Common Cybersecurity Issues That Organizations Face

Cybersecurity is a top concern for today’s business owners and technology executives, and with good reason. In the first half of 2020 alone, 36 billion records were exposed due to data breaches, according to a report generated by the firm Risk Based Security. Hackers are aware of common vulnerabilities that plague businesses and organizations, keeping cybersecurity professionals constantly on their toes. As the ability to access cyberspace expands due to tech innovations, the number of cybersecurity issues organizations may face also grows.

Organizations and cybersecurity attacks

Cybersecurity attacks can happen to any organization at any time. In 2020, established organizations such as Marriott, MGM Resorts, Twitter, and Magellan Health all fell victim to cyber-attacks. Yet hackers don’t just go after heavyweights. More than one in four data breaches involved small businesses, according to Verizon Business’s 2020 Data Breach Investigations Report.

These attacks can be expensive. A 2019 report from Hiscox revealed the average cost of a cyber-attack to be around $200,000. This economic impact has created great concern, especially among small business owners. A survey conducted by the U.S. Small Business Association revealed 88% of small businesses felt their operation was vulnerable to a cyber-attack.

Preventing these attacks is financially critical. There are several different cybersecurity issues to be aware of in today’s business landscape — issues that only a seasoned cybersecurity professional may be able to help prevent.

Social engineering

Social engineering represents a catch-all term for various tactics that are used by hackers. These tactics are designed to trick individuals into giving out sensitive or confidential information. Often, these types of attacks appear as phishing. According to security software company Digital Guardian, phishing represents 91% of social engineering attacks.

Phishing attacks rely on emails designed to look like they come from a legitimate source, such as a business, bank, or a government agency. When recipients click on a link or open a file within the email, they expose their network to malware. The practice has grown in sophistication over the years, making it crucial for employers to train their staff to understand what these attacks may look like, and how to avoid falling for their deception.

Ransomware

Ransomware is another tactic used by hackers. The objective is to hold a company’s data hostage until the affected user pays a specific dollar amount, which can often be hefty. These attacks can use email to penetrate a system but can also be initiated by visiting an infected website, clicking on an online ad with malicious code, or hackers exploiting network vulnerabilities. Prevention requires a combination of training employees to exercise judicious caution regarding the websites they visit and remaining diligent in identifying and fixing system vulnerabilities.

Cloud computing issues

The amount of valuable information that resides on multiple data sources has grown exponentially from the early days of computing. The opportunity for organizations of all sizes to have their data compromised grows as the number of devices that store confidential data increases. Cloud storage and the Internet of Things (IoT) have exposed new vulnerabilities. Organizations and businesses must make security plans that take new security threats into consideration, rather than only protecting business computers and mobile devices.

Distributed denial-of-service (DDoS)

The hallmark of these attacks is coordination. A cyber attacker floods the system with a high number of simultaneous functions, such as a request to a webpage. The goal is to overwhelm networks, systems, or devices. This can ultimately expose vulnerabilities that cyber attackers can exploit. Like other forms of cyber-attacks, this method’s sophistication has increased as technology has evolved, making it vital for organizations to be aware of the latest innovations to protect against these types of cybersecurity issues.

Artificial intelligence (AI) and machine learning (ML)

In the hands of cyber criminals, artificial intelligence (AI) and machine learning can enable cyber-attacks to become more sophisticated and efficient. Both can “learn” which attack methods work and which do not, making them valuable tools for criminals. Fortunately for savvy cybersecurity professionals, AI and machine learning can also be deployed to combat cyber-attacks.

Crypto and blockchain attacks

The use of cryptocurrencies and blockchain technology in business continues to increase. According to a report by Allied Market Research, the global cryptocurrency industry (hardware, software, platforms, and services) is projected to reach nearly $5 billion by 2030. This digital form of monetary exchange has become fertile ground for cyber attackers, as the infrastructure needed to safeguard the information associated with these assets has been slow to develop. Those looking to use blockchain in their businesses should take great care to make sure their cybersecurity strategies include protection for these emerging, evolving markets.

Third-party software

Small businesses represent an appealing target to cyber attackers. One reason is that their smaller computer infrastructures can occasionally provide gateways to bigger targets. Small businesses usually don’t have robust security protocols in place that prevent theft. A famous example of this type of attack was the Target breach of 2013. The attack’s origins traced back to an initial cyber-attack on a small business that serviced Target’s heating and air conditioning. This incident eventually led to the theft of about 40 million credit and debit card numbers and around 70 million personal records holding sensitive information.

Warns of Russia’s, China’s, and North Korea’s regarding Cybersecurity!

Earlier this month, several government agencies issued an alert about elevated cybersecurity concerns related to cryptocurrency, blockchain technology, and online gaming. The FBI, the Cybersecurity, and Infrastructure Security Agency (CISA), and the Treasury Department jointly announced that state-sponsored hackers from North Korea had deployed malicious tactics like ransomware, phishing, and malware to steal more than $1 billion over the last two years.

The three agencies went public with their finding that North Korea was responsible for the Ronin Bridge attack in March 2022, which netted more than $620 million in stolen cryptocurrency. In addition, more than four publicly identified hacking groups tied to North Korea stole at least $500 million in crypto funds in a variety of attacks carried out in 2021.

 How did this happen? By taking advantage of cybersecurity vulnerabilities in highly unregulated parts of the crypto industry, including currency exchanges, decentralized finance (DeFi) protocols, non-fungible tokens (NFTs), and play-to-earn video games. According to the FBI and the CISA, hackers deploy a variety of malicious tactics that target venture capital funds investing in cryptocurrency and individual holders of crypto funds.

Social engineering campaigns and spear phishing emails try to encourage users to download malicious crypto applications or click links to check a currency balance. Those applications or links will install malware on the victim’s computer to steal credentials, log in to accounts, and execute fraudulent blockchain transactions. Funds will then go to untraceable external accounts used to launder money, making any law enforcement response or follow-up action impossible.

But the Treasury Department has tried to take extensive action to block such transactions—especially since the funds stolen have purportedly been used for North Korea’s nuclear program. Several of the groups responsible for these actions have been added to international sanctions lists; one of those groups, the Lazarus Group, was even involved in the notorious 2014 hack of Sony Pictures, which was executed at the direction of North Korea’s primary intelligence agency.

The FBI, the CISA, and the Treasury Department urge businesses, computer users, and cryptocurrency holders to take proactive steps to mitigate such schemes. Even if you don’t own cryptocurrency, education and awareness about the cyber threat is strategy #1.

Here are five other steps you can take today:

1) Implement multi-factor authentication (MFA) and single sign-on (SSO) for every account. Only a year or two ago, MFA and SSO were relatively rare, considered by many companies and employees to be nothing more than an irritating extra step. With digital threats escalating and the threat of credential theft higher than ever, however, these layers of heightened defense are becoming more and more routine. Defined as a login process that contains two or more crucial steps, MFA requires a user to enter his or her password followed by a unique code or push notification typically delivered by text or email to confirm their identity. Meanwhile, SSO involves using a protected entryway for all applications and platforms to streamline access. Together, they can reduce the negative impacts of a stolen password, which is often recycled by hackers who use it to try and log in to multiple networks, databases, and devices.

 

2). Automatically deploy security updates and software patches. Many people assume that out-of-date operating systems and legacy software applications aren’t that big of a threat. But the infamous WannaCry attack in 2017 exploited the end of support for Windows 7, bypassing built-in privacy protections and easily compromising user machines.

 3). Multi-layered network security tools. These include a variety of tactics that, deployed together, can dramatically increase your overall cybersecurity:

• DNS filtering, which protects against web-based attacks such as malvertising, compromised websites, and encryption servers
• Anti-spam filters that protect against email-based attacks by quarantining suspicious email attachments in a sandbox
• Security incident event management (SIEM)and security operations centers (SOC) that provide an extra layer of threat detection
• Endpoint detection and response (EDR)that allows a trusted IT team to have full visibility into a company’s network, analyzing traffic to spot malicious movements while automating responses and enabling real-time threat identification.
• Regular, remote, and redundant data backups. These provide the best protection from ransomware, malware, and other dangerous threats because they can be relied upon in the event of an illicit infection or unwanted file encryption. Even in rare cases when multiple layers of ransomware are deployed in tandem to try and paralyze systems, they can be wiped clean and data can be restored from a recent backup to help your business bounce back from even the most devastating attack.

 

4). Proactive, comprehensive IT support you can count on. All the cybersecurity protections outlined above can do a world of good—if they’re deployed properly and maintained regularly by a trusted business partner. Instead of waiting for a ransomware attack to occur or a new crypto-specific spear phishing campaign to pop up, the best managed services provider (MSP) will take a proactive approach. That means

• 24×7 monitoring to keep a constant eye on every piece of your company’s technology ecosystem
• Advanced anti-malware, traffic analysis, and multi-layered network security solutions
• Nationwide support that can protect your employees working in the office and remotely
• Real-world cybersecurity training for your employees
• Industry-specific compliance
• And the human intelligence that should function behind the scenes of most automated IT processes

 

That’s the kind of support your business deserves—and it’s the kind of support that ACE Consulting Firm specializes in. We work hard to understand today’s biggest threats and anticipate tomorrow’s potential problems. We view ransomware as an existential threat to core business functions, and we know how to tread carefully with new technologies like cryptocurrency. We advise our clients on the best way to solve short-term problems and plan for long-term success.

We keep thousands of small to medium-sized businesses across North America running every day. If you’re ready to take data protection and IT health seriously, we’re here to help.

 

Cyber security is a broad term that includes various computer security mechanisms, ethical hacking included.

Today, we will break down what each profession is, these professionals’ responsibilities, and the educational qualifications needed to enter the field.

 

 

 

 

 

 

What Is Cybersecurity?

The data and integrity of computing assets that belong or relate to an enterprise’s network are secured by cyber security. Its goal is to defend those assets against all threats.

Cyber security is a broad subject that includes many networks and information security mechanisms, such as data security, digital forensics, ethical hacking, and many more. With that being said, we can conclude that ethical hacking is a subpart of cyber security.

This profession requires a combination of different skills and tools to provide a secure environment for users. Experts need to have a strong understanding of various subjects and to be able to face challenges such as zero-day attacks, ransomware, kill chains, zero-day attacks, etc.

Cybersecurity expert job description

Experts on cyber security don’t have to hack into the system. By taking all necessary security measures, their role is to protect the system.

A cybersecurity expert’s prominent role to perform regular audits, discover inefficiencies in the system, and then implement the most efficient technologies to improve the security system. Here are some of the responsibilities that come with this role:

• By performing routine maintenance, they need to keep the security system updated.
• The professional must grant appropriate access privileges for advanced system protection.
• They must explain to the organization about the consequences of malicious attacks.
• They provide various suggestions to improve the security system.

What Is Ethical Hacking?

Ethical hackers learn and perform hacking professionally, based on the client’s direction, and later, present a maturity scorecard highlighting the system’s overall risk, vulnerabilities, and suggestions to improve. This professional is a hacker who uses their skills to find the loopholes of the given system. The reason behind them being called ethical hackers is that the server/system admin grants permission to see the loopholes.

Hackers are of various kinds and are referred to according to the hacking system’s purpose. Broadly speaking, there are two main hackers:  White-Hat hacker and Black-Hat hacker. Ethical hacking is carried out by ‘white-hat hackers’ whose role is the same as that of ‘black-hat’ hackers, but the intent is different. In the event of ethical hacking, the hacker uses hacking to safeguard the system.

In cases of international conflicts, terrorist organizations pay cybercriminals to break into security networks. They do so to exploit national security features or extort massive amounts of money by injecting malware and restricting access.

New worms, malware, viruses, and ransomware are multiplying every day, creating a need for ethical hacking services. The predominant advantage of ethical hacking is to prevent malicious attackers from stealing and misusing data.

Ethical hacker job description

 Since this is privileged information that may be used for illicit purposes, ethical hackers are legally obliged to disclose any problems they encounter during the course of their work.

 

 

Contact ACE Consulting Firm today to learn more about our proactive approach and our strong track record of caring for businesses like yours.

 

Posted on: May 1, 2022, by : Moe