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Know Everything about Cyber Risk and How to Manage It

by Gaurav Gupta

What is Cyber Risk? The answer is cyber risk is the possibility of a cyber-attack and the loss borne because of it. The threat has increased recently; many organizations have incurred massive losses due to cyber-attacks. 

It involves monetary loss, data theft, hacking of your server, network, and many other issues. With the advent of the latest technology, every organization focuses on digital transformation to ease business and provide better services to their customers. However, with easy access to sensitive information these days, companies’ security is always at risk. 

You do not realize something is wrong until a cyber-attack happens most of the time. The criminals are always on the hunt to find vulnerable areas. Let us understand several types of cyber risks, their implications, and what you can do to minimize them. 

  • What are Different Types of Cyber Risks?

Cyber risk is an umbrella term that covers a lot of things. However, as the technology is touching new highs, the risk increases. Currently, there are six major cyber-attack types you have to deal with to save your organization from cybercriminals.

  • Malware Attack

Malware is malicious software developed to perform distinct types of cyber-attacks. It can be spyware, ransomware, virus, or worm. It can delete files from your computer or server, steal sensitive data, block access to the network, or spy on your organization. Once a malware attack happens, it is not easy to restore the original condition. A malware attack occurs when you intentionally or unintentionally click on an unauthentic link or open an attachment. The malware gets installed in your system once you click it.

  • Phishing

Another cyber risk can cause serious financial damage to an individual or organization. This type of cyber-attack is common, and many people have lost their hard-earned money. In case of phishing, the user receives an email that requests sensitive information like username, password to login into your bank or credit card account. The emails appear to have come from the official email address.

  • Cross-Site Attack

This type of cyber risk is also increasing these days. Cross-site scripting (XSS) happens when criminals inject malicious scripts into a trusted website either to disrupt the services or collect the user’s data. They inject a malicious script into user input like a form, HTML headers, or URL parameters. The purpose behind cross-site scripting is to access users’ data or disrupt the services. The websites without encryption are vulnerable to these types of risks.

  • SQL Injection

It is another cyber risk that most organizations are facing these days. Large entities store a lot of sensitive information. An SQL injection is done to retrieve that information and use it for financial gain or harm to the organization. In this type of cyber-attack, the criminals send malicious code to the servers that use SQL to retrieve sensitive data.

  • Trojan Virus

You must have observed that sometimes you get an alert informing you that your computer or server is at risk, and you should do a scan or install software to get rid of the problem. 

However, the fact is the opposite. When you install the software, the virus gains access to your system. A Trojan Virus disguises itself as legitimate software to access sensitive information or damage your system. 

  • Denial of Services 

It is a type of cyber-attack that involves targeting a server or a network with unusual traffic to disrupt the services. As a result, the system fails to respond. Cybercriminals use this method to attack the servers of large organizations like banks, government services, etc. It is a major cyber risk, and it is not easy to track where the traffic is coming from. 

  • Why is it Essential to Manage Cyber Risks?

Cyber risk is a threat, and it has severe implications for people and organizations. Let us look at the impact of cyber-attacks on individuals and businesses.

  • Financial Loss

Cyber-attacks can cost you significant economic loss. Most cybercriminals are always on the lookout to make money. They can try to access your bank account and transfer money by unfair means.

  • Business Loss

Nowadays, most businesses have a digital presence. Businesses like e-commerce, banks, BPOs, are entirely dependent on Information technology. A cyber-attack can cripple these businesses and cause massive losses.

  • Theft of Personal and Sensitive Data

It is another implication of cyber-attacks. Sometimes, the culprits try to get access to the personal and sensitive information of an individual or an organization. For example, they can misuse the data to access your bank account. Moreover, they can misuse personal data and commit serious crimes. 

  • How to Manage Cyber Risks?

Managing the risk is essential to successfully protecting personal data and running a business. Here are some tips to help you mitigate the risk to a great extent.

  • Understanding the vulnerability

Before you manage cyber risk, you must know the threats and to what extent your organization is vulnerable. It helps you determine a suitable strategy to mitigate the risk.

  • Hire a Professional Cyber Security Company

Once you determine the threat, you need to hire a professional cyber security team. They have the right skills and experience to protect your business from cyber-attacks.

  • Use an Antivirus 

If you are an individual, you must use an antivirus. It helps you minimize the risks and protect your computer from virus attacks and other cyber threats.

  • Use an SSL Certificate for Your Website

You must get an SSL certificate according to the risk profile if you own a website for business or other purposes. For example, suppose you have a website with different domains and subdomains, then a multi-domain like GlobalSign multi-domain. In that case, comodo multi-domain SSL cert is a few useful SSL certs that provide the highest level of encryption to keep the data secure. It allows you to secure multiple domains with a single certificate. 

Conclusion: 

Cyber risk is a threat, and nobody can ignore it. Be it an individual or institution, anyone can be a victim of cybercrime. As every business is going digital these days, eliminating the risk is essential to sustain your business in the future. However, you can reduce the risk when you know about the problem. Therefore, it is crucial to consult a cyber security professional to manage the risk and prevent a potential cyber-attack. 

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