Cyber Attacks Escalating: Act Now

2018 Risk Management Trends

Aug 7, 2018

In an earlier post, you will find ways in which businesses can help protect and block cyber-attacks. As our country remains under siege, threats reach a new level of sophistication.  Recent security and risk management trends suggest that corporate leaders take immediate proactive measures to prevent cyber hazards. 

No Exemptions

Not just larger entities are subject to dangers; medium and small businesses are not exempt from incidents. In fact, Small Business Trends notes that in 2016, "43 percent of cyber-attacks target small business."

What's more, attacks affect all segments of the marketplace - events (The Boston Marathon), travel (911), IT (Hillary's emails), and more.

 CNN's reports that two-thirds of global respondents show concern for their safety when traveling abroad for business and pleasure, more so than cost.  

Risk Management & Assessment

Foreign Terrorist Organizations (FTOs) continue to target lesser known and high-profile U.S. businesses. Besides foreign attackers, domestic terrorists pose ongoing dangers.

Proactive Measures Underway

In response to current and future attacks, U.S. companies are becoming more diligent about their company's security, and are implementing the following protocols – recommended by the U.S. government, including: 

1.    Proactive preparedness for emergency situations

2.   Practical planning to thwart potential threats

3.   Assessing impending behavioral threats within organizations

4.   Hiring outside agencies to collect information and intelligence to spot potential   risks 

5.   Implementing programs to heighten employee awareness through training

6.   Opening lines of communication with federal, state, and local homeland security agencies

Smaller Business Precautionary Steps

Other concerns relate to the inability for small businesses to fight against cyber threats, vulnerabilities, and assaults. In fact, Inc. reports that 60 percent of small businesses fold within six months of a cyber-attack. 

In response, many small businesses are implementing a variety of measures.      

  •  Awareness training for contractors and employees:
  • How to spot malicious emails     
  • Policies and procedures

2.   Technology-based solutions:

  • Automation
  • Aggressive SPAM filtering
  • Stringent oversight of Internet privileges
  • Cast-iron strength network anti-virus protection

2018 New Cybersecurity Legislation 

“To date, 36 states, D.C. and Puerto Rico have introduced 265 bills to address cybersecurity, and 31 bills have been enacted.” Pending and new bills speak to many areas of the private business sector in various industries, and individuals.

According to the National Conference of State Legislatures, "States are addressing cybersecurity through various initiatives, such as providing more funding for improved security measures, requiring government agencies or businesses to implement specific types of security practices, increasing penalties for computer crimes, [and] addressing threats to critical infrastructure and more."

In conclusion, cyber-security threats continue to grow exponentially, and span across all areas, sizes, and industries of business. Private individuals are not exempt from these vulnerabilities. Criminals and terrorists are becoming more adept, and attacks more severe. This plight is grave, and companies need to take a proactive approach to avoid damaging consequences. 

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