Cyber Mishaps & New SEC Rules

In today's Biz Pulse, gain insight into how:

• Leaders can strengthen their organization's cyber defenses by avoiding common cybersecurity mistakes, such as using weak?passwords and neglecting employee training.
• Executives can protect their?home networks?and personal data from advanced cyber threats.
• The new SEC cybersecurity disclosure rules impact businesses, compelling them to meet strict reporting deadlines and manage potential reputational risks.

Each of these articles is penned by members of Forbes Business Council , successful business owners shaping the future of business.

Let’s dive in!

Top Cybersecurity Blunders Companies Make And How To Avoid Them

Maxwell Alles - Chief Executive Officer Alles Technology

No industry is safe from cyberattacks, and cyber theft costs are expected to top $350 billion this year. While high-profile attacks on large corporations grab headlines, smaller businesses are equally at risk.

Understanding and sidestepping common cybersecurity mistakes can significantly reduce your vulnerability.

Here are some of the top mistakes and how to avoid them:

???Weak & Reused Passwords: Commit to robust password policies and education around the importance of unique, complex passwords to prevent breaches.

???Ignoring Software Updates: Regular updates are crucial, often including vital security patches protecting against new threats.

?? Absence of Multi-Factor Authentication: Implementing MFA can block over 90% of breach attempts, significantly bolstering your security measures.

?? Application Whitelisting: Employ a comprehensive verification strategy for all applications and business interactions to control access to your systems.

???Neglecting Data Backup: Regular, isolated backups of your data are essential to recover from attacks without capitulating to ransom demands.

???Insufficient Employee Training: Since human error often enables cyberattacks, continual cyber training for staff is imperative.

By actively managing these areas, companies can defend against cybercriminals' increasingly cunning tactics and preserve the integrity of their operations and customer trust.

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How Executives Can Improve Their Cybersecurity When Working From Home

Jeffery Stutzman - Founder Trusted Internet

Executives are frequent targets for cyberattacks, and the security of their home networks is just as crucial as their office setups. With cyber threats increasingly sophisticated, leaders need a proactive defense strategy to protect their personal and professional data from being compromised.

Discover these key steps to enhance home cybersecurity:

?? Strengthen Your Home Firewall: A robust home firewall acts as a barrier, protecting your network from external threats and controlling data traffic.

???Implement an Intrusion Prevention System: Think of this as a bouncer for your network, checking incoming and outgoing traffic to prevent unauthorized access.

?? Monitor Your Domain Name Service (DNS): DNS monitoring helps identify suspicious activity and blocks access to harmful sites by tracking the conversion of domain names to IP addresses.

?? Use Strong Antivirus Software: Equip all personal and professional devices with reliable antivirus software to detect and quarantine threats.

???Regular Updates & Strong Passwords: Keep your software updated and use strong, unique passwords combined with multifactor authentication to secure your accounts.

???Employ Virtual Private Networks: VPNs encrypt your internet connection, safeguarding your data from interceptors, especially when using public networks.

??? Professional Cybersecurity Consultation: Consider engaging with cybersecurity firms with expertise in home security setups to tailor defenses suitable for your specific needs.

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What the SEC's Cybersecurity Disclosure Rules Mean for Companies

Ram Elboim - Chief Executive Officer Sygnia

The U.S. Security and Exchange Commission's new rules on cybersecurity have set a strict protocol for public companies to report significant cyberattacks within four business days. This regulation aims to balance transparency for investors and operational security for the companies.

Here’s what these new rules entail and how they affect companies:

?? Mandatory Quick Reporting: The narrow four-day reporting window can press companies to quickly address the breach, potentially leading to rushed and suboptimal incident responses.

???Increased Hacker Leverage: Hackers may exploit the mandatory disclosure rule to pressure companies into paying ransoms, knowing that firms face added pressure from regulatory requirements.

???Potential Reputational Damage: Premature or over-disclosure in efforts to comply with the SEC's rules could inadvertently provide attackers insight into the company’s cybersecurity tactics or falsely alarm investors if later investigations show no significant data was compromised.

?? Balancing Act in Reporting: Companies must carefully decide the amount of detail to disclose, balancing regulatory compliance against the need to keep critical security details confidential.

???Recommendations for Businesses: Organizations should enhance their cybersecurity readiness by identifying critical assets, developing robust incident response plans, and conducting stress tests to ensure effectiveness.

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Wrapping Up

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