How To Run A Secure Online Platform
Business interruption is a top concern for global businesses as it can deliver a serious blow to an organization's reputation and bottom line. Look no further than the recent outage that prevented billions of users from accessing Facebook's social media and messaging services. There are an abundant number of external factors that could lead to operational downtime but bad actors are usually responsible. Cyber threats are widespread and affect companies of all sizes across multiple industries and sectors as the changes in critical infrastructure and significant rise in remote working has meant that businesses are more exposed than ever.
There are several online trading platforms that are built on a secure robust platform. It is important to choose an online broker that has your interests in mind. It is advisable to use the latest operating system and a trusted mobile device as more operational devices are currently connected to the Internet than any moment in human history.
Ransomware ranks high amongst the top cyber threats and prominent organizations have been drastically affected within the calendar year. It is essentially a form of malware (malicious software) that prevents access to data until the targeted victim complies by paying the designated ransomware. Leading global food company, JBS Foods, paid $11 million in ransom in response to a targeted attack that impacted its facilities and the Colonial Pipeline shut down for some time due to the possibility of additional attacks being carried out on more vulnerable parts of the pipeline.
The digitization of supply chains has complicated matters. The complexity has meant that identifying risk is harder as new ones emerge. This is due to the increased level of interconnectivity which creates blind spots that can lead to higher exposure. A cyber risk management approach is key as the focus is on minimizing risk with the understanding that mitigation works better than prevention. The operational technology (OT) and information technology (IT) departments must talk to each other to stay ahead of the evolving landscape.
There are certain steps that companies can take to prioritize cyber best practices:
- Develop clearly defined internal policies and cyber response plans
- Employee education and training
- Stay tuned to the latest industry news
- Test data backup systems
- Analysis of the financial impact of a cyber incident
- Email filtering
- Identify and address system vulnerabilities
- Understand the regulatory repercussions
- Multifactor authentication
- Minimize third-party access to data
- Run simulated attacks and execute a mock response plan
- Conduct a post-mortem
- Don’t forget to seek counsel and outside expertise
Ultimately it is important to remember that preparation is key. Hope for the best and plan for the worst. We live in an unpredictable world but a business that fully leverages its resources and talent can mitigate any crisis. Ensure that your company’s risk management and IT teams are in constant communication with senior leadership and the board of directors.
A blind eye is the most powerful weapon in any bad actor’s arsenal as hackers rely and thrive on ignorance and complacency. Cybersecurity deserves your attention and should be made a top priority. Consider investing more in cybersecurity as the rise in remote working, ransomware attacks, digitization of supply chains, cryptocurrency, and other threats isn’t slowing down.
