Apart from general cybersecurity education, it is critical to think from a hacker’s perspective for effective cybersecurity strategy
Compromised credentials have been increasingly releasing on the dark web in recent times. The most astonishing fact is that several companies do not realize that they have been victims of account takeovers. While many cybersecurity leaders are creating awareness and taking measures to secure cloud infrastructures, experts present a few strategies to prevent account takeover and ransomware attacks.
There are two types of vulnerabilities, those in IT infrastructure and the compromised credentials. The SEC issues guidance on security audits. When it gets difficult to monitor and analyze, companies should partner with a third-party vendor to perform an extensive security audit. Most security vendors possess the latest monitoring intelligence software, and with the never-seen-before data insights, an action plan can be formulated. In other cases, experts suggest thinking like a cybercriminal. Understanding the company’s security vulnerabilities from a hacker’s perspective and using the information to find the quickest path to cybersecurity is also an efficient strategy.
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Most cybersecurity experts recommend companies to not pay the cyber ransom if attacked, as there are other ways to resolve it. While companies focus on measures to prevent cyber-attacks, they might forget to have a recovery action plan on standby. It is essential to conduct an emergency cyber-attack drill, just the way fire drills are organized at regular intervals. Shutting down the system and checking if the accounting system can recover services through backup data is a safety net. Most hackers know that attacking accounting systems is the best way inside a network, so protecting it is a priority numero uno.
Apart from general cybersecurity education, it is critical to understand the workings behind account takeovers. Experts suggest, to begin with, a lesson on a hacker’s basic strategy model. With a bot network in tow, most hackers try entering the network through a third-party website where security is a bare minimum. The bots begin to log in possible credentials that have most likely been reused by users on multiple websites until they get a hit.
Experts reckon that by just skimming through an organization’s stolen passwords, hackers can determine the security strength of their target. Stolen passwords reveal other issues putting companies in even greater trouble. Additionally, research indicates that CEOs are the best targets for hackers. If a CEO is successfully hacked, hackers can create havoc in the business, transfer money to their illegal accounts, or order the company CFO to wire the money.
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One of the most underrated strategies is to obtain cybersecurity insurance. While they can cover liability, data breach damages, and other malicious activity, experts strongly recommend CISOs to address certain issues while leveraging insurance policies. From the financial strength of the carrier, premiums, scope of coverage, deductibles, to ransomware payment coverage, companies must make a well-researched decision.
Fighting cybersecurity is not just about multi-factor authentication through biometrics, it comprises cybersecurity education, investing in insurances, understanding enterprise vulnerabilities, and taking steps to collaborate with third-party cybersecurity experts. Even the government is trying to be proactive and strengthen the cybersecurity of the nation.
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