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Explaining Cybersecurity Risk

Explaining Cybersecurity Risk

Table of Contents

The likelihood of an organization incurring losses or being exposed due to a cyber-attack or data breach is referred to as cybersecurity risk. Cybersecurity risk includes the possibility of harm or loss related to technical infrastructure, technology usage and the reputation of the concerned company.

As the worldwide dependence on computers, networks, social media and data rises, firms are finding themselves increasingly exposed to cyber threats. Unprotected data often cause data breaches, a typical type of cyber-attack that has a substantial negative impact on businesses.

WHAT IS CYBERSECURITY?

Cybersecurity is a set of techniques aimed at safeguarding internet-connected systems like computers, servers, mobile devices, electronic systems, networks and data from malicious attacks. The term cybersecurity comprises two parts i.e., ‘cyber’ refers to technology including systems, networks, programs and data while ‘security’ pertains to the protection of systems, networks applications and information. It is also termed electronic information security or information technology security.

IMPORTANCE OF CYBERSECURITY

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Financial institutions, healthcare establishments, governments and manufacturing industries have made Internet-connected devices an integral part of their operations. These organizations possess delicate information i.e., intellectual property, personal data and financial records that can result in undesirable consequences if left exposed or accessed without authorization.

This situation provides a conducive environment for intruders and other malicious actors who aim to infiltrate such systems for motives ranging from financial gain to extortion, social or political goals or even vandalism.

BENEFITS OF CYBERSECURITY

  • Securing data and network
  • Preventing unauthorized access
  • Swift recovery post-breach
  • Ensuring the security of end-users and endpoint devices
  • Complying with regulatory requirements
  • Ensuring continuity of operations
  • Enhancing the company’s reputation, trust, and credibility among developers, partners, consumers, stakeholders, and employees.

TYPES OF CYBERSECURITY THREATS

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Phishing

Phishing is a form of cybercrime where the sender appears to be from credible sources such as financial institutions and online marketplaces like PayPal, eBay, friends or colleagues. The targets are approached via email, phone or text message with links that trick them into clicking on suspicious websites that ask for highly confidential data like banking information, credit card details, social security numbers and login credentials. These links may also install malware allowing remote access by hackers.

Malware

Malware threat is inclusive of spyware, ransomware, worms and viruses. It can install malicious software, obstruct access to computer resources, cause system failure or even covertly transmit confidential data from your storage systems.

Man-in-the-middle (MITM) attack

A Man-in-the-Middle (MITM) attack is when hackers insert themselves into a two-party online transaction. By doing so, they can easily filter and extract necessary data. MITM attacks happen frequently on unprotected public Wi-Fi networks.

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SQL Injection

SQL injection is a prevalent cyber-attack where malicious SQL scripts are executed by cyber criminals to manipulate the backend database and access confidential information. Post successful infiltration cyber attackers can view, change and even delete sensitive data including private customer details, user lists and crucial company resources stored in the SQL database.

Distributed Denial of service DDoS

A distributed denial of service (DDoS) attack is a malicious activity in which cyber criminals disrupt the usual traffic of targeted servers, services or networks by flooding them with several IP addresses fulfilling legitimate requests. Such attacks can make the system unusable by overloading servers significantly slowing down their performance or temporarily taking them offline and preventing organizations from executing essential functions.

Adware

Adware is a type of malware often referred to as advertisement-supported software. This virus is classified as a potentially unwanted program (PUP) since it installs without user consent and generates unsolicited online ads automatically.

Domain name system (DNS) attack

DNS attack refers to a form of cyber-attack where attackers leverage shortcomings within the Domain Name System with the goal to redirect users from legitimate websites to malevolent sites (DNS hijacking). This type of attack enables cyber criminals to steal confidential information from compromised computers. Since DNS infrastructure is an integral component of internet architecture this threat poses a severe cybersecurity risk.

CIA TRIAD

CIA triad
confidentiality
availability
integrity

The foundation of security for any organization relies on three fundamental principles i.e., Confidentiality, Integrity and Availability also known as CIA, it has constantly served as an industry-standard in computer security since the inception of the first mainframes.

Confidentiality: Confidentiality principles assert that sensitive information and operations can only be accessed by authorized parties who have been granted permission. E.g., trade secrets, military secrets or personal data.

Integrity: Integrity principles assert that only authorized people and tools can modify, add or remove crucial information and functions. Altering of the data by any unauthorized person can lead to a violation of integrity. Incorrect data entered into the database by a user will affect its accuracy and completeness.

Availability: The fundamental assertion of availability principles is that the services, functions and data must be accessible as per pre-determined parameters based on various service levels for immediate use.

CYBERSECURITY TOOLS

  • Penetration testing
  • Antivirus software
  • Firewalls
  • Staff training
  • Managed Detection and Response Service (MDR)
  • Public Key Infrastructure Service (PKI)
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CONCLUSION

At Ruskin Felix Consulting LLC, we offer complete cybersecurity risk consulting services; helping businesses like yours mitigate risks through risk assessments, vulnerability management, penetration testing and incident response planning among others.

Cybersecurity risks can be complicated – but we make things easy for you. Our ultimate goal is to help you create and maintain a secure technology environment so that y’all can focus on your business operations with peace of mind.

Let us help you protect your business from data breaches and cyber threats. Ruskin Felix Consulting LLC – your trusted partner in data security. You can contact us at contact@ruskinfelix.com

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

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Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

About Us

We are Ruskin Felix Consulting (RFC), a global strategic advisory firm. For over a decade, we have partnered with clients worldwide to solve complex business and technology challenges. Whether you need strategic advice, market research, or solutions to make important decisions, we’ve got you covered.

RFC Mentorship

At RFC, we believe that every great idea deserves a chance to shine. With our expert guidance, cutting-edge strategies, and meticulous attention to detail, we’ll work hand in hand with you to create strategies and guidance that helps you scale, build and develop your idea into a ready product in the market.