“If you spend more on coffee than on IT security, you will be hacked. What’s more, you deserve to be hacked.” -Richard Clarke
“If you spend more on coffee than on IT security, you will be hacked. What’s more, you deserve to be hacked.” -Richard Clarke
Tyler Adams
3 mins
Cybersecurity
“If you spend more on coffee than on IT security, you will be hacked. What’s more, you deserve to be hacked”—Richard Clarke, a former counterterrorism expert for the U.S. government
Today, the cyber security landscape is evolving at a rapid pace, and businesses that fail to implement sufficient countermeasures are sailing in cyber-criminal infested waters. With ever-evolving threats and massive data breaches, adopting preventative best practices is a requirement for every business.
According to a forecast by Juniper Research, cyber attacks will cost global businesses a cumulative total of $8 trillion between 2017 and 2022. During that same time period, the cost of cyber attacks is estimated to rise 30 percent, while cybersecurity spending will only increase by 8 percent. Are businesses spending more on coffee meetings than on IT security?
Here are five common types of cyber attacks and how businesses can protect themselves:
In a password-based attack, hackers use various techniques and tools to get access to usernames and passwords, such as password guessing and password-cracking software.
In late 2015, cyber criminals took advantage of poor password security practices at VTech, a popular online toy company, exposing the personal data of millions of users, including 6.4 million children.
These three tips can help you ward off password-based attacks:
In a denial-of-service attack, scammers send overwhelming quantities of data to a website, rendering it unusable for customers. Instead of buying your products or getting the information they need, users are told the website is unavailable. And when your website is unavailable, you’re losing valuable customers.
Here are some strategies you can use to limit the effects of DoS attacks:
Phishing is the most widely-practiced type of social engineering; a victim receives an email alleging to be from a trustworthy entity, but the message is designed to trick the victim to release sensitive information such as passwords and banking details. If you’ve ever received an email from a Nigerian prince, you’ve experienced an attempt at a social engineering attack.
Phishing attacks are on the rise – up 65 percent in 2016, according to the Anti-Phishing Working Group. And it’s working. About 95 percent of all successful cyber attacks on businesses are due to spear phishing – phishing emails that are tailored to a specific business or person.
Just like the name implies, a man-in-the-middle attack takes place when a hacker inserts himself or herself in a communication session between two parties and eavesdrops or impersonates either party with the intention of stealing sensitive information.
Here are some ways of avoiding man-in-the-middle attacks.
Malware is short for malicious software, or software designed to destroy or disrupt a computer. Some of the common types of malware include viruses, worms, ransomware, Trojan horses, spyware, and backdoor.
In 2013, ransomware called CryptoLocker, encrypted victims’ files and demanded a ransom to be paid to decrypt them. And, within 100 days, the malware had made millions for its creators.
Here are some ways to prevent malware attacks:
Preventing the Next Attack
Today’s rapidly evolving cyber-security landscape requires adopting a multi-layered approach that integrates several techniques to mitigate the risk of online fraud. By implementing sufficient preventive measures, and avoiding spending more on coffee than on IT security, businesses can keep their activities safe from cyber fraud.
Co-founder & CEO
Tyler brings a decade of leadership experience developing and launching technology businesses. Before co-founding CertifID, Tyler led new product development at BCG Digital Ventures for Mercedes-Benz, First American Financial, Boston Scientific, and Aflac.