DEFENSESTORM BLOG
Monday, October 2nd, 2023
Innovations in technology and security are top of mind for banks and credit unions, and when it comes to firewall security, it is critical to strengthen the weakest link in your cybersecurity efforts. As cyber risks evolve, institutions of all asset sizes must prioritize and invest in strengthening cybersecurity efforts.
Innovative technology has revolutionized the way we work and live by unlocking a wealth of new capabilities. As artificial intelligence makes daily operations more efficient and flexible, people become increasingly reliant on the luxury of digital technology. Of course, businesses then competitively introduce the latest and greatest to meet the demands. With new technology and changed business operations comes exposure to new cyber risks and vulnerabilities, prompting companies to prioritize and invest in stronger cybersecurity measures.
Ominous headlines touting 2023 as the “Year of Risk,” have organizations scrambling to increase their cybersecurity budget and buy the latest threat detection technology. The technology and supportive resources to prevent threats from becoming attacks are important, but what if I told you that while you have the newest, state-of-the-art technology safeguarding your systems, your employees are your biggest vulnerability? Even the most technologically savvy employees are a liability. Just ask NASA about the Mars climate orbiter…a simple human mistake in measurement conversion by scientists led to a navigation error, sending the climate orbiter to its demise, burning up in the Martian atmosphere. The result? A loss of nearly 200 million dollars and red faces all around. The reality: Despite having the most effective cybersecurity measures implemented, a simple human error can lead to significant financial losses, interruptions in business operations, and harm to the organization’s reputation.
Companies become confident and ready to take on the threat of cyberattacks after implementing the newest and most advanced solutions in cyber risk management. Most businesses eagerly invest in the best security products, hire external monitoring support for their internal teams, and implement proactive strategies for preventing and mitigating cyberattacks. Despite following the recommendations for improving cyber risk readiness, the Thales 2022 Data Threat Report revealed, “Human error is seen as the highest threat to organizational security, with 38% of organizations ranking it as the top threat.”
Understanding cyber risk awareness is just as vital to the maturity of your program as having the right products in your cyber security program or implementing a proactive plan. Integrating all these essential components is what makes your company fully prepared to tackle cyber threats, but recognizing the importance of security awareness is also crucial to prevent costly errors.
Understanding how employees can inadvertently cause a hole in your security is vital to protect your business. Mistakes are made at ALL levels and across ALL departments due to insufficient cyber risk awareness training, distraction, burnout, or even complacency. Some of the worst breaches occur from a simple lack of knowledge.
Ask yourself: Do your employees casually open emails on their phones, oblivious to the telltale signs of a phish? Are they click happy just clicking links and downloading files without regard for the source? Do they reuse the same password across multiple accounts? Is their professional device automatically connecting to an unsecured Wifi? More importantly, do they even realize that these actions make them vulnerable?
Another major obstacle in maintaining cybersecurity awareness is the issue of distraction. With employees constantly busy and multitasking, opening messages while on the move, are we truly focused on the potential risks at hand? Consider this scenario: You’re about to log out to make an important appointment when you get an email labeled – high priority. It’s from the Human Resources Director with the subject line HR Investigation: Notification of Formal Complaint. Already running late, you immediately open it and barely read through the message before downloading the file. Hacked. It was a phish. You were distracted, and it hindered your ability to notice the red flags: (1) The sender with a familiar name but from an unknown domain (2) Major spelling and grammatical errors (3) Incorrect company signature line. It happens, but how can this costly mistake be prevented from occurring over and over again?
Cyber Risk Awareness
Whether caused by distraction or lack of awareness, the consequences of a breach are still the same – compromised data, interruption of service, monetary loss, and a tarnished reputation. Strengthening cyber risk awareness is important for all employees to prevent these simple but egregious mistakes. Keeping employees trained, aware, and motivated can be done by employing these best practices:
Prioritize Cybersecurity Personnel
Employees proficient in information technology and working on internal cybersecurity teams can also become a significant liability because of professional burnout, gaps in skills, and downright apathy. Organizations are facing significant burnout because the constant influx of cyber events necessitates a level of scrutiny that cannot be managed efficiently by outdated
processes and insufficiently staffed teams. Overburdened employees are prone to making mistakes, and there is a growing concern that tasks within the internal Security Operations Center (SOC) may become redundant for certain individuals, leading to a complacent attitude that results in costly errors. To mitigate these risks, it is essential to evaluate and train the internal team to keep them alert, motivated, and prepared for emerging threats. There are several effective strategies to consider, including building a stronger internal team through training, evaluation, and collaboration. It is crucial to adopt a proactive approach to prevent employee burnout and maintain a highly effective SOC team.
Some strategies to consider:
Staying Informed and Alert
With cyber threats, emerging technology, and daily operational demands contending for priority, it’s easy to forget the pivotal role human factors play in the success or decline of a business. It’s possible for any one of your employees to make a damaging error, so while you are beefing up your cyber defenses, remember the cautionary tale of the Mars orbiter mishap and how even rocket scientists can have their “oops” moments. Don’t wait until an avoidable mistake – foster a culture of continuous cyber risk awareness, nurture your cybersecurity teams, and implement comprehensive training programs. With education and empowerment, companies can prevent mistakes, reduce the impact of human error, better safeguard their valuable assets, and maintain a strong and resilient defense in the face of the ever-evolving cyber risk landscape.