Protect Your Organization: Understanding Five Risks Associated with Cyber-Attacks

With the frightening increase in cyber-attacks, it’s hard to avoid a media headline or browse the internet without reading about companies who have become the most recent victim. From our experience in working with clients, researching cybersecurity threats, and attending cybersecurity seminars, we have compiled a list of five risk areas you need to be aware of.

  1. Business Email Compromise: According to the most recent statistics from the FBI‘s Internet Crime Complaint Center, the most costly form of cybercrime stems from a complex type of fraud known as the Business Email Compromise (BEC). A typical BEC scam involves phony e-mails in which the attacker spoofs a message from an executive at a company or a real estate escrow firm and tricks someone into wiring funds to the fraudsters.
  2. Third Party Vendors: The growing reliance on third-party vendors and service providers creates multiple vulnerabilities. Most organizations are not assessing system and other security risks present when managing these third-party employees.
  3. Internet of Things (IoT): Internet connected devices are everywhere in a company and most companies can do more to monitor and securely manage these devices. Although these products can offer many benefits to a business, such as saving costs, if the devices are not properly secured, attackers may be able to manipulate the devices to gain access to the company’s network.
  4. Phishing Links: Carefully targeted messages are delivered to employees and fool them into clicking on a link, leading to malware installation or targeting vulnerabilities.
  5. Employees: One of the most common causes of cyber breaches is employee activity, such as clicking on phishing links as described above, or visiting dangerous sites and often times the employees have no idea they have provided network access to a hacker.

Cyber risk awareness, risk mitigation strategies, and employee training, from the CEO to the entry level intern, is necessary to help mitigate these risks. We cannot emphasize enough the importance of designing strong cyber policies and procedures and also establishing a training program to educate employees on cyber-awareness.

With the escalation in frequency and severity of cyber-attacks, Barnes Wendling realized there was an increase in the need for cybersecurity services. In 2019, we launched our new cybersecurity consulting services designed to assist you in identifying risks, recommending policies and procedures, testing your cyber controls, and assisting you in enhancing the security of your IT environment. We can help you to recognize and react to cybersecurity threats.

Focusing on the above risks may not prevent you from becoming a victim of a cyber-attack; however, understanding the risks, understanding how your IT controls rate in today’s high-risk environment, and implementing some simple changes will certainly be a step towards protecting your business. Contact us today if you would like further information on our cybersecurity services.

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