Cybersecurity: what you don't know can kill your business.

The bad guys are out there, and they are after your data. Getting bolder and more sophisticated, hackers can find the smallest hole into your organization. Prioritizing cybersecurity is not just good business sense; it’s a vital necessity to shield sensitive financial information and ensure the sustained success of your business.

In this blog post, we'll delve into the latest cybersecurity threats, explore best practices for securing financial data, and underscore the pivotal role of cybersecurity policies and training.

The Ever-Adapting Threat Landscape: A Perpetual Challenge

Cybersecurity threats persistently evolve, growing more sophisticated and persistent. From ransomware attacks disrupting critical infrastructure to social engineering tactics preying on human vulnerabilities, businesses confront diverse dangers in the digital realm. A notable trend is the upswing in supply chain attacks, wherein cybercriminals target third-party vendors to infiltrate an organization's systems. The SolarWinds breach in 2020 serves as a striking example, illustrating how attackers exploited the software supply chain, compromising numerous high-profile organizations.

Best Practices for Fortifying Financial Information

Of all of the information in your organization, protecting your customer and employee financial and personal information is the most critical. Government privacy rules and the penalties for breaking them continue to get more onerous. Just ask Morgan Stanley.

In January 2022, investment bank and financial services giant Morgan Stanley agreed to pay $60 million to settle a legal claim relating to its data security to resolve a class-action lawsuit that was that filed against the company in July 2020 regarding two security breaches that compromised the personal data of approximately 15 million customers.

Here are two key preventative steps to take today:

Implement Multi-Factor Authentication (MFA): Bolstering Your Defenses

In a world witnessing an upsurge in password-related breaches, relying solely on passwords is no longer sufficient. Enter Multi-Factor Authentication (MFA) - an extra layer of security requiring users to verify their identity through multiple means, such as a password and a unique code sent to their mobile device. This dynamic duo significantly diminishes the risk of unauthorized access.

In 2021, a sizable financial institution thwarted a cyberattack when an employee's login credentials were compromised. MFA played the hero, preventing unauthorized access and showcasing the effectiveness of this critical security measure.

Regularly Update and Patch Systems: Stay One Step Ahead

Cybercriminals exploit vulnerabilities in outdated software, making regular updates and patches essential to closing security gaps. Timely maintenance is not merely a task; it's a strategic defense against unauthorized access and data compromise.

The WannaCry ransomware attack in 2017 capitalized on vulnerabilities in outdated versions of Microsoft Windows. Organizations neglecting necessary patches fell victim to this widespread attack, underscoring the critical importance of timely updates.

Encrypt Sensitive Data: Adding an Unbreakable Layer

Encrypting sensitive financial information isn't just a precaution; it's a strategic move to render stolen data unreadable and unusable. Even in the event of a breach, encryption ensures the compromised data remains impervious to unauthorized exploitation.

In 2019, a major healthcare provider experienced a data breach, but the encrypted sensitive patient information rendered the stolen data useless to the attackers. Encryption emerged as the unsung hero in safeguarding valuable information.

The Crucial Role of Cybersecurity Policies and Training

Despite advanced technologies, human error remains a significant factor in cybersecurity breaches as we detailed in our (blog link to come). Establishing clear cybersecurity policies and providing comprehensive training for employees are pivotal components of a resilient cybersecurity strategy.

Develop and Enforce Strong Password Policies: Empowering Your Human Firewall

Encourage the use of complex passwords and enforce regular password updates.. Educating employees about the risks of weak passwords becomes an investment in the organization's human firewall, enhancing overall cybersecurity.

In 2022, a financial institution fortified its defenses against social engineering attacks by prioritizing cybersecurity training. Employees, armed with knowledge about the significance of robust passwords, became vigilant gatekeepers, reducing the success rate of such attacks.

Conduct Regular Phishing Awareness Training: Arming Against Deceptive Tactics

Phishing attacks remain prevalent, making regular awareness training a critical defense against deceptive emails and social engineering tactics. Empowering employees to recognize and avoid such threats protects your precious data assets.  

A manufacturing company's proactive approach in educating employees about phishing threats paid dividends in 2022. Swift reporting of suspicious emails neutralized potential threats before they could materialize.  

Establish Incident Response Plans: Turning Crisis into Strategy

No defense is foolproof, so creating a well-defined incident response plan is indispensable. Strategic preparedness ensures a swift and coordinated response to minimize the impact of a cybersecurity incident, turning an unforeseen crisis into a strategic advantage.

At 42 we work with you to develop general and role-playing training relevant to each employee. We also perform simulated attacks that put what your workforce has learned to the test. We also provide reinforcement materials like newsletters, posters, and digital images.

The ever-evolving cybersecurity landscape demands vigilance and proactive measures. Implementing robust security measures, embracing best practices, and learning from real-world examples are key steps to fortify defenses and mitigate risks. Stay informed. Stay secure.