5 Cybersecurity Threats Every Company Should Be Aware Of in 2021 – SEC Guidelines
If there is one thing that 2020 taught companies worldwide, it is the importance of cybersecurity. The pandemic has caused companies to take their operations online, leading to a sharp increase in cyber threats. The Securities and Exchange Commission (SEC) provides guidelines to help companies protect their data against cybersecurity threats. This article will discuss five cybersecurity threats that every company should be aware of in 2021, as outlined by the SEC guidelines.
1. Phishing Attacks
Phishing attacks are the most common cybersecurity threat faced by companies. They involve an attacker sending an email or message, posing as a legitimate source, to acquire sensitive information or gain access to a network. The SEC reports a rise in such attacks during the pandemic, with attackers preying on people’s fears regarding the virus. Companies must educate employees on how to identify phishing emails and regularly perform security awareness training.
2. Ransomware
Ransomware is a malware type that encrypts data and demands a ransom for its release. The SEC has seen an increase in targeted ransomware attacks aimed at specific companies, with attackers threatening to release sensitive data if they do not receive the ransom amount. Companies must have backups of their data and implement a disaster recovery plan in case of such an attack.
3. Insider Threats
An insider threat is a security risk posed by an employee or a contractor with access to the company’s data. Employees may leak sensitive information, intentionally or unknowingly, leading to data breaches. The SEC has recommended that companies limit access to sensitive data, monitor employee activity, and perform background checks before granting access.
4. Third-Party Vendors
Many companies share sensitive data with their vendors, leading to a potential security risk. The SEC has reported multiple breaches caused by third-party vendors’ software vulnerabilities. Companies must perform due diligence before sharing any sensitive information and perform regular checks to ensure that their vendors are following proper cybersecurity protocols.
5. Internet of Things (IoT) Devices
The Internet of Things (IoT) is a network of interconnected devices that can be controlled remotely, leading to an increase in cyber threats. Hackers can exploit vulnerabilities in IoT devices, leading to data breaches, or launch distributed denial of service (DDoS) attacks. Companies must implement strict security protocols for these devices and perform regular vulnerability assessments.
Conclusion
Cybersecurity threats are inevitable, and companies must be proactive in protecting their data. By following the SEC guidelines and implementing strict security protocols, companies can minimize their risk and prevent data breaches. Phishing attacks, ransomware, insider threats, third-party vendors, and IoT devices are the top cybersecurity threats faced by companies in 2021, and companies must take steps to safeguard themselves against these threats.
