#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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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!

[2ribu]

Masa Depan AI dalam Keamanan Siber Bisnis

Perkembangan teknologi kecerdasan buatan (AI) telah membawa perubahan besar dalam berbagai sektor, termasuk keamanan siber. Dalam dunia bisnis yang semakin digital, ancaman keamanan siber menjadi salah satu tantangan terbesar. Serangan siber tidak hanya menyebabkan kerugian finansial tetapi juga merusak reputasi perusahaan. Di sinilah AI memainkan peran penting. Teknologi ini menawarkan solusi…

[helomet]

The Dark Side of Making Money Online: Hidden Risks

As an Indian entrepreneur online, I’ve learned that easy money and passive income are often lies. The real deal of making money online is much harder than what “Get Rich Quick” gurus say. The idea of making money online sounds great. It promises wealth with little effort from home. But, the truth is, success online takes at least 5 years of hard work, not the quick fixes some promise. Exploring…

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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…

[pavel-nosok]

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…

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Enhancing Cybersecurity Expertise with the Fraud and Cyber Risk Course

In today's digital era, the importance of understanding and mitigating cyber risks cannot be overstated. As cyber threats become increasingly sophisticated, professionals must equip themselves with the knowledge and tools to identify, manage, and report these risks effectively. The Fraud and Cyber Risk Course is meticulously designed to support professionals in navigating the complexities of cyber risks and fraudulent activities. This article delves into the key aspects of this transformative programme, highlighting its benefits and the critical skills it imparts.

Understanding the Fraud and Cyber Risk Course

The Fraud and Cyber Risk Programme is tailored for professionals seeking to deepen their understanding of cyber-related risks. It provides comprehensive insights into the nature of cyber threats and the methodologies employed by cybercriminals. By exploring real-world case studies and scenarios, participants can gain a practical understanding of how to identify potential threats and vulnerabilities within their organizations.

Cyber risk management is not just about technology; it involves a thorough understanding of organizational behavior, regulatory environments, and risk assessment techniques. The course covers these areas comprehensively, ensuring that participants can apply their learning to various aspects of their professional roles.

Key Components of the Programme

Identification of Cyber Risks: The course emphasizes the identification of various cyber threats, including phishing, malware, ransomware, and insider threats. Participants learn how to recognize the signs of these threats and understand their potential impact on business operations.

Risk Management Strategies: Effective risk management is crucial in mitigating cyber threats. The programme covers various risk management frameworks and strategies, enabling professionals to develop robust plans to safeguard their organizations.

Reporting and Compliance: Understanding the importance of reporting cyber incidents and maintaining compliance with regulatory requirements is a critical component of the Fraud and Cyber Risk Certification. The course provides guidelines on how to report incidents accurately and timely to the relevant authorities and stakeholders.

Preventative Measures: Prevention is better than cure. The course offers insights into best practices for preventing fraudulent online activity. This includes implementing advanced security measures, conducting regular security audits, and fostering a culture of cybersecurity awareness within the organization.

Practical Application: Through hands-on exercises and simulations, participants can apply the knowledge gained in real-world scenarios. This practical approach ensures that professionals are well-prepared to handle cyber incidents effectively.

Advanced Analytical Techniques: The programme also delves into advanced analytical techniques used in identifying and mitigating cyber risks. This includes the use of data analytics, machine learning, and artificial intelligence to predict and respond to cyber threats.

Benefits of the Fraud and Cyber Risk Certification

Obtaining a Fraud and Cyber Risk Certification offers numerous benefits for professionals and their organizations. These include:

Enhanced Knowledge and Skills: The certification equips professionals with the latest knowledge and skills required to tackle cyber threats. This not only enhances their expertise but also adds value to their organizations.

Career Advancement: As cybersecurity becomes a critical aspect of business operations, professionals with specialized certifications are in high demand. The Fraud and Cyber Risk Programme opens doors to new career opportunities and advancements.

Improved Organizational Security: By applying the knowledge and skills gained from the course, professionals can significantly improve their organization's cybersecurity posture, reducing the likelihood of successful cyber attacks.

Networking Opportunities: Participants in the programme have the opportunity to network with other professionals in the field, sharing insights and best practices. This can lead to valuable professional connections and collaborations.

Flexible Learning Options with LIBF

The London Institute of Banking & Finance (LIBF) provides an array of solutions to cater to the professional educational and executive training needs of those already working in, or aspiring to work in, the finance and banking sector. Established in 2023, LIBF India specifically focuses on helping banking and finance professionals in the Indian subcontinent upskill with a range of professional and executive qualifications, certificates, and customized training solutions.

LIBF's programmes, including the Fraud and Cyber Risk Course, are delivered in flexible formats such as online classes, webinars, and self-study options, accommodating the varied learning preferences of professionals. This flexibility ensures that participants can balance their career development with other commitments effectively.

Real-World Applications and Case Studies

A significant aspect of the Fraud and Cyber Risk Course is its focus on real-world applications. The programme includes detailed case studies of cyber incidents, allowing participants to analyze and learn from actual events. These case studies cover a wide range of industries and scenarios, providing a comprehensive view of how cyber risks manifest in different contexts.

By studying these real-world examples, participants can better understand the practical challenges involved in managing cyber risks. They learn how to apply theoretical knowledge to real-life situations, enhancing their problem-solving skills and decision-making abilities.

Why Choose the Fraud and Cyber Risk Programme?

The Fraud and Cyber Risk Course stands out due to its comprehensive curriculum, practical approach, and industry relevance. Designed by experts in the field, the programme ensures that participants are well-versed in the latest trends and techniques in cybersecurity. Whether you are an IT professional, a risk manager, or a compliance officer, this course offers valuable insights that can enhance your professional capabilities.

The course is also aligned with the latest regulatory standards and best practices in cybersecurity. This ensures that participants are not only learning cutting-edge techniques but are also prepared to comply with current and future regulatory requirements.

Conclusion

In an era where cyber threats are ever-evolving, staying ahead of the curve is essential. The Fraud and Cyber Risk Course provides professionals with the tools and knowledge to identify, manage, and report cyber risks effectively. By enrolling in this programme, you can enhance your cybersecurity expertise, contribute to your organization's security, and advance your career in this critical field. Don't miss the opportunity to become a certified expert in fraud and cyber risk management.

For more details and to discuss your training and development requirements, the LIBF team in Gurugram is ready and willing to offer an array of services, including professional qualifications and customized training solutions. By choosing LIBF, you are investing in a robust educational experience that combines theoretical knowledge with practical application, supported by a team of experts dedicated to your professional growth.