How well is your business prepared for cyber threats as we move into 2024? Looking back at the past year’s cyber threats is key for businesses to build a strong defense plan. Here’s an easy-to-understand breakdown of the recent stats and what they mean for your cybersecurity strategy 

A Review of Recent Years’ Cyber Threats: 

Ransomware and Malware Increase  

In 2023, the money criminals demanded in ransomware attacks jumped to an average of $1.54 million, up from about $812,000 in 2022. This information, reported by SC Magazine, shows that these attacks are becoming more serious and expensive. It’s a clear sign that businesses need to improve their defenses against these types of cyberattacks. This means keeping your security software updated and teaching your team about the dangers of ransomware. 

Phishing is Still a Big Problem  

Phishing attacks – where scammers trick you into giving out information – are still happening a lot. In fact, CSO Online reports that 57% of businesses see these attacks regularly, making up over 80% of all cyber issues. This highlights the importance of teaching your team how to spot these scams and having strong email security to stop these tricky emails from getting through. 

Insider Threats Are a Concern  

Insider threats, which happen when someone inside your business either accidentally or on purpose causes a security problem, are involved in about 43% of all breaches. Research from Check Point and Varonis shows that it’s important to keep an eye on internal risks as well as outside dangers. This means making sure everyone understands the rules about data security and regularly checking who has access to what information. 

IoT and DDoS Attacks Are on the Rise  

Attacks on Internet of Things (IoT) devices and DDoS (Distributed Denial of Service) attacks, which can overwhelm your systems, have also increased. Over 10.54 million IoT incidents were reported in December 2022, and DDoS attacks went up by 15%, according to Statista and Cloudflare. It’s important to secure all devices connected to your network and have a plan to handle sudden surges in traffic that could be an attack. 

Building a Stronger Cybersecurity Framework for 2024 

Use Better Security Technology  

Investing in the latest security technologies is essential. These can detect and respond to threats faster. IBM’s research, available at IBM, shows that using artificial intelligence in cybersecurity helps find and fix problems faster. 

Train Your Employees  

Helping your employees understand cyber risks is very important. A study by Tessian found that getting distracted is a big reason why people fall for phishing scams. Regular training can help prevent this. 

Protect Your Data  

As laws about data privacy get stricter, it’s more important to protect your data. This means using strong encryption, controlling who can access data, and keeping everything up to date. Gartner, which you can check out at Gartner, has reported on these increasing privacy requirements. 

Use Multi-Factor Authentication (MFA)  

MFA, where you use more than one method to prove who you are, is a very important security step. Microsoft says, as seen on their website, that MFA can stop most attempts to take over accounts. 

Regularly Check Your Security  

Doing regular security checks helps find weak spots in your system. The Ponemon Institute’s study, available at Ponemon Institute, suggests that many businesses don’t know enough about who has access to their systems. 

Have a Good Incident Response Plan  

If something goes wrong, having a plan can lessen the damage. ThriveDX’s survey, which you can find at ThriveDX, shows that many businesses don’t have a proper plan for cybersecurity incidents. 

Follow Cybersecurity Laws  

Staying up-to-date with cybersecurity laws helps you avoid legal problems and keeps your reputation strong. 

Adapting to the Changing Cyber Threat Environment 

Cybersecurity is an ongoing task. Keeping up with new threats and continuously improving your security is essential. 

As we enter 2024, making cybersecurity a top priority is crucial for the safety and strength of your business. Understanding the current threats and implementing a well-rounded cybersecurity strategy can protect your business from various cyber risks. Cybersecurity isn’t a one-time fix but a constant effort that needs regular attention and updates. Committing to this will help ensure a safer year for your business. 

 

 

Why should manufacturers strengthen their cybersecurity as the holiday season approaches? With the manufacturing industry frequently in the crosshairs of cyber threats, the holiday rush amplifies these risks. This guide pinpoints the primary cyber threats to watch out for during this busy time and suggests strategies for bolstering defenses, emphasizing the importance of comprehensive cybersecurity, efficient processes, and achieving tangible security results to mitigate these heightened risks.

1. The Persistent Threat, Phishing Attacks

Phishing remains one of the most common cyber threats faced by manufacturers. During the holiday season, when communication via email increases, phishing attacks become even more prevalent. These attacks often involve malicious emails disguised as legitimate, aiming to trick employees into revealing sensitive information such as login credentials or financial data. The sophistication of these attacks has grown, with emails often appearing to be from trusted sources like suppliers or financial institutions. 

How to Protect Against Phishing: 

• Train employees to identify suspicious emails. 
• Implement email security solutions that can detect and block phishing attempts. 
• Encourage the use of multi-factor authentication (MFA) to add an extra layer of security. 

2. Disrupting Operations, Ransomware

Ransomware attacks, where attackers encrypt a company’s data and demand a ransom for its release, can be particularly damaging for manufacturers. These attacks can halt production lines, cause financial losses, and lead to compromised customer data. During the holidays, when production often ramps up to meet increased demand, the impact of such attacks can be even more severe. 

How to Mitigate Ransomware Risks: 

• Keep all systems and software updated with the latest security patches. 
• Regularly back up data and ensure backups are stored securely. 
• Educate staff about the risks of ransomware and safe internet practices. 

3. Often Overlooked, Internal Threats:

Internal threats, whether unintentional or malicious, pose a significant risk to manufacturers. Employees, contractors, or business partners who have inside access can inadvertently or intentionally cause security breaches. The risk increases during the holiday season due to temporary staff hires and the general hustle of the period. 

Strategies to Reduce Internal Threats: 

• Conduct thorough background checks for all employees. 
• Limit access to sensitive information based on the role. 
• Monitor and log access to sensitive systems and data. 

4. A Growing Concern, Supply Chain Attacks

Manufacturers are increasingly vulnerable to supply chain attacks, where attackers target less secure elements in the supply chain. These attacks can come through third-party vendors or software suppliers, making them difficult to detect and prevent. The interconnected nature of supply chains means that a breach in one area can have widespread implications. 

Tips for Securing the Supply Chain: 

• Vet and monitor third-party vendors for cybersecurity practices. 
• Establish clear cybersecurity requirements for all suppliers. 
• Regularly assess and update supply chain security strategies. 

5. Internet of Things (IoT) Vulnerabilities

The manufacturing industry’s growing reliance on IoT devices has opened new avenues for cyber attackers. These devices, often lacking robust security features, can be easily compromised to gain access to a manufacturer’s network. During the holiday season, the increased use of IoT devices can amplify these vulnerabilities. 

How to Secure IoT Devices: 

• Change default passwords and regularly update them. 
• Isolate IoT devices on separate network segments. 
• Regularly update IoT device firmware and software. 

6. A Door Left Open, Unpatched Software and Hardware

Outdated software and hardware can act as easy entry points for cybercriminals. Failing to apply security patches promptly leaves systems vulnerable to known exploits. Manufacturers, with their often complex and varied IT environments, can be particularly susceptible to this issue. 

Best Practices for Patch Management: 

• Implement a regular schedule for software and hardware updates. 
• Prioritize patches based on the severity of the vulnerabilities they address. 
• Use patch management tools to automate the process. 

7. DDoS Attacks: Disrupting Accessibility

Distributed Denial of Service (DDoS) attacks, aimed at overwhelming systems and making them inaccessible, can significantly disrupt a manufacturer’s operations. During the holiday season, when online traffic peaks, DDoS attacks can be particularly damaging, causing system outages and disrupting production and sales. 

Strategies to Defend Against DDoS Attacks: 

• Deploy DDoS protection solutions that can absorb and mitigate attack traffic. 
• Ensure that your internet bandwidth can handle traffic spikes. 
• Regularly test your systems for DDoS resilience. 

The holiday season brings a spike in cyber threats for manufacturers. Being prepared for these threats involves understanding the risks, training staff, implementing strong security measures, and regularly updating and patching systems. By taking proactive steps to secure their operations, manufacturers can not only protect themselves against the increased risk of cyber-attacks during the holiday season but also strengthen their overall cybersecurity posture for the long term. Remember, investing in cybersecurity is not just about defense; it’s about ensuring the continuity and success of your business. 

 

Insurance Companies in 2024: Cybersecurity’s Critical Role for Insurance in 2024

As we enter into 2024, cybersecurity continues to be a critical focus for the insurance industry. The lessons learned from previous years, including the significant financial impacts of cyber incidents, remain relevant. The high costs associated with cyber breaches, such as the $5.72 million average for financial sector incidents reported by IBM in 2021, underscore the ongoing need for robust cybersecurity measures within insurance firms. 

2024 Trends in Cyber Insurance Market  

The trend of increasing demand for cyber insurance coverage is expected to persist in 2024. This mirrors the heightened awareness within the industry of the risks posed by cyber threats. Securing cyber insurance coverage could remain a challenge, echoing the situation in 2023, where, according to a 2022 survey, only 19% of organizations had extensive coverage for cyber events. The stringent market criteria and growing demand, as evidenced by the $2.7 billion in premiums written in 2020, are likely to continue shaping the cyber insurance market. 

Cyber Insurance Claims and Costs in 2024  

In 2024, small and medium-sized enterprises will likely continue to see a rise in cyber insurance claims and associated costs. Instances like ransomware claims, which averaged around $485,000, highlight the necessity of comprehensive cybersecurity strategies. The prevalence of ransomware and phishing as leading causes of claims stresses the need for ongoing enhancements in security protocols. 

Premiums and Coverage Trends in 2024  

Insurance companies may continue to face challenges related to increasing premiums and decreasing coverage limits in 2024. The market has seen significant premium increases and reduced coverage limits as responses to the evolving nature of cyber threats and the rising costs of managing these risks. This trend reflects the industry’s ongoing adjustment to the cyber-risk environment. 

In 2024, the insurance industry will continue to focus strongly on managing cybersecurity risks, looking ahead with vigilance. Insurance firms and their clients must adapt and stay vigilant in cybersecurity strategies for comprehensive protection and adequate coverage. The lessons from previous years will be invaluable in navigating the evolving challenges and ensuring resilience against cyber threats.

 

Don’t Let Hackers Ruin Your Holidays: Cybersecurity Tips for Safer Online Shopping

As the holiday season rolls in, the thrill of snagging the best deals makes us eager to shop online more than ever. However, this holiday rush is also prime time for cybercriminals. The excitement shouldn’t make us overlook the importance of cybersecurity.

Given the spike in phishing attempts and potential for scam activities, protecting your sensitive information becomes paramount. Employing strong password practices, being wary of phishing emails, and utilizing authentication methods can shield you from a breach. Let these cybersecurity tips be your guide in navigating the digital shopping spree of 2023 safely.

Related Topic: How to Protect Your Computer Network from Viruses and Attacks

How can I keep cybersafe over the holidays?

The holiday season is a time of joy and giving, but it’s also a prime opportunity for cybercriminals to take advantage of the shopping rush. As holiday shoppers eagerly fill their online carts, the risk of unauthorized access to personal data spikes. To stay safe and ensure a joyful shopping experience, prioritizing cybersecurity habits is key.

First, always avoid using public Wi-Fi for making purchases; these networks can leave your personal data vulnerable. Instead, opt for virtual private networks (VPNs) to add an extra layer of security. Be vigilant of phishing scams, avoiding clicking on links from unsolicited emails or texts. Always verify the legitimacy of websites before making purchases by looking for “https” and the lock icon in the address bar.

To reduce the risk further, employ Multi-Factor Authentication (MFA) for online accounts, ensuring an extra layer of protection against cyberattacks. Regularly update to the latest security patches for all devices, fortifying your digital environment against potential cyber vulnerabilities.

This holiday cybersecurity tips guide aims to shield you and your personal information from the prying eyes of cybercriminals, letting you take advantage of the holiday season and beyond to secure your business and personal online transactions.

Related Topic: Why Cybersecurity Should Be a Core Part of Your Business Strategy

Do cyberattacks go up around the holidays?

Yes, cyberattacks notably spike during the holiday season. As holiday shopping hits its peak, both online shopping sprees and the use of public Wi-Fi increase, offering cybercriminals a larger playground. This period presents a golden opportunity for hackers to exploit vulnerabilities in personal data and online accounts. The festive season’s hustle invites more phishing scams and attempts at unauthorized access, making holiday cybersecurity tips and cyber security tips more vital than ever.

As the holiday season approaches, businesses, especially those in e-commerce, face a unique set of challenges. The increase in online traffic and sales transactions brings with it a heightened risk of cyber threats. As a business owner, it’s crucial to be aware of these risks and take proactive measures to protect your business and customer data. Here are ten key points to help you ensure cybersecurity during the holiday rush. 

Understand the Risks 

 During the holiday season, phishing attempts increase by over 30%, as found in a recent study. Cybercriminals exploit the busy period, knowing businesses are overwhelmed with increased traffic and transactions. 

 Secure Your Website 

Ensure your website is secure and updated. Use HTTPS, a protocol for secure communication over a computer network, which is widely used on the Internet. This not only protects the data exchange on your site but also boosts customer confidence. 

 Update Your Systems 

Before the holiday rush, make sure all your systems are updated with the latest security patches. A report from Symantec showed that 60% of breaches could have been prevented with timely patches. 

Strengthen Passwords 

Implement strong password policies. Encourage or enforce the use of complex passwords and consider multi-factor authentication (MFA) for an added layer of security. 

 Train Your Team.  

Human error is a significant factor in cybersecurity breaches. Train your staff to recognize phishing scams and suspicious activities. According to a study by Kaspersky, 90% of corporate data breaches in the cloud happen due to employee mistakes. 

Back Up Data Regularly 

Regular data backups can be a lifesaver in the event of a cyber-attack. Ensure you have a robust backup strategy in place, ideally with backups stored offsite or in a secure cloud environment. 

Use Reliable Payment Gateways 

For e-commerce sites, using trusted and secure payment gateways is essential. They not only provide security but also help in building trust with your customers. 

Monitor Your Network 

 Keep a close eye on your network traffic during the holiday season. Unusual activity might indicate a potential security threat. Implementing network monitoring tools can help detect and prevent breaches. 

Have a Response Plan 

In the event of a cybersecurity incident, having a response plan is crucial. This plan should include steps to control the damage, communicate with customers, and report the breach if required. 

Stay Informed 

 Finally, stay updated on the latest cybersecurity threats and trends. Being informed helps you adapt and respond more effectively to new threats. 

Final Thoughts:

The holiday season is a busy time, and keeping your business safe online is really important. If you’re looking for help with your cybersecurity, we’re here for you. At Right Hand Technology Group, we specialize in helping businesses stay safe, especially when things get hectic. Just give us a call; we’re ready to help you have a safe and successful holiday season. 

Related Topic: 3 Essential Cybersecurity Practices for Protecting Business Data

FAQs: Sleighing Your Cybersecurity Concerns

• Q: Should I worry about online shopping from small retailers during the holiday season?

• A: Not if you’re cautious. Small shops can offer unique gifts, just make sure their website is secure and check out reviews.

• Q: Can I use my credit card safely for online purchases?

• A: Yes, Rudolph’s red nose! Credit cards often have better fraud protection than other payment methods. Just keep an eye on your statements for any suspicious charges.

• Q: What’s one simple step I can take for better cybersecurity?

• A: Enable two-factor authentication wherever possible. It’s like having a secret handshake with your online accounts.