Cybercrime in Digitized Businesses

How to Mitigate the Risk of Cybercrime in Digitized Businesses?

Last updated on January 15th, 2024 at 03:11 pm

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In the constantly evolving landscape of cybersecurity, it is no longer sufficient to know the rules in this ecosystem, but it is of utmost priority for businesses to be proactive in order to stay ahead of the game. The ever-increasing use of digital technologies including the internet of things, cloud computing, and artificial intelligence in many aspects of the business has led to the growing connectivity of everything which essentially poses a threat to security, data protection, and compliance of companies.

Therefore, it is important to note that the security of infrastructure in general, and protection against cyberattacks and data leaks in specific, cannot come as an afterthought. In the fast-paced and digitally connected world, they can no longer be addressed with a tunnel vision and traditional ad hoc approach.

How are organizations involuntarily putting themselves at risk?

Amidst the industry mandates, regulatory compliances, increasing demands of the business, and the chaos that results from supporting numerous devices and software systems, it is becoming increasingly challenging to mitigate access related risks in the complex business world. Thus, it is important, now more so than ever, for companies to look past the noise, and intelligently identify and mitigate the cyber threats with the facilitation of a proficient cyber security testing company.

Some of the most common cyber security risks that the organizations might not even be aware of;

Malicious insider threats – a disgruntled employee who might have been recently fired with access to company files or data, may try to steal sensitive information for personal gain.

Inadvertent insiders – more often than not, hackers and threat actors are able to gain entry in the systems through phishing, orphaned accounts, spear phishing, and poor password of employees.

Excessive access – companies tend to face this challenge when they do not observe the least privilege principle, and the employees in the company have more access to company data than they need to.

Misconfigurations – it is alarming to note that a simple mishap in configuration can lead to significant undesired access to the company system. As per Gartner, almost 95 percent of firewall breaches are a result of firewall misconfigurations, and not because of the flaw in the firewall itself.

Brute force attacks – with the proliferation and advancement of technology, this type of threat of becoming more common. Hackers and malicious threat actors gain entry in the system by jamming passwords until they guess the correct one, and more recently they employ an automated tool to crack the passwords for them.

Addressing Cyber Security Threats

As the number and intensity of these threats increase every day, it is nearly impossible for companies to identify or discover the risks to their infrastructure, let alone proactively mitigating them. With the help and support of a cyber security testing company, organizations are able to customize and sort the threats in terms of their impact and priority, while also having potential risks report at their disposal so as to investigate and remediate them.