What Is Cyber Risk And How Can It Affect My Business?

What Is Cyber Risk And How Can It Affect My Business?

Cyber risk is any threat of financial loss, disruption or damage to the reputation of an organization resulting from the failure of its information technology systems. This can be caused in a variety of ways such as:
• Deliberate and unauthorized breaches of security to gain access to information systems
• Unintentional or accidental breaches of security
• Operational IT risks due to poor systems integrity or other factors
Whether you run a multi-million dollar corporation, or a small 10 employee business, you are not immune to cyber risks. All businesses face the risk of a cyber breach at some point during their life cycle, but understanding the threats and severity of the situation can help control the consequences. 

Below are ways you can become a victim of a cyber-attack
• Cyber criminals are increasing and are all around us
• Employees are the weakest link due to phishing and social engineering
• Cyber criminals tend to target organizations with computing resources that they can rent out
• Hackers are now using email notifications to send payments to criminals
• Blended attacks (using any and all opportunities) are becoming common practice 
• Extortion, where data is held ransom, is a common cyber-criminal activity

Here are ways you can try to control these cyber-attacks:
• Provide efficient and proper security awareness training to all employees
• Segment networks to ensure only authorized employees are able to access appropriate data sets
• Keep all software up to date to ensure criminals have fewer weaknesses to exploit
• Establish good data governance policies and processes

With the right education and controls in place, you can help your company respond to the risks. For more information on cyber risk, call us at 905-696-9090 or This email address is being protected from spambots. You need JavaScript enabled to view it. 

Source: Northbridge

 

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