How to Protect Business in 2025

Account Takeover Incidents are Rising: How to Protect Business in 2025

Can it really happen to my business?

Digital transformation is accelerating, and the value of your business’s data has increased, and so has the risk of it being targeted by cybercriminals!

Data security risks represent a massive concern for organizations in every sector because the fallout of a data breach or other security incident can be devastating.

Organizations can improve their defenses against potential threats by understanding the top risks and developing effective countermeasures.

Common Types of Data Security Risks

• External Attacks: Cybercriminals use different attack types, such as phishing, malware, and  Distributed Denial of Service (DDoS) attacks, which are cybercrime attacks, to target organizational security vulnerabilities.
• Insider Threats: Authorized, often privileged, access by employees or contractors can be misused, either negligently or deliberately, often resulting in data leaks or unauthorized data access.
• Data Loss: Losing data caused by human error, insufficient backup processes, or system malfunctions can interrupt the flow of business and result in critical information loss.
• Application Vulnerabilities: Third-party applications are often a significant cause of software vulnerabilities that attackers use to gain access to data.
• Compliance Shortcomings: Failure to adhere to industry-specific regulations can not only lead to a security breach but also land organizations with costly fines and legal challenges, multiplying the fallout from a security event.

Impacts of Data Security Risks on Organizations

• Financial Damage: A data breach or a similar security incident can have immediate financial costs, from fines, legal costs, and remediation costs. Moreover, indirect costs due to lost business and customer attrition can affect company revenue for years.
• Reputational harm: When a security vulnerability becomes news, customers lose trust, and the brand suffers, which causes customers to move to competitors that take the endeavor around data security seriously.
• Impact on operations: Security incidents, especially ransomware attacks, can interfere with the normal flow of business operations, leading to downtimes as well as more recovery costs.
• Legal Repercussions: Non-compliance with regulatory standards like GDPR, HIPAA, or CCPA leads to major fines and extra oversight from regulatory authorities.

Do you want to protect your business’s sensitive data from unauthorized access and breaches?

Here is a list of security risk identification strategies to proactively look for vulnerabilities and manage them before an incident occurs.

Threat Modeling: Identify potential threats to your system by mapping out assets, identifying vulnerabilities, and considering possible attack vectors from an adversary’s perspective.

Vulnerability Assessments: Regularly conduct scans using automated tools to identify known vulnerabilities in software, hardware, and networks.

Penetration Testing: Engage ethical hackers to simulate attacks on your systems, which helps to uncover security weaknesses that might not be found through automated tools.

Security Audits: Evaluate security policies, processes, and controls. This can include reviewing compliance with industry standards and regulations.

Asset Inventory: Maintain an up-to-date inventory of all assets (hardware, software, data). Understanding what you have is the first step in protecting it.

Incident Response Drills: Regularly conduct drills and tabletop exercises to refine your incident response plans and ensure your team is prepared for real-life scenarios.

Continuous Monitoring: Implement security information and event management (SIEM) tools to monitor system activity in real time, enabling the early detection of suspicious behavior.

Employee Training and Awareness: Conduct training sessions to educate employees about common security risks, phishing attacks, and safe handling of sensitive information.

Third-party Assessments: Evaluate the security measures of third-party vendors and partners to ensure they meet your organization's security standards and do not introduce vulnerabilities.

Security Patch Management: Regularly update and patch software and systems to protect against known vulnerabilities.

Risk Assessment: Perform regular risk assessments to evaluate potential risks and their impact on your organization. These assessments help prioritize vulnerabilities based on their severity and likelihood.

With these strong risk identification strategies in place, businesses reduce the underlying exposure to risk and avoid costly financial and reputational damage.

Download a Risk Management Checklist