VRM VS TPRM
Vendor Risk Management (VRM) and Third-Party Risk Management (TPRM) are two essential approaches for managing the potential risks
Nowadays, digital transformation is a key driver for all aspects of the life. However, together with this digital transformation comes a spike in cyber-attacks, and the tech industry is usually ground zero for those attacks.
Due to the heavy use of the Internet and digital technologies, high-tech business companies and their employees are valuable targets for cybercriminals. Therefore, tech companies are more likely to face cyber-attacks compared to other industries.
Our article highlights the biggest cyber threats for tech companies and demonstrates a comprehensive explanation of each one of them.
Thousands of organizations fall victim to ransomware every year, making it one of the most pervasive and damaging forms of cyber-attacks. Companies are targeted by cybercriminals infiltrating companies' networks and encrypting their data, demanding ransom payments in exchange for decryption keys.
The initial losses from ransomware attacks are just the tip of the iceberg because the financial strain and data loss can have far-reaching consequences. Six months following a cyber assault, 60% of small firms fail and shut down their businesses entirely.
Meanwhile, cyber criminals are continuously improving their techniques, making ransomware attacks more complex and lucrative. Those who have mastered these attacks now make a living by teaching others and selling them the tools and knowledge.
Malware is malicious software designed to access networks and perform unauthorized actions such as theft, encryption, or destruction of information. Cybercriminals distribute malware in various forms, including ransomware, spyware, worms, viruses, and Trojan horses. Nowadays, the most common points of malware exposure to a victim company’s network remains the digital files.
Social engineering is a malevolent threat that most advanced cyber security systems cannot stop because it targets the most vulnerable link in the cyber security chain - people!
Humans are prone to errors; the extensive use of electronic communication such as email, text messaging, and social media makes them an easy target for cybercriminals. Social engineering attacks are centered around deception; the most prevalent form is Phishing, in which cyber criminals use fake identities to trick people providing sensitive details and credentials; later, causing abuse of victims and their companies.
Within the last couple of years, remote and hybrid working models have become the norm across many companies worldwide. While remote working may seem like a dream come true for employees, it is a nightmare for cyber security specialists working hard to mitigate the risks of individuals compromising sensitive company data while working from home.
Remote workspace lacks many cyber security measures, creating a weak link that endangers the entire system. An additional cyber security threat can be a phishing or unpatched software, which hackers can take advantage.
In today’s highly connected global economy, many companies rely on third-party services such as online payment processors to keep up with customer demand. As a result, third party companies get access to private information and data. Cybercriminals use this factor to bypass security measures and systems by targeting the less secure networks of secondary targets.
In 2021, cyber criminals entered Socialarks, a third-party contractor for social media platforms of Facebook, Instagram, and LinkedIn, marking one of the most catastrophic hacks to date. In the end, 214 million users had their account information compromised.
The cloud storage is utilized by everyone, whether for archiving personal photos or highly confidential company files. The development of modern technologies can lead one to believe that the cloud is now more secure; however, this is not the case.
Over the past 5 years, the rise estimated at over 150% in cloud vulnerabilities is shocking and presents a serious problem for businesses. Misconfigured storage, unsecured application programming interfaces, and illegal access to cloud root accounts are just a few of how hackers get access to highly sensitive information during a cyberattack against a cloud-based services, denying businesses access to their data.
Many companies have recently adopted “Bring your own device” policies to boost productivity and enable a space for remote working. That approach caused an uptick in mobile device usage making new opportunities for cybercriminals.
More than 45% of companies have experienced a security breach caused by a download of malicious mobile applications. Ironically, portable security systems such as Mobile Device Management (MDMs), which allow companies to manage remote devices and secure the data, have also become the target of cyber criminals, enabling them to attack multiple employees simultaneously.
The Internet of Things, known as IoT, is a system of interconnected electronic devices that can collect and transmit data using embedded sensors and networking software. The widespread use of the IoT is attributable to its many benefits, including the ease with which information can be stored, sent, and retrieved.
More devices connected online; more cyber threat exposure is potentiated. Complexity and variety in technology and data make current IoT systems susceptible to security breaches and open a world of vulnerabilities for hackers. With the rising use of smart devices, IoT will become one of the biggest cyber threats in the coming years.
Denial-of-Service (DoS) and Distributed Denial-of-Service (DDoS) attacks are common and preferable methods used by cybercriminals to reach their targets. During a denial-of-service (DoS) attack, the attacker deliberately floods a target’s network with phony data to halt the target’s service for genuine users. Attackers can interrupt service by sending excessive requests to websites. The difference between DoS and DDoS resides in the number of sources from which the attack is launched.
Cyber threats have far more destructive results on tech companies than other sectors and being aware of them is critical in taking precautions and protecting the company. It is important to employ the appropriate defensive measures to protect their organization from cyber threats and protect their clients from any potential data breaches.
For this purpose, they must thoroughly understand where the threat lies, and how best to prevent it from affecting them.
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