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Before jumping into the article, let’s look at few of the pressures companies and corporations are facing, to understand where things start to crack.

–   Grow and perform at a pace that pleases investors or shareholders.
–   Innovate new products & services to satisfy the customers’ needs.
–   Keep their employees happy and train them to become better specialists.
–   Protect the business from cyber-attacks and other security incidents. 

To point out, companies everywhere are vulnerable irrespective of their sector, size and resources.

Internet-delivered attacks are now the main concern, even as companies still struggle with internal fraud. Have you ever wondered why all these companies with all the technology and infrastructure, merely let the hackers inside their network for stealing customer data and sensitive files!??This is because these corporate organizations lack the knowledge and awareness of Cybersecurity and data protection. Besides that, these organizations were also requiring the knowledge to understand the threat vectors on the internet and its risk factors.It is fundamental to have a strong plan to protect your organization from cyber-attacks.

 PwC Global Economic Crime Report says, Cybercrime climbs to 2nd most reported economic crime affecting 31% of organizations”

That’s why everyone who works for a company or helps run it should read this article.

We will be discussing ten critical cybersecurity risk for a corporate environment to help you create an action plan to strengthen your company’s defenses against aggressive cyber-attacks.

1. Failure to cover cybersecurity Basics

Most of the organizations fail to cover its infrastructure with a basic level of cybersecurity controls to prevent threat vectors and breaches. This lack of cybersecurity measures is giving a large space for the hackers to use less than a dozen vulnerabilities to hack into organizations and their systems, because they don’t need more.

The top 10 external vulnerabilities accounted for nearly 52 % of all identified external vulnerabilities Thousands of vulnerabilities account for the other 48 %

One should patch all the servers and workstations promptly, which would have otherwise accounted  for 78% of internal vulnerabilities which can be exploited by insider threats or various other attack methods like social engineering.

 

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2. Lack of Information Security Policy

Every organization must have an Information Security Policy on the list of corporate management policies.  An information security policy provides a complete overview of organization’s security posture and it gives a right amount of knowledge to the employees about the security of their devices.

As a part of information security policy, companies should

3. Bring Your Own Device Policy (BYOD)

Bring Your Own Device (BYOD) is an organization level policy which allows employees to bring their own devices like laptops, mobile phones etc., into the organization premises. BYOD policy was implemented with the aim of giving employees better conditions to work and flexibility.

Even though BYOD provides flexible working conditions, an employee’s device, for example, his mobile phone may become a threat vector. This may be due to factors like connecting an infected mobile phone or laptop to the company network, unsafe downloads, attackers serving phishing pages and malware through emails etc., The bright side is that awareness on the matter of BYOD policies is increasing.

4. Lack of Information security Training and awareness

In fact, 50% of companies believe security training for both new and current employees is a priority.  Training your employees to create awareness and proper knowledge on information security is one of the critical points to be considered while creating the HR policy of the organization. Security training for both current and new employees is a high priority for any organization. Lack of information security training may lead to data breaches and threats to the company either by social engineering attacks carried out on employees or other ways like spear phishing emails.

Phishing is the  number 1 vector of cyber attack this year. 43% of the financial services respondents  cite phishing attacks.
5. Lack of Recovery Plan

It is essential for any organization to have a backup recovery plan in their incident response policies so that they can be prepared to mitigate any cyber-attacks and data breaches without losing much of its data, money or reputation.Poor recovery plan or lack of recovery plan leads to some disastrous results during a data breach as incident response alone is not enough to block the attacks.

6. Lack of knowledge on Security Risk

Security Risk is the term used to refer to the impacts and consequences – A company must face once its data and network is breached by some group of hackers and threat vectors.Risk Assessment and Management are significant fields of information security which gives a right amount of knowledge on assessing and mitigating the risk of data loss and network breaches. Organizations should have a risk assessment and management teams in place to reduce the impacts of a hack.

7. Ageing Infrastructure

A sturdy and secure infrastructure is also a necessary component of information security. It’s not always about securing and hardening the hardware and software of the organization; it is essential to have a secure infrastructure to meet the requirements of cybersecurity compliance.

8. Lack of accountability

Lack of accountability on company’s employees is another major reason for company’s exposure to cyber threats and data breach. Being able to trust your employees and colleagues is vital in moments when the pressure is high, and the stakes are even higher. You need to have designated people in your company who can make the right decisions when the time comes. This accountability ensures a better security posture to the company.

9. Constantly Evolving Risk and Threats

The advancements in Information technology has provided a lot of uses for the end consumers and people who work on IT related infrastructure. But the fact every company fails to understand is that with the advancement of technology, the threat vectors and the vulnerabilities associated with the technology also evolves. More the user-friendly , more the application will be vulnerable to threats.

10. Corporate Inflexibility

When the organisation is significant (with a lot of employees and sectors), it will move slowly and takes a long time to resolve every request and process every procedure. This is called inflexibility. The problem with this  Inflexibility in a corporate environment is that when a data or network breach occurs, it takes more time to assess the vulnerability, contain and mitigate the risk.

This is because to mitigate the risk and resolve the vulnerability by patching the servers and network, a low-level security engineer or analyst needs to get approval from his top-level managers, where the manager needs to get approval from his high-level chief information security officer and management.

Conclusion:

The above-explained points are top 10 critical cybersecurity risks that every corporate infrastructure is facing in today’s modern world. We, in Novature Tech, are continually helping the corporate organizations to resolve this risk by giving them a constant information security services and support like Vulnerability Management, Penetration Testing etc.,

References

https://heimdalsecurity.com/blog/10-critical-corporate-cyber-security-risks-a-data-driven-list/

https://www.briskinfosec.com/blogs/blogsdetail/Critical-Corporate-Cyber-Security-Risks-A–Data-Driven-List


Author: Arul Selvar   | Posted On: 11th December 2018   | Category: Article

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