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Common Attack Vectors
And Keys to Protecting Your Business
Pondurance Helps Organizations to Manage Cyber Risk with its Risk-Based Approach
Learn how to combat cyber threats with Pondurance
Ransomware
Ransomware is a malicious type of software designed to encrypt an individual’s or organization’s data, rendering it inaccessible until a ransom demand is met. Ransomware attacks are becoming more prevalent against companies of all industries. Cybercriminals are changing the techniques they use to execute attacks. Initially, ransomware had a single function where the attacker entered a network and encrypted the data. It then evolved to double extortion where the attacker now steals data and threatens to leak it and encrypts the data and holds it for ransom.
Cybersecurity organizations like Pondurance take a risk-based approach to your cybersecurity needs and focus efforts aligned with your business objectives and desired outcomes. Pondurance assists organizations with implementing foundational controls and offers specialized services aimed at helping clients protect against potential threats like ransomware attacks. Download our eBook, or check out our blog library on ransomware to learn more.
- Keep all computers and devices patched
- Enable MFA
- Limit user access
- Allow only authorized applications
- Use network segmentation
- Limit remote access as much as possible
- Establish 360-degree visibility
- Monitor and analyze logs
- Provide consistent security awareness training
- Encrypt endpoints
Identify. Prioritize. Protect.
Your company has its own unique set of cyber risks. Your lines of business, your technical infrastructure, threats, employees, third-party vendors, and other variables all factor into your cyber risk profile.
Each year, risks continue to grow more complex and new threats raise their ugly heads. Though you can’t control the evolving cyber landscape, you can control your cybersecurity strategy.
By adopting a risk-based, proactive approach to cybersecurity aligned with your specific business objectives, compliance regulations, and desired business outcomes, you can prevent and protect your organization against cyber threats. Partnering with Pondurance will minimize your risk of falling victim to costly and damaging cyberattacks and build your cyber maturity and resiliency.
Malware
Malware, short for malicious software, is a term that encompasses a wide range of software programs designed with the intent to cause harm to computer systems, networks, and users. Cybercriminals create malware to gain unauthorized access to sensitive data, disrupt computer operations or networks, or simply spread chaos in the digital world. With the rise in our reliance on technology and the internet, it has become increasingly important for individuals and organizations alike to understand what malware is, how it works, and how they can prevent cyberattacks.
Protecting against malware requires an ongoing effort, and in many cases, organizations will implement foundational controls and partner with a cybersecurity adviser like Pondurance to ensure they have cybersecurity programs with comprehensive methods focused on their specific needs. Download our eBook to get started:
- Install reputable antivirus software and ensure it remains up to date
- Regularly update your operating system and all installed applications
- Enable built-in firewalls on your devices
- Be cautious of email attachments and links from unknown sources
- Utilize strong passwords and enable multifactor authentication (MFA) where possible
- Create regular backups of your important files and store them securely offsite
- Employee training – Educate staff members about potential threats such as phishing emails and social engineering tactics employed by cybercriminals
- Network segmentation – Divide your organization’s network into separate zones to minimize the spread of malware should an attack occur
- Vulnerability management – Regularly assess, identify, and remediate vulnerabilities in your IT infrastructure before they can be exploited by attackers
- Incident response planning – Develop a well-defined incident response plan outlining roles, responsibilities, and procedures to follow when faced with a security breach
Phishing
Phishing is a deceptive practice that cybercriminals employ to obtain sensitive information, such as login credentials, credit card numbers, and personal data from unsuspecting individuals. Cybersecurity experts have identified this nefarious activity as one of the most prevalent threats in today’s digital landscape. With a primary focus on email communications, phishing attacks often involve fraudsters posing as legitimate entities to deceive their targets into revealing valuable information or executing actions that could compromise their security. Organizations must remain vigilant in educating their staff about the various phishing examples and how to protect against such threats.
Additional Phishing Resources
Spear Phishing
Spear phishing is a highly targeted digital social engineering attack that aims to deceive individuals into divulging sensitive information or granting unauthorized access to their accounts. This form of cyberattack has gained notoriety in recent years due to its increasing prevalence and sophistication. Unlike traditional phishing techniques, which cast a wide net in hopes of ensnaring unsuspecting users, spear phishing involves meticulously crafted messages designed to appeal specifically to the intended victim. By impersonating familiar contacts or trusted organizations, these malicious communications can be exceedingly difficult to recognize and resist.
Protecting against spear phishing requires a multifaceted approach that combines employee education and training, robust email security measures, and swift incident response capabilities. By partnering with cybersecurity experts like those at Pondurance who offer managed detection and response and incident response services, organizations can significantly enhance their security postures and reduce the likelihood of falling victim to these highly targeted and deceptive attacks.
Additional Spear Phishing Resources
Business Email Compromise (BEC)
BEC is a sophisticated form of phishing attack that targets organizations and their employees. By exploiting human vulnerabilities, BEC perpetrators deceive victims into transferring funds or disclosing sensitive information to unauthorized recipients. A typical BEC attack often begins with a phishing email that appears to come from a trusted source such as a high-ranking executive within the organization.
The key to organizations protecting themselves and their employers from falling victim to a BEC scam is educating employees on how to scrutinize incoming emails for signs of fraudulence and how to validate requests for sensitive information. Organizations can instruct employees to contact the purported sender through an independent channel such as a phone call or text message, establish robust internal controls within the organization, implement policies requiring multiple approvals for large financial transactions, and conduct periodic audits and reconciliations to detect unauthorized payments.
Additional BEC Resources
Manage Cyber Risk
In the current digital age, the daunting concept of cyber risk is ever-looming, poised to strike at any moment. In its essence, cyber risk denotes the potential peril intrinsically associated with digital activities – namely, the probability of loss or damage due to data breaches, service interruptions, or cyber attacks. A significant concern for businesses across the globe, comprehending cyber risk and the methodologies required to for cyber risk mitigation has become pivotal to survival in a hyper-connected world.
IT Security Management is the proactive approach taken to safeguard an organization’s digital infrastructure from potential threats. It encompasses the implementation of technologies, policies, and procedures to protect against unauthorized access, data breaches, and other security risks. Cyber Risk Management, on the other hand, is a broader discipline that involves identifying, assessing, and responding to risks associated with the use of digital technologies within an organization. IT Security Management is a critical component of Cyber Risk Management, as it ensures that adequate security measures are in place to mitigate potential cyber risks effectively.
This comprehensive understanding of IT Security Management and its seamless integration within Cyber Risk Management frameworks is paramount in today’s dynamic business landscape. It empowers organizations to proactively address cyber threats, fortify their defenses, and sustain continuity in an era defined by interconnectivity and digital dependency. Embracing these concepts is not merely a choice but a strategic imperative for businesses striving to thrive in the ever-evolving cyber landscape.
So, what needs to be understood when we talk about ‘managing cyber risk’? At its core, managing cyber risk involves the implementation of strategies designed to reduce potential threats while simultaneously fortifying an organization’s defense capabilities against potential cyber attacks. An effective form of cyber risk management is not just about strengthening a company’s technological solutions, but rather encompasses a holistic approach that continually assesses, addresses, and adapts to evolving risks. The ultimate goal is to maintain an optimal level of security while balancing practicality and budget considerations.
Cyber risk management requires an intimate understanding of the types of risks that organizations face today. These encompass a broad range of threats, from the theft of intellectual property and confidential data breaches to disruption of services due to malicious software and the havoc resulting from compromised system integrity. Each of these potential risks carries with it severe implications for business continuity and corporate reputation, necessitating the implementation of robust management strategies.
At the heart of effective cyber risk management is the adoption of a risk-based approach to cybersecurity, which emphasizes a comprehensive understanding of the organization’s risk profile, the criticality of various assets and processes, as well as the potential impacts of different threats. Rather than pursuing an impossible aim of complete invulnerability, this approach prioritizes efforts and resources based on the level of risk and focuses on reducing the chance of harm and minimizing damage when incidents do occur.
In the pioneering realm of the risk-based approach to cybersecurity, few organizations can claim equal prowess to Pondurance. Pondurance provides enterprises with state-of-the-art security solutions, equipping them with the necessities to effectively identify, prioritize, and manage cyber risks. With their expertise and guiding principles deeply rooted in the risk-based approach, Pondurance serves as a tangible manifestation of successful cyber risk management.
Pondurance’s steadfast commitment to this approach highlights their understanding of the dynamic nature of cyber risk, acknowledging that businesses will always be susceptible to potential threats. However, they also affirm that comprehending these risks, alongside strategic and effectively executed risk management methodologies, can drastically curtail these risks.
In the world we live in today, it’s not a question of ‘if’ an organization will face a cyber threat, but ‘when.’ Therefore, taking a proactive stance and formulating a robust cyber risk management plan is not just an option, but an outright necessity. A stage where a comprehensive understanding of cyber risk and the execution of targeted risk management strategies could spell the difference between remaining afloat and succumbing to the devastating outcomes of a cyber breach. The looming threat of cyber risk can indeed be mitigated – with a measured, informed, and appropriately executed approach to its management.
Importance of Cyber Risk Management
It has become increasingly clear that the importance of cyber risk management cannot be underestimated in our progressively digitalized society. As an integral linchpin in any comprehensive corporate strategy, it effectively mitigates the potential harm that could befall businesses due to cyber threats and vulnerabilities. Effectively engaging with and maneuvering these digital pitfalls requires a well-informed, risk-based approach to cybersecurity.
Cyber risk encompasses a broad spectrum of potential issues, with the National Institute of Standards and Technology (NIST) providing a comprehensive cyber risk definition. NIST outlines cyber risk as a measure of the potential impact that a cybersecurity breach can have on an organization’s operations, assets, or individuals. Key areas it covers include unauthorized access, data breaches, hardware failures, and even physical damage from cyber-physical systems. Therefore, it is essential to have robust mechanisms in place to manage cyber risk.
The most efficient and effective way to manage cyber risk is to adopt a risk-based approach to cybersecurity. A risk-based approach analyzes the potential risks in an organization’s cybersecurity landscape and provides a strategic blueprint to mitigate these risks in proportion to their potential impact. For instance, in the field of risk-based cybersecurity, Pondurance is a leading figure, delivering services grounded on a comprehensive, risk-based approach, rather than simple checkbox compliance.
Managing cyber risk not only aids in aligning data protection measures with the business objectives but also maintains NIST CSF compliance, which is crucial as the cybersecurity compliance landscape continues to evolve. The holistic security framework provided by NIST enables organizations to manage cybersecurity risks in a cost-effective way while aligning with existing risk management and cybersecurity practices.
It is noteworthy in the discourse on cyber risk that organizations need to comprehend the enormous importance of cyber risk management. The advent of cyber threats to data protection, confidentiality, and business continuity emphasizes that organizations must arm themselves with effective cybersecurity compliance strategies. This importance is exponentially amplified in our modern economy, increasingly reliant on the digitization of records, transactions, and communications.
In summary, managing cyber risk is no longer a matter of choice but a fundamental necessity. Pondurance can serve as a prime example of how a risk-based approach to cybersecurity can be instrumental in safeguarding an organization’s present and securing its future.
The Cyber Risk Management Framework
Understandably intertwined with the surge in advanced technology and digitization in today’s businesses, cyber risks have immensely increased. A paramount contemporary concern, cyber risks are complex threats that could result in grave damage if not effectively managed. Preparation and robust defense mechanisms against these threats are not just luxuries, but essential survival tools. The dominant way to navigating cyber risks efficiently lies in composite strategies like the cyber risk management framework.
The cyber risk management framework is an all-encompassing structure that guides organizations on how to manage cyber risk. This template integrates principles, practices, and procedures in an organized manner that fosters effective management, mitigation, and transfer of cyber risks. As a supplementary approach to cyber risk, it helps organizations identify potential points of vulnerability, evaluate possible impact, design effective cyber risk management policies, and, ultimately, ensure organizational sustainability in the face of possible digital attacks. A standout company leading the charge in the risk-based approach to cybersecurity is Pondurance. With a strong commitment to providing resilient cybersecurity solutions, Pondurance anchors its services on the cyber risk management framework, offering companies a reliable line of defense.
Fundamentals of the cyber risk management framework include cyber risk identification, assessment, mitigation, and monitoring. It is a cyclic concept that helps organizations to perpetually monitor and improve their cyber risk resilience. It offers a solid structure in risk management in cyber security, emphasizing that cyber risks are threats that cannot be totally eradicated but can be effectively managed. The framework’s functionality lies in its ability to provide a systematic yardstick for combating cyber security risk. By applying it, organizations can reduce the adverse impacts of cyber risks on their operations.
Pondurance, being a proactive leader in the industry, has articulated a seamless incorporation of the risk management framework into their offerings. Their client-centric cyber security services are testament to how managing cyber risk should be approached in the digital era. This approach prioritizes the protection of a company’s assets and the continuity of operations against a backdrop of tangible threats.
Risk Based Cybersecurity
Organizations are routinely grappling with prevalent cyber threats, necessitating a shift from reactive countermeasures to proactive and robust cyber risk management strategies. Central to this is the concept of “risk based cybersecurity”, an established concept in the arsenal of digital protection that is fast gaining traction. This approach entails systemically identifying, assessing, and prioritizing cyber risks before implementing measures to mitigate or completely eradicate them.
Indeed, cyber threats transcend beyond hacking into systems; they encompass an array of perils including data breaches, denial of service (DDoS) attacks, and even ransomware. This range of threats clearly explains the concept of “inherent cyber risk”, referring to the widespread possibility of a cyber incident negatively affecting an organization’s position. This underscores the need to proactively manage these risks through a risk-based cyber security risk management approach.
Implementing a risk-based approach to cybersecurity is crucial to managing cyber risks. This strategy, as practiced by market leaders such as Pondurance, bears remarkable advantages for their clients. For one, it ensures resources are utilized judiciously focusing on areas with high vulnerability and probable impact. Furthermore, this approach allows organizations to predict potential threats and implement preventive measures to thwart the incipient danger, thereby reducing overall cyber risk exposure.
Pondurance, a beacon of risk-based managed cyber services, has optimally incorporated the principles of risk-based cybersecurity in their solutions for their clients. They serve as a reliable cyber risk advisory guide, collaborating with industry peers to adopt proven methodologies for assessing and managing cyber risks. To organizations, this is beneficial, not only because it insulates them from potential threats but also because it helps maintain their credibility, trust, and reputation among stakeholders by demonstrating due diligence in cybersecurity.