Cyber Security Risks – What Is A Vulnerability In Cyber Security?

Summary: This brief article discusses cyber security threats and vulnerabilities. Learn about cyber risks and how to mitigate them. If you have additional questions about cyberattacks, contact DIGIGUARD CYBER SECURITY at 833-33-CYBER (833-332-9237) or visit www.DIGIGUARDsecurity.com to learn more about cyber risk management.

Cyber security has never been more crucial. Hackers continue to thrive, finding new ways to attack users and their computer systems. However, before one can have a fruitful discussion about cyber perils, it is essential to understand the relevant terminology. Unfortunately, many people use the terms risk, threat and vulnerability as if they mean the same thing. They don’t. Hopefully, this blog will set you straight, exploring the critical differences among these elements, as well as how to manage them and keep your computer system secure.

Cyber Security Threats

A threat is any potentially dangerous event that capitalizes on vulnerabilities and harms a computer system, a company or an individual user. There are two main types of threats:

• Intentional Threats – Intentional threats occur when cybercriminals deliberately attack a system with malware, ransomware, DDoS attacks, phishing ploys and other nefarious methods.
• Unintentional Threats – Unintentional threats are created through human error. Often, an individual user falls victim to a hacker’s scam and discloses private, personal data.

Cyber Vulnerabilities

Vulnerabilities are weaknesses. Cyberthieves are always looking for vulnerabilities in networks, applications and operating systems that will enable them to breach computer systems and access data. Hackers search for vulnerable access points, outdated software (missing security updates), unencrypted files, weak passwords and human error caused by insufficient training and poor enforcement of cyber security best practices.

Cyber Risks

Risks refer to the likelihood and scale of any threats to your computer systems or data. Each threat has its own consequences. Consequences can include data breaches, financial losses, legal issues, operational hacks and damage to a company or individual’s reputation. It is vital for SMBs to apply cyber risk management to understand potential risks and prioritize them by their magnitude. Risk management also allows small businesses to prioritize and budget for their organization’s cyber security requirements. Also, companies can create informed contingency plans and mitigate risks by knowing the threats, vulnerabilities and risks in advance.

What Is Cyber Threat Intelligence?

According to Wikipedia (https://en.wikipedia.org/wiki/Cyber_threat_intelligence), “Cyber Threat Intelligence (CTI) is knowledge, skills and experience-based information concerning the occurrence and assessment of both cyber and physical threats and threat actors that is intended to help mitigate potential attacks and harmful events occurring in cyberspace. Cyber threat intelligence sources include open source intelligence, social media intelligence, human intelligence, technical intelligence, device log files, forensically acquired data or intelligence from the internet traffic and data derived from the deep and dark web.” IT experts use cyber threat intelligence to perform a cyber risk analysis. These analyses allow SMBs to make informed assessments about potential threats and the likelihood of them leading to cyberattacks.

Cyber Risk Management

To manage threats, vulnerabilities and risks, SMBs can take the following steps to improve their overall cyber security:

• Perform Regular Assessments – Regular risk assessments allow businesses to become aware of their system’s potential threats and vulnerabilities and remain able to make informed decisions. Knowledge is power when protecting against cybercrimes.
• Create a Cyber Risk Management Plan – Businesses should not wait for a cyberattack to create a plan to monitor, assess and mitigate potential risks. A good risk management plan should include policies, strategies and procedures for mitigating risks and protecting your hard-earned business data.
• Install State-of-the-Art, Robust Cyber Security – Your company’s data is too important to leave unprotected. IT professionals can assist you in all security-related operations, including installations of anti-virus protections, firewalls and other detection software. Also, they can ensure that you have secure network configurations for all your connected devices. Enable multi-factor authentication to add a layer of security to your network and all your platforms.
• Conduct Employee Training in Best Practices – Your employees are the first line of defense against cyberattacks. By codifying best practices and conducting meaningful training sessions, employers can get everyone on the same page in helping to prevent attacks. After learning how to spot scams such as phishing emails, employees will be more likely to think before clicking on malicious links. Raising security awareness and strong password management will help keep your system secure.
• Enable Continuous Monitoring – Continuous monitoring for cyber security threats will alert you to threats in real-time, allowing you to respond quickly.
• Create An Incident Response Plan – An incident response plan allows businesses to respond immediately to a cyberattack and hit the ground running to mitigate incidents and keep the organization operating securely. Your incident plan should be as specific and detailed as possible so that everyone knows what to do in the event of a breach.
• Perform Regular Penetration Tests – Penetration tests simulate cyberattacks to find vulnerabilities before they can be exploited and lead to potentially painful consequences. If you do not have an in-house IT professional, hiring an outside consultant to perform penetration tests periodically is worth the expense.

Cybercrime is not going away. Every day, hackers get better and better at breaching corporate data. It is up to SMBs to invest in robust cyber security before falling victim to a devasting cyberattack that could incapacitate or bankrupt them.