5 Ways to Overcome IT Security Threats

Cybersecurity has become a frequently used term in business these days.

Whether you hear it in the news or in a meeting, most people are aware that businesses everywhere, and every size, are being targeted by cyber criminals. Just recently companies such as Equifax, Netflix, Sonic, and Yahoo! found their names in the headlines as the latest victims. However, the smaller companies that are also victims hardly get a mention even though they account for 43 percent of all incidents, which cost them an average of $879,582 in damages.

What Are the Most Common IT Security Threats?

Cyber criminals employ a number of different methods to pilfer data, resources, and money from businesses. Among these threats are:

Ransomware

Malware that locks an infected computer’s files until a ransom is paid

What is ransomware in cybersecurity?

Ransomware is a type of malware that encrypts your files or locks your system, demanding payment (a ransom) to restore access. It’s a growing threat to businesses and individuals alike.

Is ransomware a type of malware?

Yes, ransomware is a type of malware. It’s designed to block access to systems or data until a ransom is paid, making it one of the most dangerous forms of cyberattacks.

How to prevent ransomware?

To prevent ransomware, keep your software updated, use strong passwords, enable multi-factor authentication, back up your data regularly, and educate employees about phishing scams.

How to protect against ransomware?

Protect against ransomware by installing antivirus software, using firewalls, avoiding suspicious email attachments, and implementing a robust backup strategy to recover data without paying the ransom.

Business Email Compromise/CEO Fraud

Emails that are crafted to look like they come from the CEO or other management requesting an urgent bank transfer

What is a business email compromise?

Business email compromise (BEC) is a scam where attackers impersonate executives or vendors to trick employees into transferring money or sensitive information. It often involves phishing emails.

What is CEO fraud?

CEO fraud is a type of business email compromise where attackers impersonate a CEO or high-level executive to authorize fraudulent transactions or reveal confidential data.

What is another name for CEO fraud?

CEO fraud is also known as "whaling" or "executive phishing," as it targets high-profile individuals within an organization.

Which of the following do CEO fraud scams generally target?

CEO fraud scams generally target employees in finance or accounting departments, as they have access to funds and are more likely to comply with urgent requests from executives.

Data Breaches

Incidents in which customer data, financial information, or intellectual property is stolen

What are data breaches?

A data breach occurs when unauthorized individuals access sensitive or confidential information, such as customer data, financial records, or intellectual property.

How to prevent data breaches?

Prevent data breaches by encrypting sensitive data, using strong passwords, training employees on cybersecurity best practices, and regularly monitoring your systems for vulnerabilities.

How to protect yourself from data breaches?

Protect yourself from data breaches by enabling multi-factor authentication, avoiding suspicious links, using secure networks, and keeping your software up to date.

Denial of Service Attacks

Attacks that shut down business-critical functions such as a website, ERP system, or other software

What are denial-of-service attacks?

Denial-of-service (DoS) attacks overwhelm a system, server, or network with traffic, making it unavailable to users. Distributed denial-of-service (DDoS) attacks use multiple sources to amplify the attack.

The two common denial-of-service attacks are?

The two common types are flood attacks, which overwhelm a system with traffic, and crash attacks, which exploit vulnerabilities to crash the system.

How do denial-of-service attacks work?

DoS attacks work by flooding a target with excessive traffic or exploiting vulnerabilities to crash the system, rendering it unable to respond to legitimate requests.

How to stop denial-of-service attacks?

Stop DoS attacks by using firewalls, intrusion detection systems, and content delivery networks (CDNs) to filter traffic and absorb the impact of an attack.

Malware Infections

Illicit software that opens a backdoor into your systems, records keystrokes, or does damage to infected computers

Most often, these aforementioned attacks can be traced back to a spearphishing email, a malicious insider, or negligence on the part of an employee or third-party contractor.

What are malware infections capable of?

Malware infections can steal data, encrypt files, spy on users, disrupt operations, and even take control of systems. They are a major threat to both individuals and businesses.

Can malware infections cause physical damage?

While rare, some malware can cause physical damage by targeting industrial control systems or hardware components, such as overheating devices or damaging equipment.

Insider Threats

One IT security threat that doesn’t gain much attention in the news is that of the insider threat.

What are insider threats?

Insider threats are security risks that come from within an organization, such as employees, contractors, or partners who intentionally or accidentally compromise security.

What are two types of insider threats?

The two types are malicious insiders, who intentionally harm the organization, and negligent insiders, who accidentally cause security breaches through carelessness.

Why are insider threats so dangerous to our organization?

Insider threats are dangerous because they have legitimate access to systems and data, making it harder to detect and prevent their actions compared to external attacks.

How to detect insider threats?

Detect insider threats by monitoring user activity, setting up alerts for unusual behavior, conducting regular audits, and implementing access controls to limit sensitive data exposure.

What is the goal of an insider threat program?

The goal of an insider threat program is to identify, prevent, and respond to risks posed by individuals within the organization, ensuring the security of data and systems.

However, business leaders have taken notice. Research from Accenture shows that 69 percent of security professionals surveyed said they have experienced theft or corruption of data at the hands of someone inside their organization.

These problems may stem from a disgruntled employee or a malicious insider intent on stealing confidential information, intellectual property, or even customer information. Another common threat is the disruption of services, as seen by the case in which a Citibank employee shut down 10 of the bank’s command center routers after receiving a poor performance review.

Not all damage caused by insiders is intentional, however. Many times, a careless employee or contractor is to blame. While the motive may be different, the results are often equally damaging.

Addressing IT Security Threats

With laws requiring companies to disclose cyber-attacks and the level at which these attacks take place, it is no longer cheaper to repair the damage than it is to proactively stop them.

Companies need to mitigate these threats or run the risk of damaging their reputations to the point that customers no longer trust them with their business.

Unfortunately, some companies don’t know where to start when it comes to addressing the common IT security threats that exist. Steps that can be taken include:

Keeping systems up to date by applying the latest patches to computers, servers, and hardware. These patches often contain essential security updates that plug known vulnerabilities.
Establishing a process for the backup and recovery of essential data. With this in place, a business can recover from ransomware threats and destruction caused by insider threats without expensive cleanup costs.
Identity and access management solutions that restrict users from accessing data that they do not need to see. Working off the principle of least privilege, the right IAM solution will help contain data breaches and insider threats.
Properly configured security controls that alert you to possible attacks and help thwart them. These include firewalls, anti-malware applications, intrusion detection and prevention solutions, and email security solutions.
Relying on multiple vendors to support your security efforts. By not relying on a single vendor, you are able to work with products and solutions that focus on specific needs from experts rather than a vendor that is a jack of all trades but master of none.

Addressing the different threats is not an easy task. If you don’t have the personnel in place to manage your IT security, you are a vulnerable target. By working with a trusted managed services partner, you can bring its experience and expertise into your organization to assist you with your security posture. Not only does this free up your IT staff to work on projects that help you achieve your business goals, but it puts experts at the controls so you can rest easier knowing that you are taking the right steps to defend your company from the lurking cyber threats.

FAQs

What are signatures as they relate to security threats?

Signatures are unique patterns or identifiers used by security software to detect known threats, such as viruses, malware, or cyberattacks. They help identify and block malicious activity before it can harm your systems.

What are the most common types of cybersecurity attacks?

The most common types of cybersecurity attacks include phishing, ransomware, malware, denial-of-service (DoS) attacks, and business email compromise (BEC). Each targets different vulnerabilities to steal data or disrupt operations.

5 Ways to Overcome IT Security Threats