Understanding the Risks of Cyber Attacks and How to Mitigate Them

Cyber attacks today are very scary for any business, irrespective of its size or nature. The threat from cyber criminals does not have respect for any organization; it could be the smallest startup or the largest corporation. It is very important to understand all these risks and methods that can effectively reduce those risks so that sensitive data is properly protected, there is integrity in working, and customers’ trust is maintained. In this blog, we will discuss various cyber attacks, the possible damage they could cause, and mitigate some of the risks with businesses.

Types of Cyber Attacks

• Phishing Attacks
  Phishing Phishing attacks try to steal confidential information by posing as a legitimate organization. Most of the attackers send emails, text messages or even false websites to lure victims into revealing personal details.
• Ransomware
  Ransomware This type of malware encrypts the victim’s files, and access to them becomes possible only after paying a ransom for their release. Such scenario normally leads to downtime with loss of funds.
• Distributed Denial of Service (DDoS) Attacks
  These are attacks whose nature is such that large traffic floods into the target servers, and they become slow or unavailable. These attacks lead to availability issues and damage the reputation of a company.
• Malware
  Malware is any computer code with an evil intent. It might also be used in the development of more malware, a computer virus, a worm, a Trojan horse, ransomware, or malware for DDoS attacks. Any type of harmful software that can damage, exploit, or otherwise compromise a system. Examples of malware are viruses, worms, spyware, and Trojan horses.
• Insider Threats
  An insider threat encompasses current or former staff members who misuses their access in company systems for malicious intentions, intentional or unintentional. These may include thefts of data or accidental letting out of confidential information.

Effects of Cyber Attacks

• Financial Loss:Cyber attacks can be sources of direct financial loss through the theft or ransom payment and indirect from the lost operations.
• Reputational Damage: Successful cyber attack can mean losing the trust of customers as a result of organization’s reputation damaging, with which business is lost and long-term problems are encountered.
• Legal Consequences: Organizations are also liable to suit and fines of regulatory for not protecting data especially of customers.
• Operational Disruption: Cyber attacks can disrupt the operations of an organization thus resulting in productivity and morale losses on employees.

Cyber Attack Risk Mitigation

• Employee Education/Sensitization:Organize extensive training programs regarding identification and response actions to cyber threats such as phishing attacks. One motivation for an organization to build a security-conscious culture.
• Develop Good Security Policies: There must be policies of security framed and enforced that outline the dos and don’ts, in-use passwords, and handling data. All employees are educated with their responsibilities to handle confidential information.
• Software Updates and Patching:All software systems should be upgraded with known upgrades based on identified vulnerabilities. Upgrades and update against security patches should be applied over time to minimize the chances of exploitation.
• Advance Security Solutions: Install firewalls, antivirus software, and intrusion detection systems in a manner that combats all the forms of threats to the network and systems in play.
• Data Backups and Recovery Plans: Critical data must be regularly backed up so that, in case of ransomware attack or loss of data, it can be restored. Disasters can be recovered from with a disaster recovery plan and business continuity maintained with minimal down time.
• Access Controls and Monitoring:The role and responsibility of employee workers limit the access view of sensitive information. Monitor the system early for any kind of unusual activity. The reactions should always be prompt in case where the potential threat has been sensed.
• Incident Response Plan: Should maintain an incident response plan which should be amended regularly for rapid cyber attack response. Conduct mock tests very frequently to train your team on how it must respond in case of incidents.

Alishan Trading LLC offers you a complete IT security solution that you may need for your business. Call us now to see how we can assist you in defending your company against cyber attacks while maintaining your operational integrity.