Banks and companies have to enlarge and perform well monetarily to please the investors or shareholders. They have to revolutionize and keep making new products and building new services to satisfy the customer’s needs. They also have to keep their employees happy and develop them to become better specialists. And, most importantly, they have to keep the business going uninterrupted by cyber attacks and other security incidents.
Just like numerous cyber attacks happened on some of the banks in Nepal, any other company could be the next target of a cyber attack. There is a great risk of cyber crimes in most of the companies, especially the banks whose daily transactions are monetary. So, just like us, companies are under a lot of pressure nowadays.
There are two forces at work, which are pulling in different directions: The attackers who are getting better at making their threats stick and the companies, which still struggle with the overload in urgent security tasks.
Some of the important cyber security risks to prepare for are as follows:
Corporate Inflexibility
The issue with a company’s lack of flexibility is
that, if a breach on some subject matter happens, it will take a lot longer
time than recommended to contain and mitigate it. While the lower-level
managers scramble to get approvals from their seniors and external experts on
board during breach paper work, attackers will be hard at work. They’ll take
advantage of this time to ex-filtrate gigabytes of confidential data from the
network.
Lack of a Cyber-Security Policy
Cyber Security policy is a policy framework by Department
of Electronics and Information Technology which aims at protecting the public
and private infrastructure from cyber attacks. They’re threatening every single
company out there. Companies seek outside expertise for legal and financial
matters, they should now be looking for experts in cyber security and data
privacy as well.
As part of the cyber security policy, companies should identify risks related to cyber security, establish cyber security governance, develop policies, procedures and oversight processes, protect company networks and information, identify and address risks associated with remote access to client information and funds transfer requests and be able to detect unauthorized activity.
Lack of Accountability
Lack of accountability, is another threat to cyber
crime. Being able to trust your employees and colleagues in key moments when
the pressure is high and the stakes are even higher. It is always important to
have designated people at the company who can make the right decisions when the
time comes. The employees should be well trained and should be capable of
acting in the company’s best interest in the event of a cyber breach.
Preparation should be in order and the sooner you start them, the sooner you
will see the improvements. Empowering people have the positive effect.
Difficulty in Integrating Data Sources
There are too many information, data flowing through
an organization to handle: details about employees, partners, contractors,
service providers, customers, etc. The amount of data flowing through an
organization could overwhelm anyone, even the many experienced people as well.
But, integrating these data sources is vital if you want to have a clear
overview of the internal and external risks for your organizations. You have to
try to single out the most important things you want to look at. Choosing
security platform will help you mitigate risks and block attacks and help identifying
these risks and attacks. A Chief Digital Information Officer’s toolbox is never
complete without such a platform.
Lack of Recovery Plan
You have a thorough plan if you are prepared for a
security attack. The plan should include what can happen to prevent the cyber
attack, but also how to minimize the damage if it takes place. But, most banks
and companies are not ready to deal with these kinds of critical situations.
Having a recovery plan, makes you stronger, alert, and ready to face any
relevant challenge.
Cyber criminals aren’t only pointing companies in the finance or tech sectors. They are targeting almost every good money making company. Security standards are a necessity for any company that does business and wants to succeed in it. Now, every organization has to be alert and proactive by following cyber security ways and protect their possessions.
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