Critical Corporate Cyber Security Risks
SEP 27, 2017 20:10 PM
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Critical Corporate Cyber Security Risks

 
by Ellie Martin
 
Malicious intrusions on an organization’s computer systems can impose a heavy burden on resources. The PwC Global Economic Crime Survey 2016 cited cybercrime as the second most reported economic crime affecting organizations.
 
Cybercrime affects 32 percent of organizations, the global survey reported. As obstinate, new cybersecurity threats have emerged, company heads and the entire employee force are called upon to better understand, correlate, assess information pertaining to cyber security measures for their business entities to avoid or withstand attacks.
 
An organization’s critical assets may be exposed due to malicious wifi that can lead to a security breach, or perhaps fall prey to a malware attack. Whatever the size of the company, an enterprise may lose precious data and incur huge expenses to get back on track. 
 
There are certain steps that can be done now to mitigate risks and losses. Hackers and scammers lurk everywhere and steal data in the blink of an eye. Opting to use a reliable VPN backed by good customer support may come to mind. Incorporating cyber security measures on a broader scale is imperative.
 
Countermeasures against cyber attacks
 
A cyber attack must be addressed with countermeasures that go beyond a quick assessment of the situation and rapid response. A recovery plan must be in place.
 
As with most crucial corporate moves that have an impact on the entire organization, a team effort is necessary for cyber risk management. Action should not rest solely on the shoulders of the cyber-savvy technical team head and top executive. Everyone working for the organization must be aware of cyber security risks and help carry out the steps to safeguard company networks and information. Having onboard a cyber security specialist will be helpful, but everyone’s cooperation is vital.
 
Getting the rest of the team on the same page 
 
Addressing critical corporate cyber security risks require concerted effort of the IT team as well as business teams and business support teams. The steps that need to be taken may start from the assessment of the active risks faced by the organization to identification of potential threats, and move on to monitoring, reviewing and implementing regulatory and compliance requirements.
 
Along with the abovementioned steps, company heads need to address certain questions involving their infrastructure, their organization’s policies, information security training and recovery plan, if any. Can their organization’s hardware run the latest versions of software that serves as first layer of defense against cyber attacks?  Is the organization structured in such a way such that lower-level managers can obtain approvals from higher-ups immediately? Has actionable advice been incorporated in employee trainings on cyber security?
 
Preparedness for a security attack rests a great deal on having a thorough plan. It can help a company resist future cyber attacks. Apart from not having such a plan, the aging infrastructure, inflexible corporate managers, lack of information security training, and failure to cover cyber security basics, there are 10 other critical corporate cyber security risks modern-day companies need to fix to be able to cope when cybercrimes occur.
 
Getting your organization ready for cyber attacks
 
Heimdal Security, which has provided intelligence to over 400,000 users to counter data security breaches and cyber criminal attacks, cited some of the other setbacks many organizations face such as:
  • failure to fully realize vulnerability to cyber attacks
  • much less understand what generates corporate cyber security risks
  • lack of cyber security policies
  • confusing compliance with cyber security policy
  • employees’ computer access privilege abuse; risks created by bring your own device policy
  • funding and human resources constraints
  • constantly evolving and destructive malware; lack of accountability
  • problem in integrating data sources; and a reactive mindset.
Key findings from The Global State of Information Security Survey 2017 presented four key areas that businesses’ in-house and external multidisciplinary teams must focus on:  
  • Ingesting and surfacing meaningful, validated intelligence in real time. 
  • Assessing the organizational impact of that intelligence.  
  • Identifying actions to mitigate threats. 
  • Taking prompt technical, legal and operational action.
Cyber security threats pose danger to a company’s valued assets and resources. Investing on technology, time and specialists  to create more resilient enterprise not easily susceptible to cyber attacks may seem costly, but in the long run will have huge payoffs.
 
Ellie Martin is co-founder of Startup Change group. Her works have been featured on Yahoo! , Wisebread, AOL, among others. She currently splits her time between her home office in New York and Israel. You may connect with her on Twitter. 
 
 
 
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