5 Top Cybersecurity Threats: An Executives Guide

By: Honorbound IT Team

5 Top Cybersecurity Threats: An Executives Guide

Business Cybersecurity is serious; an ever-present threat that executives are right to worry about.

But understanding the top cybersecurity threats — and the steps your business should take to be more secure — is complex and technical (and let us be honest, not interesting for most people).

Unfortunately, many of the resources out there that deal with cybersecurity do so from a specialist’s point of view. They are packed full of jargon and insider lingo that just does not work for executives who are not tech specialists.

We want to fix that, so we have assembled this Executive’s Guide to the top cybersecurity threats and their solutions.

Below, we will show you the top cybersecurity threats that every executive should be aware of, and we will do it in straightforward language. Then we will cover high-level mitigation strategies and best practices that your company can implement to stay safe from ongoing and future cyber threats.

These top cybersecurity threats can get complicated in a hurry, but most forms of attack are easier to avoid once you know what to look for. Here are the top cybersecurity threats executives like you should be aware of.

1. Phishing Attacks (including Spear-Phishing, Whaling, and more)

By far the most important top cybersecurity threats to understand, phishing attacks (and several variants) are low-tech cybersecurity threats — but they are also extremely effective. They are quite dangerous for you and your business, so let us spend a little time here.

The classic phishing attack occurs via email. An unsuspecting employee gets an urgent-sounding email from somewhere important (say, Apple or Microsoft 365 or some other service they are likely to use at work). The email contains news of some kind of problem with their account, usually with dire consequences if the user does not act immediately.

Of course, the email was not really from Apple or Microsoft or anyone else legit. It is from an impostor.

If the user clicks the link in the email, they land on a website that prompts them to log in. But the website, too, is an impostor. When users attempt to log in to the fake website, boom: the bad guys now have working credentials and can log into whatever service they were impersonating.

Phishing is common via email, but it can happen across any communication channel: SMS, voicemail, and even live chat or messaging (though it is rare for a threat actor to break into internal message systems like Slack or Teams).

Spear-phishing is much harder to pull off but even more effective. That is when a criminal already has limited access to your systems (or at least basic information about your company structure). They send an email targeted to John in accounting, and they make it look like it is from a high-ranking executive asking for a favor. People tend to want to please their superiors, and you might be surprised at the kinds of crazy things people fall for in this scheme.

Whaling is the inverse: it is phishing targeted at the executives, managers, and C-suite personnel — the people with the most access to the most sensitive information (and the highest discretionary spending capabilities).

2. Insider Threats

Sometimes your greatest threats are on your payroll.

The obvious one here is the corporate spy or something similar, someone who weasels their way onto your payroll with the malicious intent of stealing data or secrets and sending them to the competition.

But insider threats can also look like negligence or incompetence. An employee leaving their workstation unlocked, loaning out their access badge, or letting in that “repairman” are all real dangers that threat actors could exploit in the right circumstances.

3. Malware

Malware refers to any kind of malicious software (mal + ware) that makes its way onto computers, servers, or other hardware. Different malware can do any number of things, from scanning databases and skimming data to logging keystrokes and sending that data to cybercriminals (logins, credit card numbers, sensitive customer data, and more could be involved).

Malware must be installed to take effect, but this sometimes happens without the victim knowing. They thought they were opening a legitimate attachment or clicking a legitimate link, and whatever happened next either did not make sense or happened in the background.

4. Ransomware

A particularly vicious form of malware, ransomware, takes over a system or part of a system, locking companies or individuals out completely. The user receives a prompt that they can regain access — for a fee. (That is the “ransom” part.)

Ransomware attacks are more complex to pull off than simple malware attacks, which just install themselves and then run without help until they are discovered. Often an attacker will spend weeks snooping around a victim’s system undetected, carefully designing the attack after understanding which files and applications are most vital.

Even worse, there is no guarantee the bad guys will play by the rules. Even if you pay, they may not return your data — or they may return it, but also sell it to the highest bidder.

5. Vulnerable Out-of-Date Systems (Hardware and Software)

Another huge threat can be the open-door cybercriminals use to access your systems and steal your data: this is when your hardware or software systems are vulnerable because they have not been kept up to date.

(This one is going to get just a little nerdy — sorry about that. Stick with us, though — it is well worth learning.)

Software, operating systems, and firmware are all complex: to the end user, things just work. But there are a ton of overly complicated processes happening behind the scenes to make that happen.

Security researchers and the companies that provide software/OS/firmware regularly discover vulnerabilities in these products: clever or novel ways that people can exploit the software to do something it should not do or give them access to something they should not have access to.

Whenever these problems — called exploits — are discovered the company that made the software develops a fix and releases that fix to users. These are called patches or security updates. On the OS level (macOS, Windows, iOS, and so forth), most security updates are added to operating system updates. (This is why your iPhone updates to iOS 15.6.1: Apple did not add any new functionality with the 0.0.1 parts; they just fixed a vulnerability.)

Usually, these fixes arrive quickly, before most bad guys have a chance to act on the new exploit (or even figure out that it exists).

But there is one noticeably big problem here: As soon as updates or patches are released, anyone and everyone with the right tech skills now knows about the vulnerability. And that means that any system that has not yet been updated is ripe for exploitation.

OK, so what does all of this have to do with you and your company? Simply put, most businesses have all sorts of outdated systems that have not been kept up to date with the latest security patches. You might even be relying on hardware or software that is no longer supported at all (the manufacturer is out of business or expects users to have upgraded by now).

The vulnerabilities are well-known, and it is only a matter of time before someone takes advantage.

Solutions for These Cybersecurity Threats

So now you know about five vital categories of cybersecurity threats, but knowing about them is not enough. You also need to know how to avoid them!

Strategies can get nuanced and complex, but there are simple steps that every business, team, and executive can take right away. Here are quick tips for each category.

1. Phishing

The important thing here is education. Usually, these messages have some tells: the urgency is odd and seems out of step with how the (legitimate) business tends to communicate. These messages push you to take unusual action and threaten grave consequences if you do not (again, in a way that Microsoft or Apple would never do). The graphics are not right or there are obvious typos.

Training your people (cybersecurity awareness or phishing awareness training) is the best defense here. We can help with that!

2. Malware and Ransomware

Education is a big component here as well: just do not open that attachment or click that suspicious link. Moving away from email as a main way to move files around helps, too. Cloud storage is far less likely to let this stuff through than email spam filters (though you should have a good one of the latter, too.)

A broader review of your network security can also help. Successful ransomware attacks tend to require vulnerabilities that go beyond someone opening a malicious attachment.

3. Insider Threats

Comprehensive access control policies go a long way here: entry-level employees should never have access to extremely sensitive documents. Without access, he cannot steal them or even expose them through incompetence.

Strong password management and insistence on multifactor authentication reduce the threat of in-person cybercrime, too: stealing a password from a sticky note sounds cliché, but it happens. Better policies and MFA make that impossible.

4. Vulnerabilities

Lastly, keep those systems updated. It is a chore, but it is vital to your security.

Thankfully, some tools and systems can help.

You might have heard the term “endpoint protection” and wondered what exactly that is all about. Endpoint protection gives your IT group (or your managed IT services partner) the ability to control parts of each user’s computer: what is installed, what users can and cannot install themselves, and when/whether system and software updates are installed.

If you are interested in exploring endpoint protection for the first time, we can help you roll it out in a way that keeps everyone protected without disrupting their work.

We Know Cybersecurity

These tips are a good place to start in avoiding cybersecurity threats. Below we have the services that we can provide to be even more thorough in protecting your valuable information, along with the threats that each service can prevent or resolve. (Network Intrusion and Data Loss/Extortion are more like consequences that are borne of the other threats we discussed, but we still show which services resolve those problems.)

The best cybersecurity strategy is a robust, holistic one that addresses all these threats and more. It considers the needs and risks unique to your business and formulates a plan that provides both flexibility and protection.

For many companies, creating this kind of cybersecurity plan in-house is just not feasible. If you could use help developing and implementing a cybersecurity strategy, we are here to help. Reach out to our expert team today to get started, 877-686-6642.

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