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When it’s Important to Stay in the Know.
Cybersecurity is Everyone’s Responsibility
In today’s online world, one accidental click or forwarding of a questionable email can have extensive repercussions. While bad actors who access unauthorized data can do harm to the person whose information was taken, the company that allowed it to happen can also face legal, financial and reputational fallout.
This Cybersecurity Awareness Month, BCH’s risk management professionals remind you that it pays to be prepared. Here, we lay out common cyberattacks making the rounds today, and offer tips for educating employees and protecting operations when it matters.
Understanding Common Cyber Risks Affecting Companies Today
Phishing Attacks: Use of deceptive emails or messages to trick employees into revealing sensitive information or clicking on malicious links. When employees fall victim to phishing attacks it places companies at risk of issues such as data breaches, financial losses and reputation damage.
Ransomware Attacks: A type of attack where bad actors use malware to encrypt a company's data, making files and information virtually impossible to access. These individuals then demand a ransom for the data’s release. Falling victim to a ransomware attack can lead to significant downtime and data loss for a company, as well as financial extortion.
Insider Threats: Risks that originate within an organization, insider threats can involve malicious actions or unintentional mistakes by employees. This can include the access, disclosure or deletion of sensitive information, or misuse of company systems or assets. Such actions can result in data leaks, fraud or other breaches.
Data Breaches: When unauthorized individuals gain access to sensitive customer, company or employee data. Data breach fallout can include legal liabilities, reputational damage and regulatory fines.
Supply Chain Vulnerabilities: Supply chain attacks target weaknesses in a company's third-party vendors or partners, which can compromise the security of the entire network.
Zero-Day Exploits: Vulnerabilities in software or hardware that are unknown to the vendor. Cybercriminals often exploit these before a patch is available, leading to potential breaches.
Internet of Things (IoT) Vulnerabilities: As businesses increasingly adopt IoT devices, or devices equipped with sensors and software that connect to the internet, they become vulnerable to attacks that target these devices. Compromised IoT devices can be used as entry points to the corporate network.
Social Engineering Attacks: Approaches that manipulate employees into divulging sensitive information or making financial transactions. These attacks are often carried out by bad actors pretending to be known company leaders.
As everyday technology evolves over time, so do the ways cybercriminals target data. Click below for insights into cyberattacks involving AI, stakeholders’ shifting views of holding businesses accountable and a look at the cyber insurance market overall.
Access Cyber Risk Info and More from the BCH Risk Management Center
With an extensive library of risk management resources, tools to help keep employee training on track, and quick and easy claims assistance, too, your Risk Management Center (RMC) adds ease to your operations.
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