Cybersecurity Risk Management

When most people hear cybersecurity risks, they do not have an idea of what these risks are. Most people just use the term ‘hacked’ to indicate a cyber security attack. While this is a cybersecurity risk, it is too broad a term. Oftentimes, hacking occurs as part of a ransomware attack, and this is the first type of cybersecurity risk we’ll highlight.

In a ransomware attack, a hacker who gains access to a victim’s computer system deploys malicious software that encrypts the victim’s data and makes it inaccessible to them until a ransom is paid to the attacker. This is what everyone calls hacking, and indeed it is. In most of these cases, the perpetrators are smart enough to demand payment in popular cryptocurrencies like Bitcoin since such funds become un-seizable. Unfortunately, due to continuous technological advancement, ransomware attacks have not only become increasingly common but more sophisticated, targeting high-profile organizations and, even worse, critical infrastructure providers such as healthcare institutions. With such organizations, hackers may also threaten to leak stolen sensitive information if a demanded ransom is not paid. To mitigate this risk, organizations, especially high-risk organizations, should ensure effective incident response plans and conduct regular data backups and employee training on identifying suspicious emails or links.

Ransomware makes up a larger group of malicious softwares — given the name malware. Malware, just like the name suggests, refers to any malicious or harmful program that is designed to perform notorious and unauthorized actions, such as stealing personal data or causing system disruption. The most common examples are viruses, worms, Trojans, adware, spyware, adware, and, more recently, crypto-mining malware, which was made to hijack computer resources for unauthorized cryptocurrency mining operations.

Another prevalent cybersecurity risk vector is phishing. This risk targets and exploits human weakness as opposed to technological vulnerabilities. Attackers target vulnerable individuals posing as legitimate entities such as banks or government agencies and deceive them into revealing sensitive information like their login credentials or financial details. To counter this risk, organizations must cultivate a strong security culture by educating their employees on recognizing phishing attempts. They should also deploy advanced email filtering solutions that block malicious content.

Just like in the case of phishing, cybercriminals distribute malware through deceptive means by targeting unsuspecting people via compromised websites, fake software updates, and sending infected email attachments. Therefore, the best risk management strategies to deal with malware would be robust antivirus solutions coupled with proactive patch management.

Another lethal cybersecurity threat is insider threats, where employees or partners abuse their access to compromise data or systems. Insider threats can take various forms, including unauthorized data access or sharing, as well as deliberately introducing malware or backdoors into the network. Nefarious insiders may leak sensitive information, sell it on the black market, or use it for personal gain. Insiders are particularly dangerous since they can perform stealth attacks that are uniquely challenging to detect and mitigate. As a result, organizations must implement robust security measures, monitoring systems, and employee training programs to mitigate the risks associated with insider threats.

Additionally, Distributed Denial of Service (DDoS) attacks, which involve overwhelming targeted online services with a flood of artificial traffic, also pose a threat to organizations’ digital infrastructure. While DDoS attacks are easy to detect, albeit because their consequences are crippling, external threat actors can also perform stealth attacks by way of Advanced Persistent Threats (APT). These forms of attack are very dangerous because when conducted by skilled adversaries, which they usually are, they can remain undetected in networks for extended periods creating room for adverse consequences.