Top 10 Cybersecurity Controls to Keep Your Company Safe
March 29, 2024
Safeguard your organization from increasing cyber threats and insurance claims by implementing these 10 cybersecurity controls.
Safeguard your organization from increasing cyber threats and insurance claims by implementing these 10 cybersecurity controls.
Data breaches, ransomware attacks and social engineering scams are increasing every day, affecting organizations of all types and sizes. With cyber threats evolving and attackers growing more sophisticated, organizations must confront their cyber vulnerabilities and enhance security measures. Improving cybersecurity not only mitigates the risk of cyber incidents and insurance claims but also ensures that organizations have sufficient cyber coverage in place.
The increased severity of cyber incidents has led many cyber insurers to raise their premiums and become more selective about the organizations they insure and the losses they cover. Consequently, numerous underwriters now use organizations’ documented cybersecurity practices to assess their eligibility for coverage, whether for a new policy or a renewal and to determine the cost of their premiums.
To help you get cybersecurity insurance at the best rate, let’s look at the top 10 cybersecurity controls that organizations can implement to help manage their cyber exposures.
Multifactor authentication (MFA) is a layered approach to securing data and applications. User are required to present a combination of two or more credentials (e.g. phone number, unique security code) to verify their identity when logging in to a system. While complex passwords are still recommended, without the additional MFA, they can still be cracked easily.
This extra layer of login security prevents cyber criminals from easily accessing accounts, even if they possess employees’ passwords. It is recommended for organizations to implement MFA for remote network access, network administrative tasks and enterprise-level cloud applications.
Endpoint detection and response (EDR) solutions offer advanced capabilities in threat detection, investigation and response. These include incident data search, investigation triage, validation of suspicious activity, threat hunting and detection and containment of malicious activities.
EDR solutions enhance visibility into security incidents across diverse equipment. Such as smartphones, desktops, laptops, servers and tablets that interact within connected networks. By continuously analyzing endpoint events, EDR offers real-time visibility, allowing IT departments to uncover and address related issues promptly.
Patch management is keeping software on endpoints (smartphones, desktops, laptops, servers, etc.) up to date. Patches enhance security, fix bugs and boost performance by modifying operating systems and software. Vendors create patches to address vulnerabilities targeted by cybercriminals. The process can be handled by an organization’s IT department, automated tools or a mix of both. Steps include identifying IT assets, assessing critical systems, testing and applying patches, tracking progress and maintaining records.
Patch management is crucial for system security, compliance with software standards, utilizing system features and reducing downtime. Consistent software updates are important to minimizing cyberthreats. Having a structured patch management plan helps to prioritize, test and deploy updates.
When organizations’ networks lack sufficient access restrictions and are closely interconnected, cybercriminals can easily hack into them and cause widespread operational disruptions and damage. This is where network segmentation and segregation can help.
Network segmentation involves dividing larger networks into smaller segments (subnetworks) using switches and routers. This aids organizations in monitoring traffic flow, enhancing performance and pinpointing technical issues and security threats.
Network segregation isolates critical networks (e.g., those with sensitive data and resources) from external networks, like the internet. This allows for stronger security measures within vital networks, deterring cybercriminal lateral movements that cause a lot of damage quickly.
Implementing network segmentation and segregation involves prioritizing the “principle of least privilege.” Employees should only have access to networks essential for their job roles. Hosts must be separated from networks according to critical business functions for improved infrastructure visibility.
All software eventually reaches its end of life. When this occurs, manufacturers stop development and support, leaving products vulnerable without upgrades, bug fixes and security patches. Cybercriminals exploit these weaknesses, making end-of-life (EOL) software risky.
Organizations may hesitate to switch software due to resource constraints, missing features in new software or migration difficulties, especially if current systems are functioning. However, sticking with EOL software poses cybersecurity risks, technology issues, performance reductions, increased costs and compliance challenges.
Proactive EOL software management helps prevent unexpected issues and upholds organizational cybersecurity. By developing a life cycle management strategy, organizations’ IT departments can introduce new software and phase out unsupported ones. Leveraging this type of device management allows for efficient updates across multiple devices simultaneously and can benefit implementing new software when replacements are necessary.
Remote Desktop Protocol (RDP) is a network communications protocol (developed by Microsoft) that enables users to connect remotely to servers or devices from any location. RDP serves as a valuable business tool, allowing employees to retrieve files and applications from their organizations’ networks while working remotely. It also empowers IT departments to diagnose and resolve employees’ technical issues from a distance.
However, RDP ports are often exploited as a gateway for launching ransomware attacks, especially when exposed to the internet. According to a recent Kaspersky report, nearly 1.3 million RDP-related cyber incidents occur daily, with cybercriminals selling data for $2,000 on the dark web. This makes RDP one of the primary targets for ransomware attacks.
To protect RDP ports, organizations can deactivate them when not in use, avoid leaving them accessible online and enhance overall security by using a virtual private network (VPN) and multi-factor authentication (MFA).
Ransomware attacks and scams often begin with employees receiving deceptive emails. These emails may appear to be from reputable sources but contain harmful attachments or request sensitive data.
To protect against these attacks’ organizations can utilize email authentication technology. This tech checks emails for authenticity based on sender verification standards. Sender Policy Framework (SPF) is the most common choice that verifies a sender’s IP addresses and domains.
After successfully authenticating emails, SPF allows them to pass through an organization’s IT infrastructure and reach employees’ inboxes. Unauthenticated emails may appear flagged, get blocked or end up in spam folders. Email authentication technology plays a crucial role in preventing dangerous emails from reaching employees and thwarting cybercriminals’ tactics before they strike.
A great way for organizations to protect sensitive information and data from cybercriminals is by conducting frequent and secure backups. To do this, organizations need to first determine safe locations to store critical data, whether within cloud-based applications, on-site hard drives or external data centers. From there, organizations can establish concrete schedules for backing up this information and outline data recovery procedures to ensure swift restoration amid possible cyber events
Cyber incident response plans can help organizations establish protocols for detecting and containing digital threats, remaining operational and mitigating losses in a timely manner. These plans should detail possible attack scenarios, methods to recognize signs of such incidents, approaches to uphold or recover critical functions and designate the accountable individuals for these tasks.
Incident response plans should be regularly reviewed through activities such as penetration testing and tabletop exercises to ensure effectiveness and pinpoint security gaps. Penetration testing simulates real attacks on specific workplace technology or digital assets to assess cybersecurity strengths and weaknesses. Tabletop exercises test the efficiency of cyber incident response plans utilizing mock scenarios. Based on the activity results from the testing, organizations should adjust response plans accordingly.
Employees are widely considered organizations’ first line of defense against cyber incidents, especially since all it takes is one click to compromise and wreak havoc on an entire workplace system. Considering this, it’s important for organizations to offer cybersecurity training.
Training should center around helping employees properly identify and respond to common cyberthreats. Additional training topics may also include organizations’ specific cybersecurity policies and methods for reporting suspicious activities.
Because digital risks are ever-changing, training shouldn’t be a standalone occurrence. Rather, training should be provided regularly and updated when needing to reflect the latest threats, attack trends and workplace changes.
It’s vital for organizations to take cybersecurity seriously in today’s evolving digital risk landscape. By leveraging proper cybersecurity controls, they can effectively decrease their exposures and minimize the risk of losses and related insurance claims.
For more risk management guidance and cybersecurity control options, contact a trusted advisor.
