Cybersecurity is a top priority for organizations around the globe. As we hear of more breaches and fraudulent acts in the headlines, organizations must focus their efforts on understanding what cybersecurity is and how we can defend ourselves against it.
Today’s hackers are becoming advanced in their tactics, as they will study your business and scan for any vulnerabilities to see where they can make an attack. Hackers have several common tools that they tailor to execute their cyber-attack. Often, hackers prey on human errors where someone is inattentive, clicks a link to a compromised website, downloads a file, etc. Even executives can fall victim to a hacker’s tactics if they are in a hurry and click without thinking and evaluating.
In order to properly defend ourselves against these hackers, it is helpful to have an understanding of who these hackers could be. As noted in the following infographic:
- 55% of attacks are carried out by those with inside access to the target company’s system
- 95% of breaches are caused by human error
- 97% of critical Microsoft vulnerabilities could be mitigated by removing admin rights
Cybersecurity measures can be taken by controlling system rights granted to individuals, as well as increasing procedures and process to reduce the probability of human error. Individuals must understand the procedures and their importance, so they can adequately defend themselves and their organization against the potential for cyber-attacks.
- To defend a business against a hacker, think of your business as a castle. As a castle is constructed with security in mind, so too should your business procedures. With the castle analogy, the following castle elements correlate to successful cybersecurity business practices:
- Moat – Consistent with limitations on applications, such as allowing admin rights or granting certain individuals access to systems
- Drawbridge – Company policies and password requirements that must be successfully achieved for access to any systems or information
- Four Main Walls – Keep others out that do not have the proper credentials and authority to be accessing your business and its information
- Single Sign-On (SSO) capabilities to limit the access points for entry
- Multi-Factor Authentication (MFA) consistent of combining something you know with something you have such as a physical token or an electronic message with a security code, which makes it harder for hackers who now must have both pieces of information to move forward
- Firewall put in place to monitor and block access of unauthorized users to your company’s systems or networks
- IP White Listing consistent with a list of senders or users to block because they can be spam users trying to make an attack
Celebrating its 30th year in business, GTreasury’s development and resources are focused entirely on only one TMS application. GTreasury is committed to cybersecurity and helping any global treasury operation illuminate its liquidity.