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Top Cyber Threats and Must Have Tools to Secure Your Firm

By Amanda Daly | Thursday, June 10th, 2021

Cybersecurity threats are never going away, so it’s important that we continue to stay on our toes against cyber threats that are lurking out there. Firms must invest time and money if they want to keep up with new threats in the landscape and update defense practices accordingly.

Understanding the types of cyber threats facing your organization will allow you to implement the right layers of defense as well as training your employees.

Cybersecurity Here are some top threats facing alternative investments firms today:

  • Physical security attacks: These are breaches or incidents compromising a firm’s physical assets. For example, a data center or an office breach

  • Malware/ransomware: Malware itself is short for malicious software and is intended to damage, disrupt, or disable computer operations. Ransomware on the other hand takes things to another level by holding data hostage and requiring users to pay a ransom to get their files back.

  • Social engineering: The idea behind social engineering is essentially trying to trick users into divulging personal or company information. Phishing is probably the most common social engineering tactic we see today. Be sure to think before you click. 

  • External hacking: This attack occurs when an outside hacker tries to either infiltrate or disrupt a company's network or connection either as a means to steal information or to simply prevent the firm from conducting business.

  • Insider Threats: This can either be malicious or unintentional threats caused by a firm’s employees.

Data breaches resulted in 36 billion records being exposed in the first three quarters of 2020, according to RiskBased Security research. Despite this, the number of publicly reported breaches decreased by 51% compared to the same time last year. To be one step ahead of cyber criminals, Investment Firms are advised to educate employees and implement regular managed phishing and training, a fully-managed cybersecurity training solution. Each should also implement a Managed SIEM to obtain real-time security analysis of data to proactively identify potential security risks.

To further protect you and your firms’ information from hacks and hackers, be sure to:

  • Back up: Backups are the only way to successfully recover your data. Ensure you leverage a secure and reliable backup and recovery tool that will de-duplicate, compress, encrypt, and securely transfer your data to an offsite data center.

  • Detect: For security-advanced firms, consider taking a step further and employing continuous security information and event management (SIEM) systems with a 24x7x365 intrustion detection and prevention. 

  • Patch: If you rely on a managed service provider (MSP) for cloud services, you may already have this covered. If not, consider leveraging a patch management service to stay ahead of the latest bug and security fixes and reduce the risk of malicious exploits.

  • Phish: Leverage phishing simulations to test users’ knowledge and information security awareness on a regular basis.

  • Scan: Vulnerability assessments scan for malware, viruses, backdoors, hosts communicating with botnet-infected systems, known/unknown processes, and web services linking to malicious content.

Implementing the right layers of security across your organization will help to mitigate risk. In fact, it takes a pretty heavy arsenal of security measures to combat the ever-growing threats targeting your firm from both the inside and the outside. 

Be sure to contact your Managed Service Provider today to learn how to protect your company from cyber-attacks. 

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