% of all data breaches. This statistic comes as no surprise. It is far easier to get a user to submit their credentials to a fake website or download some malware than it is to hack a firewall. Cybersecurity awareness training and stronger authentication are proven solutions that mitigate this risk. As phishing is so prevalent and effective, organizations should incorporate these measures into their risk management strategy.
1 – Internal Staff
The insider threat is a cybersecurity risk no organization can ignore. As internal staff members have unfettered access to systems and sensitive corporate data, enterprises need to realize and implement solutions to mitigate this risk. According to the 2018 Insider Threat Report from CA Technologies, 66% of organizations consider malicious insiders and accidental breaches more likely than external attacks.
As with any other corporate risk, organizations need to implement proactive solutions that reduce the potential impact this threat has on their business. Technologies such as Data Leakage Prevention (DLP), which monitor the information leaving the enterprise, can reduce this risk. Implementing mechanisms that lock down an individual’s ability to exfiltrate data should also create part of the organization’s risk management strategy.
Take a Proactive Risk Management Approach
Every business operating in today’s digitally-driven economy faces a variety of cybersecurity vulnerabilities. However, by taking a proactive approach and incorporating these threats into the organization’s risk management strategy, enterprises can limit their exposure.
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