Cyber Defense eMagazine December Edition for 2021

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Cyber (In)Secure: Business Sentiment on Cyber Security Challenges By James Edgar, Senior Vice President and Chief Information Security Officer, FLEETCOR Undoubtedly the last two years have been incredibly challenging for businesses, as many companies grappled with the health and safety of employees, massive revenue loss, threats of closure and the great resignation. To make matters worse, as businesses set their sights on recovery, cybercriminals focused on taking advantage of any vulnerabilities available. According to the FBI’s Internet Crime Report, the Internet Crime Complaint Center (IC3) saw a 69% increase in total complaints from 2019 to 2020. Business E-mail compromise, phishing and ransomware all are on the rise. Yet, despite an uptick in cyberattacks since the pandemic began, global corporate payments provider FLEETCOR surveyed business owners and learned 91% say they have not fallen victim to a cyberattack in the last 12 months. According to FLEETCOR’s 2021 Insights on Business Cybersecurity Study, for small companies with 20 or fewer employees, the number dips even lower with just 7% of survey respondents saying they fell victim to a cyberattack during the same timeframe. For businesses with 21-50 employees, that number doubles to 14%. Cyber Defense eMagazine – December 2021 Edition 136 Copyright © 2021, Cyber Defense Magazine. All rights reserved worldwide.
Survey results show businesses are becoming increasingly aware and diligent in their security practices, especially as the pandemic reshapes work environments, including increased cloud adoption and companies welcoming hybrid work scenarios. However, the threat of a cyberattack still looms. Business disruption is the most prevalent concern Nearly two-thirds (62%) of FLEETCOR survey respondents report concerns their business is at risk of becoming cyberattack prey, while 83% strongly agree cybersecurity breaches are damaging to business. Not surprisingly, when asked to select the most concerning cyberattack consequence, 65% of respondents chose loss of profitability and/or disruption to operations. And it’s no wonder since, in 2020, the average cost of a data breach was $3.86 million, according to the Cost of a Data Breach Report by Ponemon Institute. Little spent on cybersecurity protection Despite the high level of apprehension for being at risk of a cyberattack, few businesses surveyed by FLEETCOR put their money where their concern is. Fifty-seven percent of respondents said they allocate 5% or less of their annual IT budget to cybersecurity protection, while 25% allot 6%-10% of their IT budgets to this cause. Although they’d like to spend more on cybersecurity protection, lack of capital resources is the primary reason businesses don’t. Digital payments here to stay As many businesses at the onset of the pandemic temporarily closed physical locations, digital payments soared, and this shows no signs of slowing. More than half of American business owners (53%) surveyed said the global crisis increased their adoption with apps being the most executed method. It’s no wonder since they’re easy to use, safe and can be used around the clock. And while secure digital practices should be table stakes for companies conducting business with other companies, most respondents – four out of 10 – don’t know about their vendors’ cybersecurity policies and practices. More than 20% rely on word of mouth and said they had no knowledge regarding this matter at all. This practice of not knowing is risky. When vendors lack strong security controls, your company is exposed to a myriad of risks – financial operational, regulatory and reputational, to name a few. Don’t risk it Going into the new year, evaluate your company and vendor security practices and identify areas you might be falling short. Consult with your fellow business leaders and put a plan in place to mitigate risk. The last two years have proven life is unpredictable, but the more you understand your business risk realities, the better equipped you will be to handle security challenges. Cyber Defense eMagazine – December 2021 Edition 137 Copyright © 2021, Cyber Defense Magazine. All rights reserved worldwide.
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9 Ways Social Media Sabotages Your
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How Do You Secure the Modern Supply
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Cyber Defense eMagazine - December
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With over 4 billion users, social m
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Unsecure Mobile Networks When using
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However, as concerning as these pra
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Danny Lopez, CEO, Glasswall “Duri
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estoring data. Modern organizations
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When Diplomacy, Finance and Tech Co
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Another way leaders can take initia
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How Covid-19 Changed Advertising Fo
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However, this shift might not be su
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Why MFA Alone Isn’t Enough for Tr
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just highlights how vulnerable most
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on channels like email. This starts
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3 Best Practices to Avoid Inevitabl
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For example, an employee may become
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and outcomes is essential for proje
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Electric Vehicle Charging: The Next
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Going forward, EV dealers, charging
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How does this relate to MFA? Well,
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constant exposure of countries to a
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Why do you need a malware sandbox?
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Multi-Cloud Security and Compliance
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If security controls are not consol
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How Do You Secure the Modern Supply
Page 85 and 86: The case for isolation Supply chain
Page 87 and 88: Don’t Take Yourself Out of The Ga
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Page 95 and 96: the wake of the pandemic where the
Page 97 and 98: Certain communications are protecte
Page 99 and 100: At Salt Communications we work with
Page 101 and 102: And it’s only getting worse. If y
Page 103 and 104: The benefits are great When HDOs ha
Page 105 and 106: 4 Pillars of Privacy-Preserving AI
Page 107 and 108: concern and a desire to be cautious
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Page 111 and 112: 2. Enabling over-the-horizon threat
Page 113 and 114: Techniques Used by Hackers to Bypas
Page 115 and 116: Phishing scams avoid email security
Page 117 and 118: ATO Detection Account takeover bene
Page 119 and 120: How To Protect Your Digital Legacy
Page 121 and 122: I worked with cybersecurity experts
Page 123 and 124: Sextortion Email Scams What to Do a
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Page 133 and 134: Surviving The New Era of Terabit-Cl
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Page 161 and 162: CyberDefense.TV now has 200 hotseat
Page 163 and 164: Books by our Publisher: https://www
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Cyber Defense eMagazine December Edition for 2021

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