Protecting Your Business Against Emerging Cybersecurity Threats

As cybersecurity threats evolve and data breaches hit national headlines, businesses become increasingly vulnerable to online attacks. From ransomware and business email compromise (BEC) to unsecured Internet of Things (IoT) devices, defending against these cybersecurity risks is critical for protecting business operations and securing sensitive data.

GNCU’s Vice President of Information Security, Stephen Root, and Information Security Analyst, Kira Luin, recently discussed strategies businesses can proactively adopt and deploy to defend against ongoing cyber threats. Below are their key takeaways—supported by the latest data—and actionable steps you can take to help your business safeguard its digital assets in today’s cybersecurity landscape.

1. Ransomware: Stop It Before It Spreads

The threat: Ransomware attacks are a leading concern for businesses. These attacks typically start with phishing or compromised passwords, allowing hackers to access an internal network, move laterally within it, and eventually encrypt files and applications. The result is often a ransom demand, leaving the impacted files locked by hackers until the organization pays to decrypt the affected data.

The facts: Ransomware attempts surged significantly in 2023, especially targeting industries reliant on digital systems.

Steps to Mitigate Ransomware:

Employee Awareness: Security training is essential to prevent phishing; train your team to recognize phishing emails and avoid dangerous clicks.
Multi-Factor Authentication (MFA): Enforce MFA and strong passwords for all systems to mitigate unauthorized access.
Network Security: Set up firewalls and monitor system logs to detect unusual activity.
Backup Systems: Keep air-gapped backups to prevent the loss of crucial data and set your business up for fast recovery options without paying cyber ransoms.

2. Business Email Compromise: Defend Against Deceptive Emails

The threat: Business Email Compromise remains one of the costliest cyber threats for businesses. In BEC attacks, cybercriminals often pose as company executives or trusted contacts to trick employees into transferring funds or sharing sensitive information.

The facts: Global phishing attacks grew by 58.2% last year, with finance and insurance sectors amongst the hardest-hit industries.

Strategies to Combat BEC:

Enhanced Email Security: Implement domain protections such as SPF, DKIM, and DMARC to prevent spoofed emails.
Training and Awareness: Educate employees on identifying phishing tactics, including impersonations, to reduce incidents.
Monitoring for Anomalies: Set alerts for changes to email forwarding rules (a common sign of unauthorized access) and monitor logs for other suspicious activities.

3. IoT Security: Minimize Your Vulnerabilities

The threat: The growing adoption of IoT devices introduces new vulnerabilities for many businesses. These devices often have insecure default settings and limited encryption, making them easy targets for cyber hackers.

The data: IoT devices are increasingly targeted as businesses adopt AI, which expands their digital footprint and can inadvertently expose vulnerabilities, specifically when targeted in phishing attacks.

Best Practices for IoT Security:

Secure Device Configurations: Change default passwords and disable unnecessary features.
Segment Networks: Isolate IoT devices from core business systems.
Prioritize Encrypted Products: Use IoT devices with built-in encryption and regularly update device software to avoid outdated vulnerabilities.

4. QR Phishing: Think Before You Scan

The threat: QR codes have become popular for quick and easy website access, but attackers have exploited this by creating malicious QR codes that direct users to phishing sites.

The trend: Experts note a growing trend in QR-based phishing scams, as attackers use QR images in emails or websites to bypass security filters.

Mitigation Tips for QR Phishing:

Verify QR Code Sources: Only scan QR codes from trusted sources.
Double-check URLs: Confirm that the URL matches the intended site before navigating.
Use a Secure QR Scanner: Mobile apps like Trend Micro QR Scanner provide additional safety by screening QR codes for potential threats.

5. Incident Response Plan: Be Ready to Act

The threat: Preparing for cybersecurity incidents can be the difference between a quick recovery and prolonged downtime. Fast, well-coordinated action during a cyberattack can save your business time, money, and its reputation. A strong and clear incident response plan (IRP) helps ensure your team knows what to do when an attack inevitably occurs.

The advice: Experts suggest that businesses regularly simulate phishing attacks to identify vulnerabilities, test their responses, and improve their IRP as real-world attacks become increasingly sophisticated.

Elements of an Effective IRP:

Preparation and Training: Ensure roles are defined and response teams are well-trained.
System Monitoring and Detection: Regularly review and analyze logs to spot issues early.
Containment and Recovery: Outline clear steps to isolate affected systems and recover data.
Clear Communication Protocols: Establish internal and external channels for quick updates and added transparency.
Post-Incident Analysis: Conduct a review to learn from each incident and improve your response strategy.

Cybersecurity Is an Ongoing Process

Building a secure business environment in today’s rapidly developing digital landscape is an ongoing commitment. Cybersecurity requires constant vigilance and regular updates. By implementing these measures, businesses can build a strong foundation for online security and protect themselves against emerging cyber threats.

At Greater Nevada Credit Union, empowering our employees and members with tips to stay safe and vigilant against these ever-evolving threats remains one of our top strategies for securing our assets and operations. The more you know, the better prepared you’ll be to protect yourself and your business from lingering cyber attacks.