Finding and Fixing: Critical Corporate Cyber Security Risks

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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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