TECHNOLOGY
Managing risk is like locking your car. The only question is: why wouldn’t you? By Scott Nursten, CEO, ITHQ
TIPS TO STRENGTHEN YOUR CYBER RISK MANAGEMENT Successful cyberattacks are happening more frequently: fact. As a result, cyber insurance premiums are up 32% with pay-out rules stricter than ever. Insurers are pushing particularly back hard on claims where companies aren’t doing enough to manage risks for themselves. Risk management is essential; as important as locking your car when you park it. How many insurers would pay out if your unlocked car was stolen? So why do businesses have such a blind spot when it comes to managing cyber risks? Cybercriminals get inside first, then decide what kind of target you are. The biggest problem is one of perception. Most businesses either think they are not a target or assume their antivirus or firewall gives them more protection than it does. Cybercriminals rarely select their targets before launching an attack. In fact, the absolute reverse is true. Attacks are almost wholly automated, extremely sophisticated (often polymorphic or fileless, meaning they have no signature for standard antivirus to detect) and relentless. Automated attacks are little battering rams that don’t stop. Once on your network, criminals look around, get to know you and decide your worth. We have just seen this exact scenario with a business in the city. The hackers got in, then figured out who the business was and the ransom they were likely to pay.
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If a big bank is hacked, the ransom will be millions. A smaller business might be asked for £50,000. The point is the hackers will gain access then decide ransom amount, making everyone a target. Another popular misconception is that hackers are kids in hoodies, not to be taken too seriously. Google’s Threat Analysis Group (TAG) reported in October that it was tracking 270 government-sponsored threat actors
from more than 50 countries. These are governments helping hackers extort c r y pto c u r re n cy fro m weal thie r countries, creating an untraceable revenue stream.
TAKE CONTROL OF YOUR RISK MANAGEMENT
Now you have a clear view of cyber threats today, here are five tips to help you better manage your risks and reduce your vulnerability to attack.
