Tips to Avert Cyber-attacks and Reinforce Cybersecurity | Safeguard Your Business Today

Over the last few months, the ongoing conflicts between nations may have stirred up peoples’ concerns about the outbreak of another world war. World War III may have already begun unfolding in cyber warfare across cyberspace.

The advancement of the internet and modern technologies is a double-edged sword. In the current digital era, the internet has become an inseparable part of societies and human lives as a new communication space. As we become more connected with cyberspace and more dependent on digital technologies, we face greater exposure to cyber risk and the need for cyber security consulting goes without a question.

Cybersecurity threats such as malware, phishing, hacking, data leakage, and identity fraud are not rare cases; however, many people and businesses tend to handle cybersecurity threats passively rather than taking proactive and preventive steps.

News Corp., the world’s largest news agency that owns the Wall Street Journal and the New York Post, has encountered significant data breach incidents since February 2020, with a lot of confidential and sensitive information accessed by anonymous third parties. In March, a U.S. software company HubSpot, with 135,000+ cryptocurrency customers across more than 120 countries, was targeted by cyber attackers an employee’s account was compromised, and customer data was exfiltrated.

According to a February report, at least 25% of companies fell victim to cyber-attacks in Canada last year. The cost of cybercrimes reached $2.7 billion in 2020, based on the FBI’s Internet Crime Report. It reached around USD 6.9 billion in 2021.

The data breach events in Q1 represented twice the increase over the same time in 2021 and is another indicator that data compromises will continue to rise in 2022 after setting an all-time high in 2021. While system & Human Errors represent 8% of the Q1 2022 data compromises, 154 out of 367 data breach notices did not include the cause of the breach, making “unknown” the largest attack vector in Q1 2022. The Federal Government has released a mandate urging companies across the nation to bolster their cybersecurity practices, preventing potential cyber threats.

Apart from data loss, cybercrimes cause a financial drain on company assets. If it were measured as a country, then cyberattacks were predicted to inflict damages totaling $6 trillion USD globally in 2021. The 2022 predictions say that the number of DDoS attacks (attacks disrupting online services or systems) is expected to reach 14.5 million.

Notably, as per the estimates, the cost will rise to $ 10.5 trillion by 2025 globally.

Cyber-attacks are a growing threat to small and medium-sized businesses in the private sector. Small-medium-sized companies become attractive targets as their system and information can be breached quickly, providing lucrative incentives to cyber criminals. They tend to be more vulnerable since many companies lack a safer security infrastructure or a comprehensive cyber strategy. This is where SVAM’s professional cybersecurity services can come into play.

SVAM International is an experienced cybersecurity service provider with more than 30 years of cybersecurity and risk management expertise. With keen insights into existing, and potential cyber risk and its trends, SVAM has helped businesses in the private sector take effective and efficient moves in handling cyber threats, minimizing loss, and strengthening cybersecurity infrastructures. To avert cyberattacks and reinforce cybersecurity, SVAM urges companies to raise their awareness of potential cyber risks and take preventive measures accordingly.

Crucial Things Private Sectors Can Do to Stay Cyber-safer

For the companies unaware or the ones who are vaguely aware of how to be cyber-safe, cybersecurity consulting services are the need of the hour. Here are a few things that you can do to keep your company and employees safe in the absence of cybersecurity software.

1. Incorporate Multi-Factor Authentication (MFA)

Multi-factor Authentication (MFA) adds an extra layer of security by requiring users to implement and provide multiple forms of identification. Incorporating MFA into business operations can deliver a stronger authentication for accessing data, apps, and systems while still keeping things simple for users.

2. Install reliable Antivirus Programs, Firewalls, VPNs

The proliferation of malware has resulted in more significant cyber threats among businesses worldwide. As a malware attack is a widespread cyberattack, installing a reliable and effective antivirus program is an essential step of cybersecurity reinforcement. Based on the concrete needs of the business, sometimes, patching firewalls and VPNs is also a crucial move. Firewalls can prevent malicious attacks from entering users’ systems based on users’ settings, while VPNs can better protect private data and sensitive data like locations.

3. Establish Access Controls based on the least privilege principle

Access control is a security technique that establishes access hierarchy and regulates access control to critical resources within the organization. A data breach is one of the major concerns and may lead to irreversible loss once it happens; having an access-control list with correct permissions set up is critical for businesses to reduce the impact of a breach. You can set it up with the help of cyber security consulting services from SVAM.

4. Encrypt Sensitive Data and Back-Up Business Data Regularly

Data encryption enhances the security of private information, communication, and correspondence by transforming original information into something more challenging to decipher using specific algorithms. In the worst-case scenario, encrypted data will be challenging to decrypt without having the correct keys if the information breach has occurred.

Regularly back up critical and transactional to the cloud or a reliable external hard drive/data storage. If the company system gets compromised or data gets contaminated, having safe backups may reduce the potential loss of the business.

5. Conduct Awareness Education and Training against Phishing, Fraud, etc.

To establish a safer cybersecurity infrastructure across the company with the help of cybersecurity consulting services. It is also essential to boost employees’ cybersecurity awareness through conducting awareness education and related training courses. Regularly training employees to identify identity/account fraud and phishing activities can help mitigate cyber risks in each employee’s work activities and reduce the overall risks in business operations.

How SVAM Can Protect You Further?

Cybersecurity consultants at SVAM can provide businesses with in-depth cyber risk assessment, comprehensive cyber risk quantification, proactive cyber strategy, and customized cybersecurity solutions. The tailor-fit solutions designed by SVAM can capture and relieve cyber security pain points of your business based on your risk profiles and assessment accordingly. By adopting the latest technologies from artificial intelligence and data science, SVAM Cybersecurity is also proficient with cyber risk quantification and risk modeling. With concrete data, visualizations, and predictions, SVAM enables businesses to take proactive and preventive steps, reducing the likelihood of cyber-attacks and exposure to cyber risk fundamentally and sustainably.

Safeguard Your Business with SVAM Today

SVAM Cybersecurity is dedicated to safeguarding more businesses across industries, managing cybersecurity risk, providing effective cybersecurity mitigation solutions, and reinforcing the overall cybersecurity infrastructure. Below are some featured services that SVAM Cybersecurity proficiently provides –

Cyber Risk Advisory

SVAM Cyber Risk Advisory includes designing and implementing a proper cybersecurity program that complies with leading cybersecurity standards and regulations and performs penetration testing, vulnerability scans, technical reviews, etc. A customized remediation roadmap will be designed and implemented based on a comprehensive identification and assessment process, just for you.

Cyber As A Service (CAAS)

With industry experts and skilled resources, SVAM Cyber As A Service (CSSA) focuses on reducing the complexity of reinforcing cybersecurity infrastructure at affordable subscription rates. Without going through complicated steps, you can start safeguarding your business by relying on professional cybersecurity practices from SVAM CSSA.

Will the evolution of the Internet of Things (IoT) result in greater cybersecurity threats? What should the business do to mitigate cybersecurity risks in remote working mode? You can consult a cybersecurity expert at SVAM to know more about how you can embark on securing your perimeter and protecting your crown jewels applications. SVAM also keeps close track of the latest cybersecurity trends and broadens service scopes accordingly.

Visit the SVAM international website to learn more about cybersecurity services. SVAM Cybersecurity is delighted to start safeguarding your business from now on!

A common misconception for small businesses is that your business is too small to be a target, but unfortunately, this is not the case. According to a report by Cybersecurity Ventures, worldwide, cybercrime expenses are anticipated to increase by 15% each year, reaching around USD 10.5 trillion by 2025. This clearly means that cyber security threats for small businesses are increasing at an alarming rate as well.

Small businesses’ cyber security breaches should be anticipated as soon as they embrace more creative technology to simplify operations despite implementing cyber security services.

In 2020, cyberattacks grew in large numbers and as per the estimates, the rise in attacks during the pandemic was approximately 100%. Now, even small businesses worldwide are confronted with unprecedented levels of risk. As a result, cyber security consulting remains the top priority for IT teams. Still, businesses that start at a small scale are not well aware of the cyberattacks and as a result, they either fail or face huge financial losses. Following are some of the most critical types of SME cyber security attacks that every organization should be aware of.

Top CyberThreats That Every Business Should Be Aware Of

Cyber security threats for small businesses cannot be ignored as they are the ones at the highest risk of a security breach because of the lack of power infrastructure. Below highlighted are the most common enterprise cyber security threats that SMEs may face

1. Phishing Attacks

The biggest and most widespread threat that small businesses face is phishing attacks. Phishing accounts are responsible for around 32% of confirmed data breaches and 78% of all cybercrimes. A phishing attack occurs when a hacker pretends to be someone employees can trust, be it their manager or the CEO, and entices a user to click a malicious link, download a malicious file, or give them access to account details, credentials, payment information, etc.

Here, the most common scenario is when hackers start emailing from a slightly similar email ID, and without implementation of the small business cybersecurity consulting services, it becomes fairly difficult to identify and control the threat. Typically, a hacker attaches a link or some file along with the mail so that people can enter their personal information.

2. Cloud Jacking

This is the process where cloud computing is infiltrated by a third party. Once the hacker gets into the organization’s cloud, they try to reconfigure the cloud code so as to manipulate the sensitive information, communication, & other data to expand their reach to take control of the entire cloud. Furthermore, cybercriminals use this opportunity to develop phishing schemes. This results in multiple mishaps like leakage of sensitive information, financial loss, etc.

3. Ransomware

Ransomware is one of the common and serious cyber attacks that involve encrypting company data so that it cannot be used or accessed until a ransom is paid to unlock the data. The ransom’s immediate losses are merely the tip of the iceberg. The monetary costs of missed production and data loss are frequently the most devastating to a firm.

This is the reason why 60% of small firms fail within six months after a cyber intrusion. Small business cybersecurity consulting at the right time can save them from ransomware attacks which is one of the top cyber-attacks and a common method for criminals to target especially small firms.

4. Patch Management

One of the most common cyber security risks for businesses is related to outdated software or patches. As a result, failing to keep up with software patches exposes businesses to a variety of information security vulnerabilities. When attackers get aware of a software vulnerability, they exploit it to conduct a cyber assault.

This trend in cyber security is exemplified by two large-scale cyberattacks that began in 2018. The attacks use a serious flaw in the Windows OS known as Eternal Blue. Organizations that failed to update their software were left exposed and ultimately, they face huge financial losses.

5. Deepfakes

Deepfakes are used to develop fake versions of an organization to lure in unsuspecting customers and also to gain access to the sensitive information of a business or an individual. This attack moreover contributes to an advanced form of phishing attack which impersonates the CEO’s reputation where a hacker gives wrong instructions to the employees.

This Cyberattack has been used over the last several years against both individuals and organizations. Such an attack is developed by AI that takes an existing voice recording, photo, or video to manipulate an organization or an individual’s image to falsify their action of speech.

In the past, cyber security threats for small businesses have surfaced frequently. Because the business IT threats are not just limited to the CXO level but have crept down to the employee level as well.

However, the advancement in security systems in conjugation with the right cyber security consulting services presents opportunities for significant security growth.

The passing year has demonstrated the fact that small businesses must adapt to the modern world and this year’s advancements have resolved such problems to a great /extent. Taking assistance from SVAM International, a leading provider of cyber security services for small businesses is a great start to identifying and filling the security loopholes for the business. Get in touch with our professionals, discuss your concerns, and get the best possible solutions.