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Three Cybersecurity Risks Businesses Are Taking Right Now

Princeton, US, 04 Oct. 2022, 16:48 CEST

The average cost of a cyberattack is over $4 million. During Cybersecurity Awareness month, business leaders look to see what else they can do to keep their organizations safe from ransomware, hackers and bad actors. Edward Keck, Market Leader of the Cyber and Information Security Services Team at Withum, a top advisory, accounting and cybersecurity firm, identifies three top security risks affecting businesses.

Assuming Your Industry's Data Isn't Valuable to Cyber Attacks
Historically, highly regulated industries with personally identifiable information (PII) were at the center of cybercrime. Today, the notion that only banks, healthcare organizations or major media companies are targets of cyberattacks is misleading at best. "We're seeing cyberattacks take place in mid-sized businesses across the country, regardless of their industry," says Keck. "Any organization that stores PII carries a degree of cyber risk."

Not Practicing Good Cyber Hygiene
Practicing good cyber hygiene requires continuous monitoring of data protection and privacy controls. Password managers and multifactor authentication, partnered with email filtering, protect user accounts from being compromised, fortifying your environment against spam and ransomware. Effective data lifecycle management includes data encryption and data destruction, like erasing hard drives before discarding.

Heavily Relying on Cyber Insurance
Cyber insurance can aid your organization in the event of a compromise, however, premiums are high due to elevated risks and coverage is limited and easily denied to organizations that aren't diligent in their controls. After a breach, companies must prove the cybersecurity controls in place, including policies and programs, awareness training, patches and crucially, their sustainability.

Strengthen Your Cybersecurity Approach

"Cybercrime is ever evolving; therefore, businesses must have a nimble approach to defend against threats," states Keck. Withum's Cyber and Information Security Services Team includes professionals with Secret Service, IBM and United States Military backgrounds. To celebrate Cybersecurity Awareness Month, the first 25 business leaders who subscribe to Withum's Cyber Insights through this link will receive a complimentary 30-minute State of Cyber consultation with one of our experts to help measure their cybersecurity risk.