As more of our daily processes undergo digital transformation and become more complex, there are new cyber threats that emerge as well. As such, companies must do more to protect their data.
In this article, we’ll take a closer look at the various security threats that have emerged as of late and offer insights into how companies can better address these threats and implement a more robust cybersecurity strategy.
New Digital Processes = New Security Threats
As more businesses increasingly rely on digital applications, they are opening themselves up to new security concerns. This is not to say that digital transformation should be avoided, as going digital has numerous benefits and is necessary for businesses to stay relevant in this digital age. However, it does mean that companies need to be more mindful when integrating these new digital processes and what new risks they bring with them.
Some of the latest digital concerns include:
As companies upgrade to digital systems, they must also navigate how to provide employees with access to these systems. The problem comes with deciding who has access to what and how to give them access.
Password authentication, for example, is easy and is what most businesses use, but simple password authentication methods are no longer a strong security measure and can easily lead to breaches and hacks. Instead, newer passwordless authentication methods like biometrics and push authenticator apps should be considered.
Legacy applications (outdated systems) are still used by many companies. Unfortunately, these apps often do not support modern security controls. For those companies that need to retain their legacy apps, it may be necessary to consider alternative hybrid solutions, such as identity and access management (IAM) solution vendors, that can provide security for both on-premises legacy systems and cloud-based systems.
Many companies have upgraded to digital onboarding processes, which is great in that it makes things more streamlined and efficient. However, this can also create problems as it requires sharing a lot of sensitive data upfront. So it’s important for businesses implementing these processes to be proactive about delivering onboarding experiences that are safe and secure.
When businesses go digital, they often experience rapid growth, and while this is ultimately a good thing, it can put pressure on older security systems that are unable to match increasing traffic and demands. Thus, when upgrading systems, it’s important to include security upgrades as well that can handle growth, such as moving services to the cloud.
While digital transformation is vital, it can leave companies vulnerable to cyberattacks if they aren’t prepared. As such, any upgrades to new digital systems must include security upgrades and a more robust risk management strategy to identify new potential security threats.
Cybersecurity for Executives
Cybersecurity protocols are often aimed at helping businesses as a whole. However, some of these measures do not take into consideration that certain areas of a business might require more attention due to greater risk.
C-level executives, for example, are aware of their company’s need for greater security measures, but executives often request to bypass security measures. Executives represent a growing risk to organizations and are increasingly targeted by cybercriminals.
Executives wield more power, they possess a larger public profile, they frequently travel internationally, and they have more access to highly sensitive data, all things that make them a huge target. If just one C-level executive is spoofed, it can lead to a more significant payout than if multiple lower-level systems were hacked.
This points to a greater need for executive-level cyber protection, which can include:
- Providing C-level executives with security awareness training
- Regularly reminding executives of the impact that could come from a C-level breach
- Altering executive reporting structures
- Formalizing a C-level cybersecurity program
The more executives understand the greater security risks they pose, the more likely they are to fall in line and adhere to company cybersecurity protocols. There are also cybersecurity tools aimed at executives that can specifically help create more secure C-suites. Some of these include BlackCloak Concierge Cybersecurity, Mandiant Executive Cybersecurity Services, OneRep Corporate, and ZeroFox Executive Protection.
Remote and Coworking Security Concerns
Another area of concern is remote and coworking space security. Since the pandemic, so many more companies are allowing their employees to work remotely. Many professionals and companies are also now turning to coworking spaces as an alternative to traditional office buildings. Unfortunately, coworking spaces and remote work often result in more lax protocols that create greater security risks.
Employees who work from home, for example, are not as mindful of cybersecurity in their home offices as they otherwise would be if they were being monitored at the office. However, while employees do still carry some responsibility, it is ultimately the job of the employer to ensure their staff are safe and protected from cyber threats.
There are also a number of issues that are leading to increased security risks in coworking spaces, such as a general lack of cybersecurity culture and shared networks and hardware. The positives of a coworking space are the sense of community it creates, but with the shared, collaborative mindset also comes significant network vulnerabilities.
Essentially, too many people have shared access in coworking spaces, which makes it easier for hacks and breaches to occur. Members are also often bringing in their own devices and connecting them to the network, which can compromise systems.
All of this is to say that when dealing with remote or coworking settings, there needs to be even more protections in place to limit who has access to what and how information is being shared. The less supervision people have and the more people who are sharing data and networks, the more there is a need for advanced cybersecurity systems.
Wrapping Up: Improving Security in the Digital Workspace
Anytime a process is given a digital upgrade, it is necessary to consider the new cyber threats that come with it. As such, companies cannot simply implement an individual cybersecurity protocol one time and assume it will continue to work through constant upgrades and changes to processes. Instead, the best cybersecurity strategy is one that is regularly updated to account for new and emerging threats that arise with the use of new systems.
It’s also vital to be prepared should a breach occur. Even with advanced security protocols in place, breaches can still happen, but knowing how to better handle a breach should it occur can save businesses a lot of money. Invest in physical security alongside cybersecurity, use AI and analytics to detect and predict threats, and regularly train employees on how to respond to security breaches.
It’s also important to perform penetration testing to get a better idea of what areas are more vulnerable and are in need of greater protection. The best way to prevent breaches is to know when, where, and how they are most likely to occur.