#cyber security risk

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How to Mitigate Cyber Security Risk from Data Breaches?

Cybersecurity breaches have been increasing, and by 2023, it is predicted to reach 15.4 million. Although modern technology has made it simple for businesses to update their security procedures, sophisticated technologies are increasingly being used by hostile hackers. This indicates that businesses must adopt proactive measures in addition to stringent cybersecurity regulations to lower cybersecurity risks.

A strong cybersecurity risk management strategy is essential to assisting organizations in lowering their exposure to cyber threats. Business leaders must continually update, refine and test their cybersecurity defense strategies to combat risks such as ransomware and business email compromise (BEC).

Organizations cannot afford to rely on chance to protect their data. The financial impact might be enormous, leading to lost revenue, operational disruption, and consumer data theft. Additionally, data breaches harm your reputation, which could sometimes force you out of business. How then can you lower cybersecurity risk for your firm given everything that is at stake?

What is risk mitigation in cybersecurity?

An organization uses risk mitigation as a technique to prepare for and decrease the impact of potential hazards. Similar to risk reduction, risk mitigation entails taking steps to decrease the negative effects of risks and disasters on business continuity (BC). Cyberattacks, weather-related disasters, and other potential sources of real or imagined damage are examples of threats that could endanger a business. One aspect of risk management is risk mitigation, and each organization will apply it differently.

How to mitigate cyber security risk from data breaches?

Here are some strategies to mitigate cyber security risks from data breaches.

1. Create backups and encrypt your data

Ensure that every piece of sensitive data is encrypted. Normal-text file formats just make it simple for hackers to access your data. Data encryption, on the other hand, limits access to data to those who have the encryption key. Additionally, it makes sure that even if unauthorized individuals access the data, they are unable to read it. Some data encryption tools even alert you when someone tries to change or tamper with the data.

Additionally, you need to regularly back up your important information. Data loss can occur occasionally as a result of cybersecurity breaches.  If this happens and you don’t have a trustworthy and secure backup, it could lead to operational disruptions and a significant loss for your company. The 3-2-1 rule is one of the best data backup techniques. You should store at least three copies of your data using this technique. 2 of them ought to be kept on different media, and one ought to be kept in an offsite location.

Read: Top Cyber Security Problems and Solutions Every Business Should Know

2. Organize Regular Employee Training

Phishing emails sent to your employees are one of the typical methods malicious hackers get access to your database. According to statistics, about 3.4 billion phishing emails are actually sent each year worldwide. The link in these emails is actually a harmful virus that allows hackers to access user information, including login credentials.

The fact that phishing emails appear real makes them difficult to spot. For instance, a hacker may send an email posing as an organization head and requesting personal information. The employee can end up disclosing this information if they weren’t given the required training. Because of this, it’s very important to conduct cybersecurity awareness training. Inform your employees of the main forms of cybersecurity attacks and the effective defenses against them.

Double-checking email addresses before responding to them and links before clicking on them should also be emphasized. The company policy should be highlighter about sharing sensitive information, including on social media, should also be highlighted.

3. Keep Your Systems and Software Updated

Your cyber security and digital safety are significantly impacted by software and system updates. This is because they don’t just bring new features; they also fix bugs and help in patching exploitable security flaws and vulnerabilities.

Malicious hackers create code that they employ to take advantage of the flaws. The majority of the time, this code comes bundled as malware that can harm your entire system. Therefore, to automatically handle all updates and maintain information security, use a patch management system.

4. Use Strong Passwords

An interesting statistic is that weak passwords are to blame for almost 80% of organizational data breaches. Hackers don’t need much to get access to your systems. They simply need a tiny gap, and they’ll take full advantage of it.

Because password-cracking technology has advanced, simple passwords are no longer sufficient. To deter hacking in your organization, you should instead implement multi-factor authentication techniques and employ complicated passwords. Additionally, you should discourage password sharing among staff members so that the rest of the desktops are safe, even if one is hacked.

When it comes to passwords, some of the security risk mitigation strategies you should include;

There should be at least 8 characters in every password.

They ought to be made of alphanumeric characters.

They shouldn’t include any private data.

They ought to be original and never before utilized.

Ideally, they shouldn’t contain any words that are spelled correctly.

Keep in mind to store your password securely and in an encrypted manner.

5. Install Firewalls

Hackers constantly develop new techniques for gaining access to data, and cyber security threats are evolving. Installing firewalls will protect your networks from cyber attacks. A trustworthy system will successfully defend you from brute attacks or stop security mishaps from causing irreparable harm.

Additionally, firewalls keep an eye on network traffic to spot any unusual activity that can jeopardise the security of your data. They also support data privacy and stop sophisticated spyware from accessing your computers.

When selecting the right firewall for your business, exercise extreme caution. Choose a system that enables complete security control and network and application visibility. It should be equipped with efficient security infrastructure, as well as protection and prevention capabilities.

Also Read: How a Mobile App can Transform your Business Digitally in 2023

Conclusion

To sum up, the above points, let’s delve a little more into how can small businesses mitigate the risk of costly cybersecurity breaches. Many individuals appear to believe that only extremely large organizations, such as banks or enormous IT companies, actually need cybersecurity (or can afford). Cyber-attacks, nevertheless, affect small firms as well. In fact, two-thirds of all cyber-attacks are focused at small businesses”, according to a cited data.  Even worse, the figure only takes those attacks that get reported- it cannot account for attacks that go undiscovered or unreported. 

It is true that if you want all of the most cutting-edge and expensive proprietary security technology and solutions, going all-out with your cybersecurity can be prohibitively expensive. However, protecting your business from an attack doesn’t have to be prohibitively expensive.

There shouldn’t be any new point that to be added to explain to mitigate cybersecurity risks, the above points are quite enough and explains above how can you keep your company’s network and systems safe and mitigate cybersecurity risks without breaking the bank.

Safeguard Your Organization From Cybersecurity Risks Today Statistics of data breaches increase with each passing year.  Proactive action is the greatest approach to ensure that your organization is secure. This comprises;

Data backups and encrypting sensitive information.

Updating all software and security systems.

Conducting regular cybersecurity training for employees.

Using strong and challenging passwords,

Setting up firewalls.

Cutting back on your attack surfaces

Evaluating your vendors

Putting in place a killswitch.

establishing sound rules and methods for managing cyber risk.

Protecting your physical premises.

You are not required to be included in the statistics. By protecting your sensitive data, Sjain Ventures can assist in lowering your cyber risk. Visit our website today Sjain Ventures to scale up your cybersecurity defenses.

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The Hive App turning out to be the Fyer Fest of social media 💀

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Digital transformation has brought many benefits, but it also comes with cybersecurity risks.

Learn about the essential cybersecurity elements that can help you navigate digital transformation safely and protect your business from cyber threats.

Check out our latest article now!

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Optimizing Financial Portfolio Management with Big Data Analytics

Portfolio management requires accurate insights to make informed investment decisions. EIIRTREND Company uses big data analytics to help financial institutions analyze market trends, evaluate investment risks, and optimize portfolio performance. By leveraging large datasets, EIIRTREND enables banks and investment firms to offer more personalized and effective portfolio management services. This blog explores how big data is enhancing portfolio management in the financial sector.

https://eiirtrend.com/industries/industry.php?sector=BFSI

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Anthropic urges AI regulation to avoid catastrophes

New Post has been published on https://thedigitalinsider.com/anthropic-urges-ai-regulation-to-avoid-catastrophes/

Anthropic urges AI regulation to avoid catastrophes

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Anthropic has flagged the potential risks of AI systems and calls for well-structured regulation to avoid potential catastrophes. The organisation argues that targeted regulation is essential to harness AI’s benefits while mitigating its dangers.

As AI systems evolve in capabilities such as mathematics, reasoning, and coding, their potential misuse in areas like cybersecurity or even biological and chemical disciplines significantly increases.

Anthropic warns the next 18 months are critical for policymakers to act, as the window for proactive prevention is narrowing. Notably, Anthropic’s Frontier Red Team highlights how current models can already contribute to various cyber offense-related tasks and expects future models to be even more effective.

Of particular concern is the potential for AI systems to exacerbate chemical, biological, radiological, and nuclear (CBRN) misuse. The UK AI Safety Institute found that several AI models can now match PhD-level human expertise in providing responses to science-related inquiries.

In addressing these risks, Anthropic has detailed its Responsible Scaling Policy (RSP) that was released in September 2023 as a robust countermeasure. RSP mandates an increase in safety and security measures corresponding to the sophistication of AI capabilities.

The RSP framework is designed to be adaptive and iterative, with regular assessments of AI models allowing for timely refinement of safety protocols. Anthropic says that it’s committed to maintaining and enhancing safety spans various team expansions, particularly in security, interpretability, and trust sectors, ensuring readiness for the rigorous safety standards set by its RSP.

Anthropic believes the widespread adoption of RSPs across the AI industry, while primarily voluntary, is essential for addressing AI risks.

Transparent, effective regulation is crucial to reassure society of AI companies’ adherence to promises of safety. Regulatory frameworks, however, must be strategic, incentivising sound safety practices without imposing unnecessary burdens.

Anthropic envisions regulations that are clear, focused, and adaptive to evolving technological landscapes, arguing that these are vital in achieving a balance between risk mitigation and fostering innovation.

In the US, Anthropic suggests that federal legislation could be the ultimate answer to AI risk regulation—though state-driven initiatives might need to step in if federal action lags. Legislative frameworks developed by countries worldwide should allow for standardisation and mutual recognition to support a global AI safety agenda, minimising the cost of regulatory adherence across different regions.

Furthermore, Anthropic addresses scepticism towards imposing regulations—highlighting that overly broad use-case-focused regulations would be inefficient for general AI systems, which have diverse applications. Instead, regulations should target fundamental properties and safety measures of AI models. 

While covering broad risks, Anthropic acknowledges that some immediate threats – like deepfakes – aren’t the focus of their current proposals since other initiatives are tackling these nearer-term issues.

Ultimately, Anthropic stresses the importance of instituting regulations that spur innovation rather than stifle it. The initial compliance burden, though inevitable, can be minimised through flexible and carefully-designed safety tests. Proper regulation can even help safeguard both national interests and private sector innovation by securing intellectual property against threats internally and externally.

By focusing on empirically measured risks, Anthropic plans for a regulatory landscape that neither biases against nor favours open or closed-source models. The objective remains clear: to manage the significant risks of frontier AI models with rigorous but adaptable regulation.

(Image Credit: Anthropic)

See also: President Biden issues first National Security Memorandum on AI

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with other leading events including Intelligent Automation Conference, BlockX, Digital Transformation Week, and Cyber Security & Cloud Expo.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

Tags: ai, anthropic, artificial intelligence, government, law, legal, Legislation, policy, Politics, regulation, risks, rsp, safety, Society

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Achieving NIST and DORA Compliance: How We Can Help Companies Build Cybersecurity and Operational Resilience

In today’s fast-paced digital environment, cybersecurity and operational resilience are at the forefront of corporate priorities. With the increasing frequency of cyberattacks and strict regulatory requirements, companies must adapt and align with internationally recognised frameworks and regulations such as the National Institute of Standards and Technology (NIST) and the Digital Operational…

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Foxit PDF Reader Vulnerability Let Attackers Execute Arbitary Code

Researchers recently disclosed six new security vulnerabilities across various software, as one critical vulnerability was found in Foxit PDF Reader, a widely used alternative to Adobe Acrobat.  Given the memory corruption vulnerability, attackers could execute arbitrary code on the machine that is the target of their attack.  Additionally, three vulnerabilities were discovered in Veertu’s Anka…

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Why Drone Manufacturers in Taiwan Are Being Cyber-Targeted: A Technologist’s Perspective

Why Drone Manufacturers in Taiwan Are Being Cyber-Targeted: A Technologist’s Perspective

This story explores the intersection of technology and geopolitics. It covers the cyberattacks targeting Taiwan’s drone manufacturers and what they reveal about global power struggles and technological vulnerabilities. Taiwan drone manufacturers under siege: Technology meets geopolitics In the world of technology and defense, Taiwan has become a central player, particularly in the field of…

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 Navigating Cyber Risks: The Role of Risk Assessment in Security Strategy

In an era defined by digital transformation, cyber security risk assessment emerges as a critical component of organizational defense strategies. As cyber threats continue to evolve in complexity and frequency, businesses must employ robust risk assessment practices to identify vulnerabilities and allocate resources effectively. This article explores the significance of cyber risk assessment and its role in mitigating cyber security risks.

Building a Foundation: Comprehensive Asset Inventory

Cyber security risk assessment begins with the establishment of a comprehensive asset inventory, encompassing all systems, applications, and data assets. This inventory serves as the cornerstone for evaluating risks associated with specific digital assets. By cataloging assets and categorizing their importance, organizations gain insight into their infrastructure's vulnerabilities. A thorough asset inventory lays the groundwork for prioritizing resources and implementing targeted security measures.

Identifying and Prioritizing Threats

Effective cyber risk assessment involves identifying and prioritizing threats relevant to the organization. This entails analyzing potential attack vectors, assessing threat severity, and evaluating the likelihood of exploitation. By understanding the threat landscape, businesses can allocate resources to address the most pressing risks. Cyber security risk assessment enables organizations to tailor their security efforts to mitigate the threats that pose the greatest danger to their operations.

Implementing Actionable Recommendations for Risk Mitigation

A key outcome of Cyber risk assessment is the generation of actionable recommendations to reduce identified risks. These recommendations may include patching software vulnerabilities, enhancing network security controls, or improving employee training programs. By implementing these recommendations, organizations can bolster their defenses and reduce their susceptibility to cyber attacks. Cyber security risk assessment empowers businesses to make informed decisions regarding security investments and resource allocation.

Conclusion

In conclusion, cyber security risk assessment is an essential practice for organizations seeking to protect their digital assets and mitigate cyber risks. By establishing a comprehensive asset inventory, identifying and prioritizing threats, and implementing actionable recommendations for risk mitigation, businesses can strengthen their security posture and adapt to the evolving threat landscape. Embracing cyber risk assessment as a foundational element of their security strategy enables organizations to proactively identify and address vulnerabilities, ultimately enhancing their resilience to cyber threats.

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The Menace of Cyber-Attacks

Low-cost, high-impact cyber-attacks transcend national borders. Cyber risk is a critical concern for both the economy and political life Just this month, several major London hospitals were subject to a cyber-attack that created a “major IT incident” and severely reduced the capacity of pathology services. It was a ransomware attack reported to have been carried out by a Russian criminal…