Cyber attacks are becoming more common every passing day. Hackers and cybercriminals access digital networks and systems through weak spots, exploiting valuable enterprise of individual data.
Furthermore, as technology advances, cybercriminals are also using more intricate and sophisticated methods to infiltrate systems. These attacks target different types of victims, ranging from individuals to small businesses, large enterprises, organizations, and sometimes, even whole governments.
Still, most of the time, simple users and firms are the main targets. Hackers exploit their data, passwords, payment details, and intellectual resources
So, how can businesses fend for themselves? With the help of Cybersixgill!
The only problem is that companies oftentimes overlook the value of cybersecurity, or have critical misconceptions about its processes.
As such, this article will focus on helping companies overcome these misconceptions and give them a better idea of how they can leverage every aspect of cyber threat intelligence.
What is the most common cybersecurity threat?
Before jumping into it, we should talk a few words about the most common threats in the digital real,
- Ransomware: A malware type that refuses legitimate users to access their system, requiring them to pay for regaining access.
- Malware: A code or software that will harm the networks, server, or computer.
- MaaS or Malware as a Service: With these, hackers conduct attacks in the name of a third party.
- Phishing: This method uses social media, phones, email, and similar tech to gather info like account numbers and passwords.
- XSS or Cross-Site Scripting: A code injection attack into a website, where the malware code implements an infected script in the browser extracting sensitive information or enabling the hacker to impersonate the user digitally.
- DoS and DDoS: These attacks can flood networks with false requests, disrupting business operations.
- SQL Injection: Like XSS attacks, hackers exploit vulnerabilities in the system and inject harmful SQL statements into data-driven apps, thus enabling info extraction.
- MITM Attack: A malicious actor listens in on a conversation between a web app and a network user, extracting personal info, passwords, account numbers, and more.
- DNS Tunneling: By bypassing security measures through DNS queries, hackers can use command-and-control activities.
- Cryptojacking: Using an individual’s or enterprise’s computing resources and power for the purpose of unauthorized cryptocurrency mining.
- Password Attacks: A hacker attacks with the intent of stealing user passwords.
What are cyber risks?
Simply put, cyber risks are the damages that may result from attacks. They can mean damage to the organization’s inner system, network, and even reputation. Not to mention, it can also result in enormous financial losses.
Furthermore, in the case of eCommerce websites, a huge data breach can extract valuable customer account information, causing headaches to otherwise valuable customers who will most likely lose their trust in the company as a result and may even potentially take legal action.
As such, understanding the basics of cyber threat intelligence can help enterprises better prepare for lingering and possible threats. That being said, we should clear the most common misconceptions and misunderstandings when it comes to cyber threat intelligence.
1. Misunderstanding: Intelligence feeds will do little to improve security
Cyberattacks are evolving at breathtaking speeds that only collective threat intelligence with real-time sharing can improve cybersecurity levels. Enterprises don’t have the convenience anymore to wait for daily updates. Instead, they need to be more or less immediate.
2. Misunderstanding: Most businesses don’t have trained staff to use these tools
Cybersecurity has managed to advance at a breathtaking pace, becoming more complicated. This means that teams have to monitor several data points, which can drain resources and might even distract them from focusing on the largest threats.
In reality, threat intelligence’s most important aspect is sharing the right info to identify and mitigate large threats rapidly. Simply put, experts know how to use intelligence software, they might just need to refocus their priorities.
3. Misunderstanding: Enterprises shouldn’t care about attack details as long as they are protected
Looking at every detail is the only way organizations can improve their defenses in the long run. Breaches are prone to happen, and being able to respond quickly by knowing what happened during previous events can save precious time and resources for the company.
4. Threat Intelligence Vendors don’t share their data
While it’s true that their knowledge is their most valuable asset, vendors share some information for the betterment of the digital community. Lately, they have become more willing to share data with their clients and also started anonymizing and mediating their information.
5. Threat Intelligence is only an occasional protection method and a costly info resource
The sad truth is that threat intelligence constantly evolves as a response to the continuously changing nature of cyberattacks. In time, data will be more accessible for everyone as well as making more sense of it.
Who is most at risk for cybercrime?
As the COVID19 pandemic managed to change the way most of us consume data online and the way we handle our finances, unfortunately, nearly everyone and every business are at risk of cybercrime.
With the surge of online purchases, eCommerce firms and other companies that use mobile and online payments are at risk. Furthermore, every platform which stores valuable customer information, banking accounts, card numbers are at higher risk.
Speaking from a demographic perspective, experts state that the younger and older generations are equally at risk of cyberattacks. Namely, younger generations, even though more tech-savvy, are more relaxed when it comes to sharing sensitive information. The older generations, on the other hand, oftentimes lack the knowledge of properly navigating through online processes, often exposing themself to lingering digital threats.
What is a cyber risk strategy?
If organizations want to keep their data and information safe, they need to implement a comprehensive cyber risk strategy and be prepared for attacks. A Company can plan a strategy in five simple steps:
- Taking stock of the valuable assets: These can be systems, data, computers, or networks. Knowing which of these assets hackers might want to exploit can help devise a better defense plan.
- Identifying all the risks: What are the risks that can possibly affect your assets? Also take a look at past attacks that might have happened, and also look at present potential threats.
- Plan for cyberattacks: When somebody clicks on ransomware in your company, you don’t want to make a decision on the fly. Having a response plan in place can help you save precious time and money.
- Take a look at your controls: Make sure that the controls you have in place can effectively cover every current risk.
- Spread the word: Take the time and educate your staff on the importance of cyber security.
As mentioned already, cyberattacks are constantly changing, and organizations need to be on the top of their game to identify potential problems in or ahead of time. Implementing innovative threat intelligence solutions can always help businesses remain safe from hackers, and taking advantage of professional help can help businesses always be prepared for a threat.