Time to get real! We now live in a Web 2.0 world where, according to a recent Verizon report, 94% of organizations have encountered at least one cyber security incident in the past 12 months. A world where an astounding two-thirds of US companies believe “spam, viruses, worms, and malware” are a bigger threat to their business operations than aggressive competitors and product superiority.
How can that be? Simple. Today’s (and tomorrow’s) businesses are digitally-dominated. What business do you know of that is not, in some way, dependent upon the internet and technology?
The nine most popular cyberattacks conducted by the profit-driven cyber crime community are summarized below. Obviously, the importance of each, vary based on your Portfolio Company’s target market focus. i.e. consumers, B2B, wholesale distributors, government, etc.
1. Point-of-Sales (POS) Intrusions
Simply put, stealing credit card data by installing POS device malware.
2. Web App Attacks
Web Applications are often riddled with vulnerabilities offering easy access to sensitive information and information systems.
3. Insider and Privilege Misuse
Insider threats can cause extraordinary damage by exploiting their trusted status.
4. Physical Theft and Loss
Corporate assets such as smartphones and laptops are now stolen from corporate offices and during corporate travel at a higher rate than auto thefts and home burglaries.
5. Miscellaneous Errors
Accidents, where unintentional actions compromise security, are part of today’s accelerated lifestyles.
There are a plethora of easy-to-deploy crimeware kits available on the Internet, including Ransomware, ScareWare, Spambots, and keyloggers that can be highly profitable to the attacker.
7. Payment Card Skimmers
Thanks to the growth of Bluetooth and other wireless technologies, the majority of unprotected hardware devices can be discreetly hacked leaving the unsuspecting user with a painful surprise during their next use.
Unauthorized network or system access has tripled over the last few years alone. Much of it is from difficult to stop foreign intruders based in China and below the radar Eastern European countries such as Ukraine, Bulgaria, and Armenia.
9. Denial of Service Attacks
DoS attacks can be used to disrupt business, complicate other digital intrusions, and undermine customer confidence on consumer-facing websites of financial, retail and public corporations.
THE BOTTOM LINE
Respectfully, we suggest a three-pronged, proactive approach to creating a Security Program to protect the organization and their sensitive data by mitigating cyber risks.
1. Establish security policies and procedures that support organizational goals across people, process, and technology.
2. Define security roles and responsibilities and ensure key personnel are properly educated and trained to carry out their security duties.
3. Follow industry best practices to Protect, Detect, and React to cyberattacks in cyber-time.
Call 203.220.9556 or email jbisack@.pip-llc.com
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Performance Improvement Partners (www.pip-llc.com), founded in 2003, is America’s leading Technology Solutions Company dealing exclusively within the Private Equity Industry. Headquartered in Fairfield, CT, PIP has field offices in Stamford, CT and San Francisco, offers a number of specialized practices geared to client need, and represents over 140 of America’s most respected Private Equity firms. On behalf of this client list, PIP has completed thousands of Portfolio Company engagements across a broad range of B2B and consumer categories.
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