Five cybersecurity risks facing business — and how to prepare for them

We’re doing business in an era where threats to corporate digital security are increasingly clever, harder to combat and can come from anywhere — even within our own companies. Five significant threats in particular demand our attention: Ransomware, phishing scams, insider threats, third-party vulnerabilities and Internet of Things (IoT) security. In this article, we’ll look at these significant cybersecurity risks and provide actionable strategies you can use to help fortify your defenses.

1. The rise of ransomware: Protecting your data from extortion

Ransomware is malicious software that blocks access to your data until a ransom is paid, potentially causing significant financial losses and reputational damage. To help protect against it, consider implementing measures like these:

• Robust backup strategy: Regularly back up your data to secure, off-site locations like cloud storage or disconnected physical servers. This helps ensure you can restore systems without giving in to cybercriminal demands.
• Cybersecurity training: Educate your staff on recognizing ransomware signs and best practices to avoid it, such as identifying suspicious emails and not downloading unknown attachments. Regular training updates are crucial as threats evolve.
• Advanced threat detection tools: Utilize tools that employ sophisticated algorithms and machine learning to identify and intercept ransomware. These tools monitor network traffic and alert your IT team to potential threats.
• Stay updated: Regularly review cybersecurity news and ensure all software and systems are up to date with the latest security patches to prevent exploitation of known vulnerabilities.

By maintaining a proactive stance through these measures, you can help minimize the risk of a successful ransomware attack and protect your business from data extortion consequences.

2. Insider threats: Mitigating risks from within

They’re often overlooked, but insider threats can be as damaging as external attacks, making robust internal security measures crucial. Some of the most significant insider threats often come from employees with access to sensitive information, whether their actions are intentional or accidental. To help mitigate these risks, consider the following key strategies:

• Implement strong access controls: Limit access to sensitive information based on employee roles and responsibilities.
• Regular security training: Educate employees on recognizing and reporting suspicious activities, and update training regularly to reflect new threats and best practices.
• Monitoring tools: Detect unusual patterns that may indicate malicious intent or accidental breaches while balancing monitoring with privacy concerns.
• Clear code of ethics: Develop and communicate a well-defined code of ethics that outlines expectations for integrity, confidentiality and data protection.
• Positive workplace culture: Foster a culture that values integrity and security, encouraging open communication and recognizing good security practices.

3. Phishing scams: Educating employees to avoid the bait

Phishing attacks are one of the most common and effective methods cybercriminals use to breach corporate systems. These scams often come in the form of emails that mimic trusted brands or organizations, with the goal of tricking employees into revealing sensitive information. To help create a more resilient defense against phishing attacks, consider the following strategies:

• Regular training sessions: Educate employees on recognizing phishing attempts, including telltale signs like suspicious sender addresses and urgent language. Use interactive methods like quizzes and real-world examples.
• Robust email filtering and secure internet gateways: Implement technologies that block phishing emails and monitor web traffic to prevent access to malicious sites.
• Culture of skepticism: Encourage employees to verify unusual requests through alternative communication methods.
• Simulated phishing attacks: Conduct controlled exercises to test employee vigilance and response protocols, providing feedback for improvement.

4. Third-party vulnerabilities: Securing partner and vendor systems

It’s common these days for organizations to rely on a variety of external services and suppliers, some of whom require access to sensitive data to perform their tasks. While these relationships are essential, they also introduce new risks, potentially exposing your organization to breaches through weak security protocols these third parties may have in place. To mitigate these risks, consider the following strategies:

• Regular audits and risk management: Conduct regular security assessments and establish a comprehensive third-party risk management program that includes contractually binding security requirements and continuous monitoring.
• Strict access controls: Limit third-party user access to only what's necessary for their role and monitor their activities for unusual behavior.
• Employee education: Train employees on the risks of sharing credentials and the importance of secure communication channels with external partners, emphasizing multifactor authentication and secure password practices.
• Cybersecurity insurance: Consider insurance as a strategic component of your risk management strategy to provide financial protection in the event of a breach.

5. IoT security: Safeguarding connected devices in the workplace

The increasing number of connected devices in the workplace that go beyond computers, like smart printers, thermostats, security cameras, even coffee machines — also known as the “Internet of Things,” or IoT — introduces new security challenges into the workplace. To help keep your connected environment safe, consider the following measures:

• Implement strong passwords and regular firmware updates: Change default passwords to strong, unique ones, and regularly update device firmware to patch known vulnerabilities.
• Conduct security audits: Identify unsecured devices and assess your network's overall security posture. Isolate or remove devices that are not properly configured or lack necessary security features.
• Network segmentation: Isolate IoT traffic from critical systems to reduce the risk of a breach spreading throughout your network.

The cyberthreats organizations are facing are complex and can seem daunting to combat. But by understanding these five significant cybersecurity risks and implementing effective mitigation strategies, you can significantly reduce the likelihood of a successful attack – and help protect your business from financial losses, reputational damage and legal liabilities.

Securing your today and protecting your tomorrow

Our security measures are continuously evolving to match and anticipate threats, keeping your and your employees’ information safe. Learn how we are proactively preventing fraud with cybersecurity, as well as more tips and actions employers can take.