No matter the size of your company, or the amount of dollars you’ve invested for your cyber security measures, your data may still be susceptible to a cyberattack. This was alarmingly evident in September 2023, when MGM Resorts faced a colossal cyberattack that forced the company to halt its operations for days—primarily at its Las Vegas resort. The result? Disgruntled customers and profit loss. According to this article by Reuters, Scattered Spider—a hacking group—used social engineering to lure users into giving up their login credentials or one-time-password (OTP) codes to bypass multi-factor authentication. The event proved that even multi-million-dollar corporations can have their data compromised in today’s digital age. It also emphasized the importance of reinforced cybersecurity measures. So, then, what measures should be taken to protect all businesses—small and large—from cybersecurity attacks? Let’s explore how companies can be more vigilant and prepared for potential attacks:
A main takeaway from the MGM cyber-attack is that relying on a single security measure is not enough to protect against deft cyber criminals. Businesses must adopt a broad approach to cybersecurity threats by implementing multiple layers of protection. These include, but are not limited to: network security, antivirus software, firewalls, data encryption, and training for employees on phishing tactics.
Conducting regular vulnerability assessments and scans of your network, applications, and systems, can help your business promptly identify and prioritize vulnerabilities based on severity. This may involve patching software, updating configurations, or making system changes to mitigate risks.
Routine security audits and system updates are necessary to ensuring that a company’s defense mechanisms are current and capable of avoiding modern threats.
Businesses should have a clear protocol established to respond both efficiently and effectively in case of a security breach. This includes communication plans to keep stakeholders well informed and reduce damage.
One of the biggest culprits that leave companies at the mercy of cyberattacks, can be attributed to human error. Bad actors may send a company’s employees a luring phishing email (they are so convincing!) or use predictable passwords, to gain access to their systems. Bad actors often have success entering systems by impersonating employees and accessing other security checkpoints with ease. Regular cybersecurity training and awareness programs can help employees recognize and respond to potential threats effectively.
Having a dedicated cybersecurity team at work is of paramount importance for several reasons:
In today’s digital age, where cyber threats are ever-present and increasingly sophisticated, a cybersecurity team is not a luxury but a necessity for any organization. By proactively addressing security risks, ensuring regulatory compliance, and responding effectively to incidents, a cybersecurity team plays a vital role in protecting an organization’s assets and reputation.
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