Cybercrimes have increased in frequency over the past few years, and it is estimated that over 80% are attributed to social engineering and phishing attacks. MGM was recently breached due to social engineering and resulted in financial loss. This cyber-attack highlights the potential loss that businesses can incur when their systems are breached.
How to Minimize Cybersecurity Risks
There is no fool-proof solution to eliminate cyber security risks. The best way to minimize cyber security threats would be to train end-users and bolster awareness of the various types of cyber security threats and attack vectors. All staff that have access to company data and cloud tools like email and team collaboration tools should undergo at least basic cyber security training courses like the Barracuda Phishline to help boost team awareness and security compliance.
What is Social Engineering?
Social engineering is a form of manipulation technique used by cybercriminals to lure individuals into providing confidential information, performing actions or access to protected information. Unlike traditional hacking methods that focus on exploiting technical vulnerabilities, social engineering targets human psychology to exploit trust, authority, fear or urgency.
The most common type of social engineering attack is Phishing. A phishing attack is a malicious attempt by cybersecurity criminals to deceive their targets into divulging sensitive information like login credentials, financial details, or personal information. Phishing attacks typically involve the use of deceptive emails, messages, or websites that appear to be from a trusted source. The main objective of a phishing attack is to deceive recipients into taking actions like clicking a link, opening an attachment or providing confidential information.
Minimizing the Risks of Social Engineering Attacks
The best way to minimize the risk of social engineering attacks involves a combination of awareness, education, and implementing security best practices.
- Employee Training and Awareness: Cybersecurity always starts with awareness. Conducting regular cybersecurity awareness training for employees to educate them about social engineering tactics, how to spot red flags, and best practices helps reduce the risk of a cyber security breach.
- Implementing Cyber Security Best Practices: Implementing best practices like multi-factor authentication and regular password updates helps provide an extra layer of security even if the login credentials are compromised.
- Regular Security Audits: Conducting regular security audits helps identify and address vulnerabilities in systems and processes.
- Email Security: Deploying advanced email filtering solutions to automatically detect and filter out phishing emails help reduce the risks of employees falling victim to social engineering attacks.
- Incident Response Plan: Develop and implement an incident response plan that outlines procedures for identifying, responding and recovering from security incidents and helps provide guidelines of steps to take in the event of a cyber attack.
Having a proactive stance in your company’s cybersecurity posture can significantly reduce the risk of cyber-attacks.
How Can 4IT Help Businesses
4IT helps businesses mitigate cyber risk by providing innovative IT security services and solutions that include specialized tools to secure every part of a business‘s IT infrastructure. 4IT’s dedicated IT security team can monitor your infrastructure with 4/7 coverage and incident response. Learn more about our cybersecurity solutions and contact us today.