As many businesses place greater focus on protecting their digital assets, they must also understand that that the biggest risk usually lies within their organization. Hackers prey on the weakest link in the ‘cyber chain’ which are emotions and psychological flaws. They deploy increasingly sophisticated methods to trick employees into divulging sensitive information. As most businesses rely on manual input from employees, hackers have access to ample opportunities to trick and infiltrate. In order to help protect your organization, understanding how an attacker targets the weakest link in your cybersecurity system is key.
The scary truth is that is can simply take one distracted employee to be tricked by an email to beach an entire corporate network. These phishing emails are very cleverly designed, appear legitimate, and can so easily not be detected by an employee.
Cyber attackers utilize sophisticated spear-fishing scams and leverage cutting edge technologies that are often one step ahead of those designed to stop them. And it isn’t just entry-level employees that are the weakest link. CEOs have fallen victim to these deceptive methods and attacks. There is even a notorious group called London Blue that specifically targets C-level executives to extort money.
The toll that these attacks take on businesses is substantial. The fraudster will often pose as C-level executives to email employees requesting sensitive data like a password or to initiate a money transfer. The FBI estimates that these attacks that are designed to trick employees into transferring payments to hacker-controlled financial accounts cost organizations $12.5 billion between 2013-2018. The implications don’t just stop with the financial impact, the legal ramifications are massive. For large multi-national organizations that are required to follow compliance policies and procedures and risk sanctions by governing authorities to smaller businesses losing their reputation and left with tainted brand images, the devastation is widespread.
Many businesses will invest in risk awareness training for employees or even increase human resources, but this can lead to a false sense of security. Even when spending on fraud prevention, compliance, and security training, there will always be the element of human vulnerability present. Even employees that routinely participate in cybersecurity training can still make a mistake and unfortunately, it can only take a single mistake into exposing a business to cyber fraud.
Businesses must look to new and innovative ways to keep themselves protected. As most cyberattacks are driven by the motive of monetary gain, implementing financial control is key. By requiring full authorization prior to a bank transfer and monitoring the payments point of origin can help boost your organization’s fraud resilience.
Partnering with a Managed Service Provider like MBC ensures that your business is protected by comprehensive threat monitoring and detection. Our team of cybersecurity experts are abreast on the latest emerging threats and deliver real-time responses to critical alerts within your business network. To learn more about how working with MBC can keep your business secure, get a free assessment today.