As cyber threats continue to grow and evolve, especially with the rise of artificial intelligence (AI) and sophisticated deepfakes, developing a secure cyber risk management program is crucial to the success of an organization.
While cybersecurity doesn’t discriminate, and poses a threat across all industries, the professional services industry faces unique risks as firms often have access to sensitive and personal information, as well as a fiduciary responsibility to protect that information. A significant breach could lead to financial loss, reputational damage and legal repercussions.
Defending against potential cyberattacks is not a trivial task and organizations must continually evolve and remain aware of emerging threats. To better protect against potential breaches, professional services firms can develop an awareness of the various types of attacks they may be vulnerable to, as well as ways to strengthen their cybersecurity programs and mitigate risks.
Top Cyber Threats Facing the Professional Services Industry
Cyber attackers are persistently exploring new and creative ways to monetize data, execute financial fraud and disrupt business operations. Top threats for professional services firms to be aware of include:
- Ransomware Attacks
- Phishing & Social Engineering Attacks
- Credential Attacks
- Supply Chain Attacks
Ransomware Attacks
A ransomware attack consists of a hacker encrypting an organization’s data and holding it for ransom. This can present major disruptions to business operations and the ability to provide services to clients. Organizations dealing with a ransomware attack also face the risk of the attacker disclosing their data on public domain if the ransom is not paid or being targeted with a denial-of-service attack.
Phishing and Social Engineering Attacks
These attacks occur when people are tricked into sharing sensitive information through fraudulent interactions, such as an email with a suspicious link or a conversation with an attacker posing as a new employee or other reputable source. Generative AI, as well as audio and video fakes, has made it increasingly difficult to evaluate fraudulent communications and detect social engineering attacks.
Credential Attacks
Credential attacks involve stealing credentials to gain access to business systems or bypass security measures. This can be done through a phishing exercise or attacking the system and dumping credentials. Hackers may also use malware with key loggers or take credentials off the dark web and use them on service providers. Additionally, employees may inadvertently give up credential information through mistakes being made due to a lack of security awareness training.
Supply Chain Attacks
These cyberattacks target an organization’s suppliers or vendors as a backdoor means to gain access into the company’s network. If a third-party supplier is breached, the attack transverses across interconnected systems and can open the door to compromised software updates or malware attacks.
As organizations evolve with the technology area and the threat landscape, they must look at emerging technologies – AI, the Internet of Things, block chain – and incorporate them in risk assessments.
How Professional Services Firms Can Manage Cyber Risks
To protect against potential financial loss, reputational damage and legal repercussions, firms need an effective cyber risk management program. Organizations can create stronger programs by:
- Understanding Data
- Designing a Program Around the Data
- Implementing Employee Training
Understanding Your Data
The first step to developing a strong program involves understanding the type of data your firm handles, how it is stored and transmitted, and what protection that specific data requires.
For example, there are certain protection mechanisms and expectations around private data that may differ for confidential data. If your organization has controlled and classified government contracting information or healthcare data, that will also influence the types of protections enforced in a risk management program.
Designing Your Program
Once you understand your data and its boundaries within your organization, you can design a cyber risk management program around that data. During the design process, it’s important to ensure all the applicable risks are identified and that the right controls to mitigate threats are identified and enforced.
Organizations will then need to evaluate and monitor the effectiveness of the program on a regular basis. With everchanging cyber threats, a risk management program is not a tool you can afford to set up and then forget. Additionally, you will want to make sure your organization enforces strong identity and access management and is prepared for a potential breach with a well-rehearsed incident response plan.
Implementing Employee Training
Employees should be knowledgeable about cyber threats and their firm’s security policies and procedures, as they often serve as a first line of defense against breaches. Investing in cybersecurity education and awareness can add an additional layer of protection for your company’s assets.
Your Guide Forward
Cherry Bekaert’s Information Assurance & Cybersecurity practice offers a full range of cybersecurity, privacy, attest and risk mitigation services. Our team can assist in identifying relevant cyber and privacy risks and create practical solutions to reduce the likelihood of potential attacks. Our services include:
- Vulnerability Testing
- Penetration Testing
- Third-Party Risk Management Evaluations
- Supply Chain Evaluations
- Security Awareness Training
- Breach Coaching
- Incident Response Program Planning
A combination of these tools and steps will help enforce the depth needed in a cyber risk management program to safeguard information on behalf of your clients and leaders. Contact us today to see how our professionals can offer tailored, flexible solutions to meet a variety of cyber, risk and privacy needs.
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