8 End of the Year Cybersecurity Strategies

As we approach the end of the year, small and medium-sized businesses (SMBs) are facing heightened risk of cyber threats. These phishing attacks exploit a few different facets of this time of year so we will explore some end of the year cybersecurity strategies more below. But first, let’s set the stage for what we are discussing.

Understanding Phishing Attacks and Ransomware

Before we dive into the cybersecurity threats surrounding the end of the year, we should first establish what we mean by phishing attacks and ransomware.

Phishing attacks – Phishing attacks are cyber-attacks in which cyber criminals send messages via different media formats that appear to be legitimate but actually hide some sort of malicious mechanism. This could be a link that sends you to the wrong site of one that embeds software to steal information from your device. The data stolen could be financial information, intellectual property, or login credentials.

Ransomware – This is a type of malicious software that once installed on a user’s device, can encrypt their data making it inaccessible to the user. Then the cybercriminal responsible for the ransomware will request a ransom be paid for the user to get their information back. This can be devastating for anyone and for an SMB, it could be crippling to the organization causing financial loss, reputational damage, and loss of operational ability. It is important to also note that ransomware is often spread via phishing attacks.

SMBs and end of the year cybersecurity strategies

Next, we are going to go through a few reasons why SMBs are targeted by phishing attacks at the end of the year and also go through some end of the year cybersecurity strategies to help your organization prepare and defend your digital environment.

Why SMBs are targeted

There are three big reasons SMBs are targeted.

• Perceived Vulnerability: Often cybercriminals perceive that SMBs are less likely to spend money on advanced cyber security measures.
• Valuable Data: Even though SMBs may seem smaller and less of a target the reality is that they do hold valuable data, whether that is financial data, customer data, or intellectual property.
• Limited Resources: Having limited resources is an issue that many SMBs face. While that might be the case, there are ways to utilize your resources more efficiently.

Cybersecurity Strategies for SMBs

Here are a few end of the year cyber security strategies for your organization to utilize.

Implement Multi-Factor Authentication

• This is one of the most effective, and often cheapest, cybersecurity strategies you can implement. They provide an extra layer of security for different devices, platforms, and accounts making it harder for a cybercriminal to solely rely on tricking a user to click on a link in a phishing email.

Employee Training and Awareness

• Having regular training regarding phishing and ransomware is another end of the year cybersecurity strategy that can be a huge benefit since phishing attacks ramp up at the end of the year. Having training like this can help users recognize that cybercriminals will often pretend to be different retailers or package-handling companies since many people are buying gifts and getting them shipped during this time of year. Having employee training is important all year so get started on it at this critical time of year.

Email Security Measures

• Be sure your email accounts are set up with security in mind. Set up authentication protocols like SPF, DKIM, and DMARC to help verify incoming emails for their legitimacy. Also, set up advanced spam filters to block phishing attacks. Remember, these systems aren’t perfect so be sure to still have your employees trained on phishing attacks.

Regular Patches and Software Updates

• It is important to keep software up-to-date because developers will often update their programs to address recent security risks or even recent attacks. You might even consider setting up automated patch management so the systems are updated in a timely manner and not dependent on a person remembering.

Network Security Enhancements

• Be sure to have several security measures in place for your organization’s network. This is one of the end of the year cybersecurity strategies that should be looked at frequently to be sure things are in place correctly. That includes checking firewalls and intrusion detection systems (IDS) to be sure they are in place and blocking what they are supposed to be blocking. It also means checking that your network segmentation is correct. Segmenting your network can aid in preventing ransomware from spreading to your whole network, should it get into a part of it.

Backup and Recovery Plans

• Having a backup and recovery plan for your organization is one of the end of the year cybersecurity strategies that is most important. You want to be sure that your organization has regular and robust backups of your data. These should be automated and frequent. It is also a good idea to have some backups stored offsite. This can be helpful for cyber-attacks but it is also helpful for physical harm to your office from something like a natural disaster.

Incident Response Plans

• Make sure your organization has an incident response plan for a critical event, whether that be a cyberattack or natural disaster. In order to make the response plan worthwhile, be sure to also regularly test it and have a recovery plan for any sort of incident.

Cyber Insurance

• In addition to having an incident response plan, another important consideration for your organization is cyber insurance. Cyber insurance can help cover costs associated with a cyberattack on your organization. This can include legal fees or data recovery fees. Be sure to seek out some professional advice surrounding cyber insurance so you can determine what policy is best for your organization.

Conclusion

As the year is coming to a close and the next year is on the horizon, we hope these end of the year cybersecurity strategies will help you better protect your organization. While we have been discussing them relative to the end of the year, it is important to keep these strategies in mind all year and continue to revise and improve your overall cybersecurity strategy.

As always, we are here to help.