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Why is Cyber Security Becoming A Boardroom Priority?

06-Jul-2021

Why is Cyber Security Becoming A Boardroom Priority?

Highlights:  

  • Cyber-attacks have significantly become more malicious from the last few years, causing much greater harm to organizations, especially when it comes to boosting cyber risk to principal risk status because it requires reporting under the new Corporate Governance Code.   

  • There is a need to utilize digital transformation strategies to improve business performance, but these strategies may also open a gateway for organizations to new cyber risks.   

  • Also, Board members need to create new governance over cyber risk to assure that cyber risk is accurately reported to them. With the help of accurate reporting, they can prepare effective risk management plans and gain the experience to ask the right questions and hold risk owners to account.   

  • Simply, investing more time in IT security is not the right option; organizations must understand various types of attacks and emerging needs for different types of security testing in order to calm down this situation.   

Introduction   

Recently, companies like Retail, Industrial Sectors, and Media have highlighted the scale of damage caused by cyber terrorists and hackers. And, this is the time where growing threats give a hint to organizations that there is a high need to manage risks. Furthermore, from investors, regulators, and senior executives, everyone is putting companies under pressure to explain how they can discover risks to their business and ensure they are controlled within an agreed risk appetite.   

In this case, effective governance is a crucial aspect of successful risk management. It allows management to execute strategy, manage costs, respond to risks, and help them make better decisions. Yet, organizations' risk profiles get changed according to the time, and due to new emerging threats, boards need to position themselves with their governance frameworks and respond accordingly.  

According to a ‘Business Insider’ report, over 500 million Facebook users' personal information has been exposed online.   

                                                                      

                                                                                                                                            

Therefore, there is no need to say that these cyber-attacks are not dangerous for our personal identity but also cost a lot to the general public, government, and other institutions. According to the FBI’s recently issued Internet Crime Report 2020, cybercrime resulted in $4 billion in economic damage last year, a low estimate that nonetheless captures the enormous value lost to malicious actors. For small businesses, the costs can be devastating. Similarly, at Vox, the data exhibits that hackers love to target small businesses, and 95 per cent of credit card breaches issues are experienced by small businesses. That means one must have a comprehensive and tailored approach to overcome the risks of cyber threats.   

Moreover, whether you are using multiple tools and technologies for Antivirus or Firewall, there is still a need to implement security testing or pen testing to mitigate the risks that your business may face. Similarly, you must Hire a Tester for Security Testing because the knowledgeable person can quickly identify potential vulnerabilities and easy to eliminate bugs from your system to make it completely safe against hacking or cyber-attacks.   

Check out the list of most common cyber-attacks that can hurt your business and customers in 2021  

Malware    

It is an umbrella term for malicious programs like computer viruses, Trojan horses, rootkits, ransomware, worms, and spyware that may steal, encrypt, delete, change, and hijack user information. This type of attack is done by hackers on the victim’s system to damage the personal information of businesses, computer systems, servers, and networks.   

Phishing and Spear Phishing  

It is a technique of sending malicious emails from genuine sources. These emails include attachments that may be loaded a malware into the user’s system so that hackers can easy to steal the personal information of users.  

Ransomware  

  Ransomware is the most common type of cybersecurity attack. In this process, attackers try to encrypt the victim’s file and demand a ransom or a lot of money to decrypt it. Furthermore, attackers can publicly publish confidential or sensitive data on the dark web or make it difficult for users to access the information, or block the sites until the ransom amount doesn’t pay by users.   

Man-in-the-middle Attack   

In this attack, a culprit detects communication between the client and server with the help of spy techniques or some other tactics to gain access to personal information such as login credentials, account information, debit and credit card information, etc. Some of the most common types of this attack are Session Hijacking and IP Spoofing.   

Thus, these are some different types of cyber-attacks that can hurt your business and customers in 2021. For this, you must have strong cyber-security measures and especially the support of any best Security Testing Company to conduct cyber-security testing and control the rising cyber-attacks, which are incredibly experienced by companies using emerging technologies like IoT, Cloud Computing, 5G, and more for their business purposes.   

Are you ready for 5G Cybersecurity?  

Wait  a minute and read our complete blog on  5G Cybersecurity!  

Let’s understand what cyber-security testing is and how you can utilize it to make your business secure and safe.   

What is Cyber-Security Testing?  

Cyber-security Testing (which is also sometimes knowns as ethical hacking or pen testing) refers to the security process of checking your computer systems’ applications for weaknesses and sensitivity to threats such as hackers and cyberattacks. Some examples of vulnerabilities involve software bugs/defects, performance issues or design flaws, and also configuration errors.   

In addition, this type of testing is also defined as white hat attacks due to the involvement of benevolent party’s that may try to break the system. Into the bargain, pen-testing comes in the package of Security Testing Services in India, which means if you have hired any security testing company to test your system, it will perform security or pen testing to ensure that your application or IT infrastructure remains strong and well-protected.   

Additionally, one can carry pen testing or security testing or cyber-security testing on individual applications, IP address ranges, or even simply based on an organization’s name. With this test, one can identify weak points in the system and offer guidance to firms regarding how hackers take access to sensitive or personal’s information or help you learn about the harmful activities that hackers perform to breach the data.   

One of the major reasons for running penetration testing is that it allows organizations to get maximum protection for their business-based applications and make it feasible for them to expel intruders or attackers from their system efficiently.   

Types of Security Testing   

Vulnerability Scanning   

It is a testing technique that requires automated software to scan vulnerabilities in the system. Moreover, the purpose of Vulnerability Scanning is to check web apps for flaws, including SQL injections, cross-site scripting, insecure server configuration, command injections, etc.   

Ethical Hacking   

Are you dealing with cybersecurity challenges and excited to perform Ethical Hacking? Then, the best option is to Hire a Tester for Security Testing because it has the expertise and knows how to recognize vulnerabilities in the system before a cyber-attacker finds and exploits them. Basically, Ethical Hacking is a type of security testing in which a certified ethical hacker takes the permission of any company to use its system legally before checking for software bugs and defects.   

Security Audit/Review   

One should perform this cybersecurity as a practice because it allows you to detect security loopholes and vulnerabilities and make it possible to identify the potential risks during auditing or using proper solutions offered to the organizations.   

Red Teaming   

It is a broader concept of penetration testing, in which internal and external teams of the security testing company engage in a particular activity to find the issues or system’s attacks in real-time. The best part of the Red Teaming is there is no prior knowledge required to assess the environment. One can combine various security controls of the organization before evaluation and can use the asset either physically or digitally as per the project’s scope. Also, the role of security experts is here to carry out operations, avoid observation, and submit sensitive data as proof in this test.   

Why Should You Perform Security Testing?  

As we know, cyber-security has become a boardroom discussion. Therefore, businesses, boards, stakeholders, directors, boards, and CXOs worldwide should perform security testing to reduce the risk of cyber-attacks and ensure that their systems will stay free of vulnerabilities and threats.   

Furthermore, in the digital connected world, every business runs through the internet, and your users have a habit of online shopping. Thus, to protect their personal or sensitive information such as login credentials, debit or credit card information, you must consider different types of vulnerabilities assessments to safeguard your systems and networks.  

These assessments include automatic scanning of the network infrastructure and allow you to test the system thoroughly for vulnerabilities if any, present in it.   

 Some of the major reasons for performing security testing are as follow:  

Helps Discover Real Vulnerabilities   

When you hire a tester for Security Testing, it becomes easy for you to identify and fix vulnerabilities in the apps, software, networks, and servers. To boot, with the aid of real-time security testing, you can ensure that organizations will get high-quality apps and help their customers get secure services to improve their reputation.   

Compliance Assurance   

When it comes to following the legal standards or business rules, getting compliance assurance with security testing becomes an essential aspect for organizations today. Otherwise, they can experience huge fines or penalties. 

Business Continuity    

Security checks assist firms in avoiding circumstances when there is unexpected downtime or loss of accessibility, which may make difficult for you to run your business in continuity. Thus, in order to run your business operations 24/7, you must consider security testing, especially if there is a high need to protect your business-critical apps, IT systems, customer, and enterprise data from growing cyber-attacks. One of the main benefits of security testing is that it helps you run your business 24/7 and 365 days a year and make it possible for you to protect your customer’s data and increase your brand’s image.   

How Can We Assist You?  

 BugRaptors is the Best Software Testing Company that you can choose to acquire various Security Testing Services in India and worldwide. At BugRaptors, we have experience security testing teams with a year of experience in security testing and are fully confident before satisfying your unique business needs. 

 Also, with the assistance of our CEH (Certified Ethical Hackers), we can easy to make your applications, networks, and servers safe against all possible vulnerabilities and ensure to fulfill your requirements such as confidentiality, authorization, authentication, availability, and integrity to make your business or application entirely safe for your customers.   

For more information or assistance on cyber security,, you can simply contact us.  

author

Achal Sharma

Achal works as QA engineer in BugRaptors. He is well versed with manual testing, mobile application testing, game testing, compatibility testing , Regression testing and sanity testing and able to create effective documentation related to testing like test case, test report etc.

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