When surveyed, business leaders will acknowledge the severity of the cyber threat. But about which specific cyber issues are they likely to be the most concerned?
Read on to learn about the three most common cyber issues and how to prepare for them.
What are cyber security risks?
Indeed, industry surveys usually capture persistently high levels of cyber security risk.
But what are cyber security risks individually?
According to international standard ISO 73, cyber security risks relate to the loss of confidentiality, integrity, or availability of information, data, or information (or control) systems, and reflect the potential adverse impacts to organizational operations and assets, individuals, other organizations, and the nation at large.
Types of cyber issues
Given the stakes, mitigating cyber security risk has become critical to maintaining organizational resilience.
However, companies must address specific cyber issues not just general cyber risk.
The specific types of cyber issues with which they are likely to have to deal will, of course, depend on organizational and industry risk factors.
Nevertheless, there are certain types of cyber issues that are more commonplace than others. The three most prolific types of cyber issues include:
1. Malware
Malware, short for malicious software, refers to any intrusive software developed by cybercriminals to steal data and damage or destroy computers and computer systems.
The most prominent examples of malware are viruses, worms, Trojan viruses, spyware, adware, and ransomware.
Ransomware attacks, in particular, have become exceedingly common. These are an ever-evolving form of malware designed to encrypt files on a device, rendering any files and the systems that rely on them unusable.
Malicious actors then turn around and demand ransoms, typically of large enterprises, in exchange for decryption.
2. Phishing attacks
Phishing attacks, according to the National Cyber Security Centre in the U.K., are when attackers attempt to trick users into doing “the wrong thing.”
Phishing attacks can be perpetrated by different means, including via text message, social media, or by phone. However, “phishing” is mainly used to describe attacks by email.
These phishing emails can reach millions of users directly. They tend to be effective, hiding, as they do, among the huge numbers of benign emails that users receive. Within these emails, attackers can install malware (such as ransomware), sabotage systems, or steal intellectual property and money.
3. Data breaches
Data breaches are security incidents in which unauthorized parties gain access to sensitive data or confidential information. They are perhaps the most common type of cyber security issue.
Common-sense measures to reduce cyber security risk
You’ve likely heard of all three types of cyber issues. But how then to build a coherent strategy to reduce cyber security risk?
Again, individual risk factors will largely influence the strategy you develop.
According to industry consensus, though, that strategy should include the following five common-sense measures to reduce cyber security risk:
Train employees on security
According to Stanford, nearly 90% of data breaches stem from employee errors. However, regular, concise training sessions can boost security awareness and minimize user risk.
Update software regularly
Regular software updates are essential for reducing cybersecurity risks. Companies must ensure employees frequently update software on the corporate network.
Strengthen access controls
Best practices for access control safeguard assets and sensitive data. This includes managing access to both physical and digital resources within the organization.
Encrypt sensitive data
Encryption uses a code to conceal data, and decryption is required to access it. This keeps data secure, allowing only those with the code to use it.
Plan for incident response
Create an incident response plan (IRP) for cyber incidents. Flexible, configurable security management software can help manage information, operations, and communications, offering a real-time view of the situation.
Finally, with the acute rise in cyber security risk, cyber resilience has never been more important. And so, properly addressing risk, through targeted interventions against common types of cyber issues, requires teams to get serious about cyber resilience more broadly.
What is cyber resilience, though? Download our guide, An Introduction to Cyber Resilience, to find out.
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