It seems like such a long time ago that cyber threats were only for large corporations, financial institutions and the government. Unfortunately, those days are long gone. According to the 2021 Verizon Data Breach Report, 1 in 5 breach victims were small to medium sized businesses with a median cost of $21,659 for each loss. A reputable IT security firm can guide you on implementing security practices and training, at a minimum you will need the assistance of third party software and tools for added protection.
Some of the most common forms of attack include;
- Ransomware is a type of malicious software that encrypts a victim's files. The victim is then asked to pay a ransom to the attacker to restore access to the files, either by giving the attacker a decryption key or by paying money. There are many variations of ransomware, but they all essentially work by taking the victim's data hostage until the ransom is paid.
- Social engineering is the use of psychological manipulation or deception to influence individuals to divulge sensitive information or perform actions that may not be in their best interest. Social engineering attacks can take many forms, such as phishing scams, pretexting, baiting, and quid pro quo. These attacks are often used to gain access to sensitive information, such as login credentials or financial data, or to spread malware.
- Misconfigurations and Unpatched Systems happens when security settings aren't properly defined and applied. This usually means that the configuration settings don't comply with industry standards like CIS Benchmarks or OWASP Top 10. Misconfigurations are easy for an attacker to detect and therefore, are considered easy targets.
- Credential Stuffing is when a cyber attacker uses stolen credentials to access user accounts. These credentials are leaked in breaches or bought on the dark web. These types of attacks are growing more common because they can be so easy to implement.
Cyber insurance can help protect individuals and organizations from the financial consequences of a cyber attack. It can provide coverage for expenses such as legal fees, public relations, and the cost of restoring systems and data after an attack. It can also provide liability coverage if an organization is sued as a result of a data breach. Cyber insurance is not a substitute for good cybersecurity practices, but it can provide a financial safety net if an attack is successful.
Cyber insurance can provide financial protection against the costs associated with ransomware and social engineering attacks. For example, if your organization falls victim to a ransomware attack, cyber insurance can cover the cost of paying the ransom (if that is deemed the most expedient way to regain access to your data) as well as the cost of hiring a forensic expert to determine the cause of the attack and the cost of restoring your systems and data.
If your organization is the target of a social engineering attack and sensitive information is divulged or valuable resources are lost as a result, cyber insurance can cover the cost of responding to the attack, such as hiring a public relations firm to manage the crisis, providing credit monitoring services to affected individuals, and legal fees if your organization is sued.
It's important to note that cyber insurance does not provide protection against the attack itself, but rather against the financial consequences of the attack. Therefore, it's still important to have strong cybersecurity practices in place to prevent attacks from occurring in the first place.
When choosing the right IT security for your organization, there are several factors to consider:
1. Threat landscape: What types of threats are you most likely to face, and how well does the security solution protect against those threats?
2. Ease of use: Is the security solution easy to use, or will it require a lot of training and ongoing maintenance?
3. Scalability: Can the security solution scale with your organization as it grows, or will you need to constantly upgrade to a new solution?
4. Integration: Does the security solution integrate with your existing systems and processes, or will it require significant changes to your infrastructure?
5. Cost: Is the security solution within your budget, and does it offer good value for money?
6. Support: Does the vendor offer good technical support and ongoing updates to the security solution?
It's also important to periodically review and update your IT security to ensure that it is still meeting the needs of your organization. This may involve conducting a security assessment to identify any vulnerabilities, as well as staying up to date with the latest threats and best practices in cybersecurity.
