Those working in the financial industry face significant cyber risks due to the sensitive financial data they collect and store for their clients. Hackers primarily focus on stealing sensitive data to gain a financial advantage. And simply put, the financial industry is all about sensitive data.
Accountants, CPAs, and financial advisors are targeted more frequently because the valuable data they manage is extremely attractive to cyber criminals leaving them more vulnerable to cyber risks such as; ransomware, data breaches, and phishing scams.
Proactive Cybersecurity is the approach to cybersecurity that includes preemptively identifying security vulnerabilities and adding processes to identify threats before they occur. In this article, we will explain a few ways that professional services can reduce the risk of cybercrime.
The Cyber Risks You Face
As previously mentioned, professional services such as those in the financial sector are a prime target for cybercrime. However, there are a variety of different threats that you should be aware of.
Business email compromise incidents stemming from Phishing attacks are one of the most frequent types of attacks on the professional service industry. Phishing attacks are a type of cyber attack where emails are sent from a legitimate account (or what appears to be), so they are not blocked by email security services. Phishing emails are designed to trick the user into clicking on a malicious link or attachment. This can lead to the installation of malware, which is software that allows the attacker to take control of your system or access sensitive data.
Reusing Breached Credentials pose a significant threat to your business. 72% of users reported reusing passwords is pretty common amongst most users as it’s extremely convenient in the short term, however, it’s an extreme cyber risk. If one of your accounts is breached, your username and password will be exposed by hackers. If an employee has reused these credentials across multiple accounts, then those accounts are now at risk too. Hackers know that this behavior is typical, and they will and do try to exploit it.
Ransomware attacks are another type of threat that can target professional services. In a ransomware attack, the attacker will encrypt your data and demand a ransom in order to decrypt it. This can be a very costly attack, as it may require you to pay the attacker in order to get your data back to reduce the time spent having your systems down.
How Proactive Cybersecurity Reduces Your Risk
Along with the variety of different cyberattack methods, there are many ways to combat cybercrime and prevent an attack on your business:
- Using a secure email service and following best practices with encryption to protect sensitive data and training employees on how to recognize and report possible phishing emails can help lower your risk of a compromised email scenario.
- Security Awareness Employee training: Your employees are one of your biggest assets, but they can also be one of your biggest vulnerabilities. Attackers will often target employees in order to gain access to your system, so it’s important to train them on how to identify and avoid these types of attacks.
- Consult with cybersecurity professionals like Stasmayer: Cybersecurity is a complex and ever-changing field, which makes it difficult to stay up-to-date on the latest threats and best practices. However, professional services can consult with cybersecurity experts in order to get the most comprehensive protection.
- Backup Services In the event of a successful attack, it’s important to have a data backup and disaster recovery plan in place. This will ensure that you can quickly and easily recover your data if it is lost or encrypted in an attack.
Switch From Reactive to Proactive Cybersecurity With Stasmayer
The best way to combat cybercrime is to partner with a company like Stasmayer. Protect your data and reputation with our Managed IT Security services. Be proactive about cybersecurity by implementing comprehensive security measures before an attack occurs. By being proactive, you can reduce the risk of a successful attack and minimize the damage if an attack does occur.
To learn more about how to proactively approach cybersecurity to protect your professional services business, reach out to Stasmayer today. We’re experienced in helping businesses like yours protect their data and we’d love to assist you as well.