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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.
What to Do After a Data Breach: 10 Steps to Protect Yourself and Your Credit
Why it matters: A data breach isn’t just about losing control of your information; it’s about staying ahead of potential identity theft, financial fraud, and emotional stress. Familiarizing yourself with helpful tools and safeguarding your credit before a breach is the best defense, but if you’ve already been impacted, taking these actions quickly can help protect you from further damage.
How to Protect Yourself After a Data Breach:
- Monitor financial statements and credit reports regularly for suspicious activity.
- Change passwords on any compromised accounts and enable multi-factor authentication where possible.
- Freeze your credit with major credit bureaus to prevent fraudulent accounts from being opened in your name.
- Explore identity theft protection services if needed, especially if sensitive personal information like SSNs have been exposed.
- Be cautious of phishing attempts that may follow a breach and verify communication sources before providing further information.
The scoop: Data breaches have become an all-too-common part of modern life. In 2023 alone, U.S. data breaches hit record highs, affecting over 422 million individuals, according to the Identity Theft Resource Center. Globally, cyberattacks and breaches are on the rise, with average costs reaching a staggering $4.45 million globally in 2023, a 15% increase from 2020 to 2023.
For credit union members, the security of your personal and financial information is a top priority, especially as we embrace the convenience and benefits of digital banking. While the digital age offers unprecedented access and control over your finances, it’s essential to stay informed and take proactive steps to protect yourself. Understanding possible risks and taking immediate steps to protect yourself after a breach is crucial to safeguarding your financial well-being.
Concerned your personal data has been compromised and wondering what happens now? A data breach can feel overwhelming but knowing what to do next is critical to protecting yourself and minimizing damage. Here’s a step-by-step guide to take control and stay ahead of potential threats:
1. Check if your information was leaked
First, confirm if your data was involved in the breach. Tools like Have I Been Pwned can help you see if your email or personal info has been compromised. Many companies will notify affected individuals after experiencing a breach, but it’s smart to be proactive in checking these lists periodically.
2. Freeze your credit
Cybercriminals often use stolen personal information to open new credit accounts in your name. Help prevent this by freezing your credit with major bureaus like Equifax, TransUnion, and Experian. It’s free and won’t impact your current credit score (but remember to unfreeze when applying for a new credit card or loan!).
3. Change your passwords
One of the fastest ways to secure your accounts is by updating your passwords. Start with affected accounts and use strong, unique passwords for each system. Consider using a secure password manager to easily use and keep track of your updated unique login credentials.
4. Enable two-factor authentication
Add an extra layer of protection by enabling two-factor authentication (2FA) wherever possible, especially on banking and email accounts. Doing so ensures that even if someone does gain access to your password data, they need an additional verification code to log into your multi-factor authentication-enabled systems.
5. Monitor your financial accounts
Keep a close eye on your bank and credit card statements, especially if you’re notified of your data being subject to a financial institution breach elsewhere. Fraudulent transactions—visible to you as unrecognized charges—are often the first sign of data misuse. Report any suspicious communication or banking activity to your financial institution(s) immediately.
6. Set up credit monitoring
Speaking of looking after your financial accounts, you may be wondering what the best credit monitoring services are. Reputable credit monitoring services like Experian, Credit Karma, and Identity Guard will alert you if there are unusual changes to your credit report, like a new loan or credit inquiry. GNCU members have access to comprehensive credit solutions like My Credit Health to help you stay current with your credit.
7. Watch out for phishing scams
After a data breach, scammers might target you with convincing phishing emails or texts. Learning how to spot phishing scams and attempts before interacting with nefarious links or attachments is critical for consumer safety. Pro tip: Avoid clicking links or downloading attachments from unknown sources, and always verify email addresses or phone numbers, even if the sent message appears legitimate.
8. File an identity theft report if needed
If you notice fraudulent activity, file a report with the Federal Trade Commission (FTC) through IdentityTheft.gov. This gives you documentation to help resolve disputes with creditors and protect your rights as a consumer.
9. Secure your online accounts
If a hacker gained access to your email or social media accounts, you’ll want to learn how to recover your hacked accounts. Look for “recover hacked accounts” guides on the platforms you use and follow their platform-specific recovery steps to regain control.
10. Safeguard your Social Security number
One of the most alarming thoughts after a data breach is often: “Is my Social Security number safe?” If your Social Security number was exposed or compromised in a data breach, place a fraud alert on your credit report or consider a credit freeze. These steps prevent identity thieves from taking out loans or opening accounts in your name. For extra security, explore these third-party identity theft protection services.
Remember: You can’t always prevent a data breach from happening, but you can control your response. These tips can help you stay vigilant, keep your information secure, and act fast if you notice anything out of the ordinary. The sooner you safeguard your sensitive information, the better you can protect yourself, your data, and your financial health from future damages.