Compliance audit: What it is and how to prepare for one

You might have come across the term “compliance audit,” an independent review assessing if an organization aligns with regulatory requirements. As a business owner, you likely recognize its significance. However, there’s more to learn about compliance audits, particularly how to ensure a successful one.

Don’t know how to prepare for a compliance audit for your business in Utah? Don’t worry — this article will serve as your guide.

What is a compliance audit?

A compliance audit involves a comprehensive review of an organization’s compliance with industry-specific regulations, standards, or policies. The audit’s primary purpose is to ensure that the organization is complying with all applicable laws, regulations, and internal guidelines to minimize the risk of legal issues, penalties, and operational inefficiencies.

During a compliance audit, it is crucial to identify areas of noncompliance and provide recommendations to rectify identified gaps. The audit can encompass various aspects, including financial practices, regulatory requirements, ethical conduct, and adherence to established processes.

It’s also worth noting that there’s a key difference between a compliance audit and an internal audit. The latter primarily entails examining internal processes, controls, and financial reporting to enhance operational efficiency, risk management, and internal policies.

What are the types of compliance audits?

Compliance audits can take various forms based on the focus and purpose:

Financial compliance audit: This audit ensures that an organization’s financial transactions and reporting align with financial standards and regulations. Businesses in Utah, for example, must comply with the rules set forth by agencies, such as the Utah Department of Commerce and the Utah Division of Consumer Protection, as well as the Securities and Exchange Commission.
Operational compliance audit: This audit assesses a company’s operations, including its information security practices, environmental compliance practices, and human resources practices.
IT compliance audit: This audit assesses a company’s IT systems and infrastructure to ensure that they are secure and compliant. This may include an evaluation of a company’s data security, network security, and software licensing practices.
Industry-specific compliance audit: This audit focuses on evaluating adherence to specific laws and regulations relevant to the industry in which the organization operates.

Tips and recommendations for a successful compliance audit

Here are key steps to ensure a successful compliance audit.

1. Understand the audit scope and objectives

Understanding the scope and objectives of the audit will help you identify the areas that need to be reviewed and the documentation that needs to be prepared. You can usually get this information from the auditor or the regulatory body that is conducting the audit.

2. Gather all relevant documentation

Once you understand the scope and objectives of the audit, you need to gather all relevant documentation. This may include financial records, policies and procedures, training records, and other evidence of compliance. It is important to have all of this documentation organized and easily accessible.

3. Assign roles and responsibilities

If you have a small team, it’s important to assign roles and responsibilities for the audit. This will help ensure that all tasks are completed efficiently and effectively. It’s also vital to assign a contact person who will be responsible for communicating with the auditor.

4. Conduct a self-assessment

Before the audit begins, it’s a good idea to conduct a self-assessment to identify any areas of potential noncompliance. This way, you’ll be able to focus your efforts on correcting any problems before the auditor arrives.

5. Be prepared to answer questions

The auditor will likely ask you questions about your compliance program and your business practices, so answer these questions honestly and accurately. If you are unsure of the answer to a question, do not be afraid to say so.

6. Be cooperative and responsive

The auditor is there to help you ensure that you are in compliance with all relevant regulations, so it pays to be cooperative and responsive to their requests. This will help to make the audit process as smooth and efficient as possible.

If you are unsure of how to prepare for a compliance audit, consult NetWize’s compliance experts. We can help you develop a compliance program, identify and address any areas of noncompliance, and prepare for the audit. Leave us a message.

7 Best practices for implementing a robust identity and access management strategy

An identity and access management (IAM) strategy comprises policies and procedures on how an organization manages the identities and access permissions of its users. This strategy typically covers key areas such as how users are onboarded, how their identities are verified, what permissions they need to access different systems, and how access permissions are managed over time.

Here are some best practices to help your organization develop a secure and efficient IAM strategy.

1. Rethink your onboarding processes

Onboarding is the process of integrating new people into an organization and providing them with the resources and information they need in their roles. Traditional onboarding focuses primarily on employees within an organization. But with the ever-expanding reach of today’s cyberthreats, organizations must tailor onboarding procedures for not only employees but also clients and third parties.

In addition, organizations should consider automating onboarding and offboarding processes to save resources and time. IAM software can automate the tasks of creating and provisioning user accounts, assigning permissions, and revoking access when users leave the organization.

2. Implement strong authentication and authorization mechanisms

By requiring users to prove their identity in multiple ways and restricting their access to the resources they need, organizations can make it much more difficult for attackers to gain access to their systems. One of the best ways to do this is to implement authentication mechanisms, such as multifactor authentication (MFA). MFA requires users to verify their identity through two or more authentication methods, adding an extra layer of security beyond just passwords.

Similarly, authorization, especially through role-based access control, or RBAC, ensures that users have precisely the permissions they need for their roles. This principle of least privilege minimizes the potential damage from unauthorized access and is fundamental to an effective IAM strategy.

3. Reduce privileged accounts

The rationale behind minimizing the number of privileged accounts is clear: the more accounts with direct access to sensitive information, the higher the potential risk if one of those accounts is compromised. Each privileged account represents a potential entry point for cyberthreats. Therefore, by reducing these accounts to only those absolutely necessary and implementing strong access controls and monitoring, organizations significantly reduce their vulnerability to cyberattacks and data breaches.

4. Adopt a zero trust approach to security

Implementing a zero trust security model means assuming that no user, device, or application is trusted by default. This entails verifying each user and device that attempts to access systems and resources.

A zero trust approach is a more secure approach than traditional security models that rely on perimeter defenses, such as firewalls, to protect internal networks from external threats. By implementing zero trust, organizations are better positioned to identify and mitigate potential security risks, even if those risks originate from within their own network.

5. Use single sign-on (SSO) solutions

SSO enables users to authenticate once, granting them access to multiple platforms without the need for repetitive logins. It not only simplifies the user experience but also cuts down time spent on managing multiple credentials.

But not just any SSO solution will do; organizations must find one that seamlessly integrates with existing systems and applications, ensuring a smooth transition and maximizing the efficiency of the authentication process.

6. Regularly monitor and audit access

Conducting regular access reviews and audits further ensures that unauthorized access or policy violations are immediately spotted. This allows organizations to promptly rectify security breaches or policy noncompliance.

7. Shift your security focus toward user identity management

Many of today’s cyberthreats target the weakest links: user identities and service accounts. This is why it may be necessary for organizations to change their focus from network security to user identity management.

By prioritizing identity protection, businesses fortify the core access points, minimizing the risk of unauthorized access and insider threats. This shift allows for targeted security measures that align with modern challenges and bolsters organizations’ overall security.

Safeguard your valuable assets and data by rethinking and reinforcing your IAM strategy. Consult NetWize’s IT experts for recommendations on secure technologies for your business. Request a FREE consultation today.

7 Common cybersecurity misconceptions you shouldn’t fall for

Cybersecurity is the armor of any modern business, protecting their data against the rapid onslaught of digital threats. However, misconceptions about cyber defense can leave organizations vulnerable to unforeseen dangers. We break down the common myths that can compromise your security posture, and provide ways of improving business resilience in the face of evolving cyberthreats.

1. Security software does the job

While software solutions like anti-malware programs, endpoint security systems, and firewalls are crucial for cybersecurity, they’re just one piece of the larger puzzle. They add to your existing IT infrastructure but are ultimately unable to influence the overall underlying design or configuration.

To strengthen your business’s cybersecurity, it’s important to go beyond software and apply strategies such as cybersecurity training, zero trust access controls, data backups, strong password policies, and multifactor authentication.

2. Cybersecurity is your IT team’s responsibility

Although IT departments are responsible for ensuring that strong cybersecurity tools and frameworks are put in place, cybersecurity should be everyone’s responsibility.

Statistics from Verizon’s 2022 Data Breach Investigation Report reveal that a whopping 82% of all breaches trace back to the “human element,” which include stolen credentials, misuse, phishing attacks, or human error.

Such findings highlight how cybersecurity must be a shared responsibility across departments and company roles, with all workers doing their part in staying vigilant, well informed, and proactive in recognizing and mitigating online threats.

3. Cybersecurity is a one-and-done strategy

A prevalent misconception is viewing cybersecurity as a set-and-forget strategy. In reality, the digital world is in constant flux, with new threats emerging each day, and today’s defenses may be completely obsolete by tomorrow.

Cybersecurity should therefore be seen as an iterative process that demands regular review and upgrades to defend against the latest threats.

With hackers becoming more sophisticated, organizations must continually educate their teams, update security protocols, and invest in the latest technologies. Effective strategies are akin to maintaining a fortress — walls need reinforcement, and defenses must adapt.

4. Cybercriminals only target large organizations

The larger the business, the larger the target — though this doesn’t mean small businesses are untouchable.

In fact, hackers may be particularly drawn to smaller companies. One reason for this is that small businesses may lack the budget and expertise to fully secure their operations, making them more susceptible to far more sophisticated attacks.

Secondly, many modern attacks are automated and scaled for efficiency, allowing cybercriminals to cast a wide net and target businesses of all sizes. Small companies, with their limited defenses, can be particularly vulnerable to these indiscriminate threats.

5. Compliance leads to sufficient protection

While compliance is undeniably crucial, it shouldn’t be viewed as the end goal for cybersecurity. Rather, organizations should consider it a foundational stepping stone. Achieving comprehensive protection will require additional strategies, such as adopting a risk-based approach and tailoring your security measures to your business’s unique vulnerabilities.

You must also review your existing security framework to make sure they’re still effective at protecting your business. Periodic security assessments can help with this, as they identify any flaws in your current framework and help guide improvements, ensuring your protection evolves with the threat landscape.

Additionally, it’s worth nurturing a culture of cybersecurity awareness across all levels of your organization. Provide ongoing training, promote best practices, and emphasize the critical role of security among employees and leadership alike.

6. Cyberattacks are an external threat

While hackers and cybercriminals are a common cause of breaches, those within your organization can also pose an equal or even greater threat to its security. These insider threats can exploit their access to sensitive information and systems, potentially causing substantial harm.

To protect your business against these rogue insiders, it’s important to equip staff with cybersecurity knowledge and how to recognize and report potential issues. It may also be worth limiting access to critical information, granting it only to those with genuine needs. This will help reduce the risk of accidental or intentional security breaches.

7. Cybersecurity is too expensive

Though effective cybersecurity does have its costs, it’s essential to consider the alternative. IBM’s Cost of a Data Breach Report for 2022 revealed a shocking global average cost of USD4.35 million for a data breach. This cost encompasses not only financial losses but also damage to reputation, lost customer trust, and legal ramifications.

Investing in cybersecurity isn’t an expense — it’s a strategic decision to safeguard your organization from potentially catastrophic consequences. The price of prevention pales in comparison to the exorbitant cost of a data breach, making cybersecurity a sound and necessary investment for businesses of all sizes.

Enhance your cybersecurity strategy with NetWize. Reach out to our experts today and bolster your defenses against current and emerging cyberthreats.

Why small- and medium-sized businesses need cyber insurance now more than ever

Cyberattacks are becoming increasingly common and sophisticated, and small- and medium-sized businesses (SMBs) are particularly vulnerable to them. And many cyber scams are much closer to home than you think. In September 2022, Eagle Mountain, a city in Utah, lost nearly $1.13 million in a cyber scam, where the perpetrators posed as a vendor representative collaborating with the city on a major infrastructure project.

This incident is just one example of the many ways cybercriminals can wreak havoc on organizations. That’s why it’s more important than ever for SMBs to have cyber insurance.

What is cyber insurance?

Think of cyber insurance as your business’s safety net in the digital world. It is designed to mitigate the damages resulting from cybersecurity incidents, such as data beaches, hacking attacks, ransomware, and phishing scams. Cyber insurance typically covers financial losses, legal fees, public relations efforts, and more.

Why are SMBs particularly vulnerable to cyberthreats?

SMBs are particularly attractive targets for cyberattacks due to these reasons:

Limited resources and expertise

SMBs often lack the resources and expertise required to deploy robust cybersecurity measures. This makes them more vulnerable to cyberattacks, as they may not have dedicated IT staff or comprehensive cybersecurity strategies in place.

Data sensitivity

Despite their size, SMBs handle sensitive data, such as customer information, payment details, and proprietary business data. Cybercriminals are well aware of this and exploit the vulnerabilities in their systems to gain unauthorized access to this valuable information.

Lack of awareness

Many SMBs underestimate the potential threat of cyberattacks. They may not fully comprehend the damage a single incident can inflict on their business, including reputational harm, loss of customers, and substantial financial losses.

Interconnectedness

Many SMBs nowadays rely on digital platforms and online transactions. While this enhances efficiency, it also exposes them to a wider array of cyberthreats.

Supply chain vulnerabilities

SMBs are often part of larger supply chains, and cybercriminals target them as entry points to infiltrate larger enterprises. This can lead to devastating consequences for both the targeted SMB and the broader business ecosystem.

How can a cyber insurance policy help your SMB?

Here are some of the ways that having a cyber insurance policy in place can help your SMB:

Financial protection

In the event of a data breach, a cyber insurance policy offers financial security, as it will cover various costs, including but not limited to:

Cost of investigation and forensics – determining the cause and extent of the breach
Notification costs – informing affected parties, which often comes with legal requirements and expenses
Legal and regulatory fees – legal assistance to navigate regulatory compliance and potential fines
Business interruption costs – compensating for the income lost during downtime caused by the cybersecurity incident
Recovery and restoration expenses – costs associated with restoring systems, data, and networks

Incident response support

Cyber insurance policies often provide access to experienced professionals and specialized vendors who can guide you through the incident response process. This can include IT forensics, crisis communication, and legal support to help minimize damage and facilitate swift recovery.

Reputation management

A cyber incident can tarnish your SMB’s reputation. Cyber insurance can cover the costs of hiring public relations experts to help manage your brand image and rebuild trust with customers, partners, and stakeholders.

Legal liability coverage

Cyber insurance can protect you from legal claims and lawsuits resulting from an incident. This includes claims related to data privacy breaches, intellectual property theft, defamation, and more.

Data restoration and recovery

If your business experiences data loss due to a cyber event, cyber insurance can cover the costs associated with data recovery and restoration, ensuring minimal disruption to your operations.

Business continuity support

Cyber insurance can help your SMB with funds and resources to maintain business operations during and after a cyber incident. This support can be crucial in keeping your business afloat during challenging times.

Customization for your business needs

Cyber insurance policies can be customized to meet your unique business needs and industry regulations. This ensures that you are covered for the risks and cyberthreats your business is most likely to face.

Investing in cyber insurance is a proactive step toward ensuring the longevity and sustainability of your Utah business in an increasingly digital world. Got more questions about cyber insurance or just want to talk cybersecurity? Request a free consultation from NetWize’s experts today.

5 Compelling reasons why businesses need managed security services

The cybersecurity landscape is constantly evolving, with new threats and vulnerabilities emerging at an alarming rate. Navigating this complex terrain requires a strategic approach that extends beyond traditional security measures. This is where managed security services (MSS) step in as a beacon of protection and assurance.

What are managed security services?

Managed security services represent a proactive and comprehensive approach to safeguarding a company’s digital assets, data, and IT infrastructure against a range of cyberthreats. MSS providers offer a suite of specialized services designed to spot and prevent security breaches, minimize risks, and keep the integrity, confidentiality, and availability of sensitive information.

Here are the typical services included in MSS offerings:

Threat monitoring and detection – MSS involves constantly monitoring network traffic and system logs to identify unusual or suspicious activities. Intrusion detection systems and intrusion prevention systems are commonly used to detect potential threats and attacks.
Incident response and remediation – MSS providers are adept at developing a solid incident response plan for mitigating a security incident. They work swiftly to contain the breach, analyze its impact, and implement measures to avoid further damage.
Vulnerability management – MSS providers regularly assess IT systems to identify vulnerabilities in software, hardware, and configurations, and may develop and implement strategies to patch these vulnerabilities.
Firewall and network security – MSS providers can configure and manage firewalls, intrusion prevention systems, and other network security tools. These measures help prevent unauthorized access and data exfiltration.
Endpoint security – A vital component of MSS involves ensuring the security of endpoints, including laptops, desktops, and mobile devices. Endpoint security solutions include antivirus software, malware detection, and encryption to prevent data loss.

Why should businesses seek managed security services in 2023?

Studies made in 2021, 2022, and 2023 revealed that human error remains one of the most significant contributors to security breaches. These studies show that even the most highly secure systems can fall victim to an accidental oversight or a misconfiguration. MSS can help mitigate damage due to human error and other system failures.

Apart from minimizing human error, MSS offers the following benefits:

1. Expertise and skills gap

Many organizations lack the in-house expertise required to combat advanced cyberthreats effectively. MSS providers offer access to a specialized team of IT security experts who are well versed in the latest cyberthreats and defense mechanisms. In addition, outsourcing security management allows businesses to concentrate on their core competencies without being distracted by the complexities of cybersecurity.

2. Cost-effectiveness

Building and maintaining an in-house cybersecurity team can be costly and tedious. Managed security services provide a more cost-effective solution, as businesses can avoid the costs associated with recruitment, training, and infrastructure setup, and at the same time, get access to a diverse skill set. Businesses can channel their resources toward core activities, leaving the intricacies of security in the hands of professionals.

3. 24/7 Monitoring and rapid response

Cyberthreats can happen outside of business hours, and a delayed response can lead to devastating consequences. MSS providers offer continuous monitoring and rapid incident response, ensuring that potential threats are detected and addressed promptly, reducing the risk of prolonged and costly breaches.

4. Regulatory compliance

With increasingly stringent data protection regulations, businesses must ensure their security practices align with industry standards. Managed security services help companies remain compliant with regulations such as GDPR, HIPAA, and PCI DSS.

5. Scalability and flexibility

MSS can be tailored to suit the unique needs of each business. As companies grow or experience changes, MSS providers can adapt their services to accommodate evolving security requirements.

The bad news is that cyberthreats will continue to be pervasive in the years to come, and businesses will have to develop and implement proactive security measures against them. But the good news is that managed security services offer a holistic approach that combines expertise, technology, and continuous monitoring to fortify an organization’s defenses.

Boost the security of your Salt Lake City business’s IT systems with the assistance of our expert team. Contact us today to get started.

Zero trust security: Why companies need it for a hybrid work setup

If your company has a hybrid work setup, it’s critical that you implement zero trust security measures. Zero trust is a comprehensive approach to security that assumes no inherent trust, regardless of location or network boundaries.

Here’s what you need to know about zero trust security and why it’s vital for hybrid work environments.

What is a zero trust security framework?

Unlike traditional perimeter-based security, zero trust doesn’t presume that all users with access credentials are authorized to be in the network and can be trusted with all company data and resources. Instead, zero trust security operates on the principle “never trust, always verify.” This means it reduces risk and tightens digital safety by verifying identities, analyzing behavior, and granting access to resources based on specific user roles.

A key component of the zero trust approach to security is the use of multifactor authentication (MFA). MFA requires users to provide more than one proof of identity, such as PIN codes and biometrics, during the login process for systems or applications. This additional layer of verification makes it significantly more challenging for unauthorized individuals to breach security.

Implementing zero trust security also typically involves the use of microsegmentation. Microsegmentation technology can help prevent attackers from gaining access to larger parts of the network by breaking down larger networks into smaller segments with limited access privileges.

By incorporating MFA and adhering to other fundamental principles of the zero trust security framework, your business can establish a robust defense system that safeguards your sensitive assets. Even President Biden has set a goal for federal agencies to implement zero trust security in line with his Executive Order on Improving the Nation’s Cybersecurity.

Why is a zero trust security framework vital in a hybrid work environment?

In a hybrid work environment, there are several cyber risks that can be best prevented with a zero trust framework, including the following:

Data breaches: Data breaches can be especially damaging in a hybrid work environment. This is because remote workers often have access to sensitive data, and they may not be using the same security measures as employees who are working in the office.

Phishing attacks: Phishing attacks can be used to steal sensitive information, such as passwords and credit card numbers. In a hybrid work environment, remote workers may be more likely to fall victim to phishing attacks because they may be less familiar with the security measures that are in place at their company. This is especially true in the case of new employees who may not have spent a lot of time in the office and have not received adequate information security training.

Malware: Malware is a type of software that can be used to damage or disable computer systems. It can be spread through a variety of ways: as email attachments, via malicious websites, and through USB drives. In a hybrid work environment, remote workers may be more likely to be exposed to malware because they may be using personal devices to connect to the company network.

Zero-day attacks: Zero-day attacks are those that exploit vulnerabilities in software that the software vendor is not immediately aware of. Zero-day attacks can be very difficult to defend against, and they can be especially damaging in a hybrid work environment because remote workers may not be using the latest security patches. While zero trust security cannot completely prevent zero-day attacks, it can help to mitigate the risk. That’s because with a zero trust security framework, organizations can make it more difficult for attackers to gain access to systems and data, even if such attackers are able to exploit a zero-day vulnerability.

With zero trust security, companies can mitigate these cyber risks and maintain a secure IT infrastructure that accommodates the needs of a remote workforce and ensures that sensitive data remains safe and secure.

To set up zero trust effectively and efficiently, partner with a managed IT services provider (MSP) like NetWize. Our experts have the knowledge, experience, and resources to navigate the complexities of zero trust implementation, tailor it to your organization’s specific needs, and provide ongoing monitoring and support.

Related reading: 7 Cloud security best practices to protect your data

By working with an MSP, you can confidently establish a robust zero trust framework that protects your hybrid work environment and enables your organization to operate securely. Call us today.

Which of your employees are most at risk of cyberattacks?

In today’s digital age, cyberattacks are a constant threat to businesses of all sizes and industries. While cybercriminals target entire systems and specific individuals alike, some employees or roles within an organization may be more vulnerable to cyberattacks than others. This susceptibility can be due to a variety of factors, such as users’ access to sensitive information, lack of cybersecurity training, or the nature of work.

In this article, we’ll explore the types of employees or roles that are highly susceptible to cyberattacks and the steps your organization can take to mitigate the risks associated with these vulnerabilities.

C-suite executives

C-suite executives and their assistants are often targeted by cybercriminals because of their high profile and the perceived value of the knowledge they possess. As top-level decision-makers, C-suite executives have access to highly sensitive and valuable information, including financial data, trade secrets, and strategic plans. Their assistants, who often manage their schedules and communication channels, may also have access to confidential information and important contacts.

As such, these groups of people may be targeted with phishing emails, social engineering tactics, or other sophisticated attacks designed to compromise their devices and steal sensitive data.

New employees

New employees or interns in a company can be particularly vulnerable to cyberattacks for several reasons. Firstly, they may not be familiar with the company’s cybersecurity policies and procedures, which makes them more likely to make mistakes or fall prey to social engineering tactics that cybercriminals use.

Also, new employees and interns may be eager to impress and gain the trust of their colleagues, which can lead them to take risks or ignore warning signs that a message or email is suspicious. This eagerness to prove themselves may also make them more likely to bypass security measures, such as password policies or firewalls, to access sensitive information that they’re not supposed to access.

Finance and accounting departments

The finance and accounting departments of most organizations are prime targets for cybercriminals because they handle a variety of financial information: payment data, bank account details, and financial records. They also often process large amounts of transactions, which compels cybercriminals to exploit vulnerabilities in payment systems.

These departments may also use outdated software or hardware that were not designed with modern cybersecurity risks in mind, making them vulnerable to cybercrime. What’s more, financial processes require a high degree of human involvement and difficulty, thus making them more prone to errors — and human error remains the major cause of most cyber incidents. According to Verizon’s 2022 Data Breach Investigations Report, phishing scams, business email compromise attempts, and stolen credentials are behind more than 80% of security breaches reported.

IT staff

IT personnel are responsible for maintaining the security of the company’s digital infrastructure, which makes them the perfect prey for cybercriminals seeking to gain unauthorized access to sensitive data or systems. They also have administrative privileges that allow them to change network configurations or access confidential information, making them valuable targets for cyberattacks.

How can you keep vulnerable employees secure?

Here are some ways for each of the mentioned groups to toughen their defenses against cyberattacks:

C-suite executives and their assistants:

Conduct regular security awareness training for all employees, including C-suite executives and their assistants, to educate them on the latest cyberthreats and how to avoid them.
Limit the amount of sensitive information shared over email and other communication channels, and use secure file-sharing platforms when necessary.
Implement access controls to limit the amount of sensitive information that C-suite executives and their assistants can access, and monitor their activities closely to detect and respond to potential security breaches.

New employees:

Provide cybersecurity training for new employees and interns as part of their onboarding process.
Restrict their access to sensitive information and ensure that your company has robust access controls in place.
Strictly enforce using proper communication channels, such as company email or secure messaging apps, for work-related communication.

Finance and accounting departments:

Regularly update financial systems and software applications to ensure that they are patched against known vulnerabilities.
Use encryption and secure file sharing platforms to protect sensitive financial data in transit and at rest.
Implement multifactor authentication for all financial transactions.

IT staff:

Use strong encryption to safeguard data in transit and at rest.
Update software and firmware regularly to protect all systems and devices from known vulnerabilities.
Use intrusion detection and prevention systems to detect and respond to potential security breaches in real time.

Consult NetWize’s team to learn how you can increase your organization’s protection against online threats. Request a free consultation today.

7 Cloud security best practices to protect your data

If you’re one of many organizations that have fully adopted cloud computing, your need to implement strong cloud security measures has become more critical than ever. Cloud security ensures that data and applications hosted in the cloud are protected from cyberthreats. And the potential risks associated with using cloud services are simply too great and wide-ranging to ignore. According to IBM’s Cost of a Data Breach Report 2022, 45% of breaches are cloud-based.

As you store more sensitive information in the cloud, your risk of data loss or exposure increases, which is why it’s essential to understand the best measures and strategies to safeguard data in the cloud.

How can you protect against cloud security threats?

The goal of most cyberattacks today is to disrupt the normal flow of activities and operations in your system. To prevent these threats from compromising your environment, you need to implement the following security measures:

1. Develop a backup and disaster recovery strategy

A backup and disaster recovery (BDR) strategy is a crucial element of cloud security, as it provides the necessary protection against unexpected outages or other disasters that can cause costly downtime and data loss. Without a BDR plan in place, your organization is at risk of losing all of your data in the cloud, which could have a severe financial impact. Your BDR strategy should be well documented and regularly tested to ensure that it won’t fail in case of an actual disaster.

2. Implement strong authentication methods

Implementing two-factor authentication (2FA) or multifactor authentication (MFA) can help ensure that only authorized users are able to access sensitive data and applications in your cloud services and applications. 2FA and MFA add an additional layer of protection for your cloud environment, helping to prevent malicious actors from infiltrating accounts and systems.

3. Leverage encryption technologies

Encryption protects data stored in the cloud by making it unreadable and inaccessible without the necessary keys or passwords. As such, it’s an essential component of any cloud security strategy, keeping malicious actors from gaining unauthorized access to sensitive information.

Cloud encryption can be used in a variety of ways, including in transit (during data transfer) and at rest (while the data is stored). Your organization should also consider using key management solutions to ensure that encryption keys are properly managed and stored securely.

4. Enforce access controls

Role-based access control (RBAC) is a security mechanism that restricts access to data or applications based on a user’s role or job function within an organization. By doing so, RBAC helps prevent data breaches and insider threats. It also helps to simplify the management of access control by providing a centralized system for assigning and revoking access rights to certain resources.

5. Revisit and update cloud security policies

Cloud security policies should be regularly reviewed and updated to ensure that they reflect the current state of a company’s IT environment. It also pays to implement automated tools for monitoring policy compliance and alerting teams when changes are needed. This is one way to guarantee that cloud security policies remain effective and in line with best practices.

6. Monitor user activity for suspicious behavior

Monitoring user activity for suspicious behavior allows organizations to identify and address potential threats and malicious actors before they can cause significant damage.

7. Deploy endpoint security solutions

Endpoint security solutions offer advanced protection against hackers, malware, ransomware, and other malicious threats that target your systems. They provide an extra layer of defense by creating a secure perimeter around endpoints, such as PCs and mobile devices.

By following these steps, you can protect your data and applications from various cyberthreats while ensuring a secure cloud environment. Consult NetWize’s team of cybersecurity professionals on how to fortify your cloud environment. Get in touch with us today.

The dangers of insider threats: What your business should know

You’re probably aware of hackers, malware, and a variety of online scams and have put IT security measures to defend your business against them. But do you also have sufficient protection against insider threats?

Insider threats come from a variety of sources, making them difficult to anticipate and prevent. In this article, we’ll take a look at why businesses have such threats and what can be done to safeguard against them.

What is an insider threat?

An insider threat is any act carried out by someone who has authorized access to a company’s systems and data. This could be an employee, a contractor, or a business partner.

Alarmingly, cases of insider threats seem to be rising steadily in recent years. According to a 2022 study conducted by the Ponemon Institute, insider threat incidents have risen by 44% over the past two years. The costs to contain them have also continued to rise; the current average cost is $184,548.

Insider threats can take on many different forms, but one of the most common types of insider threats is the malicious insider.

Also known as turncloaks, these are individuals with authorized access who use it for personal or financial gain. Current or ex-employees, business partners, and contractors may all pose a malicious insider threat to any given company.

Human error caused by negligence is another common type of insider threat. This kind of threat typically occurs when an employee accidentally shares confidential data with unauthorized parties or clicks on a malicious link that leads to the installation of malware.

Examples of insider threats

There have been plenty of insider threat incidents across a variety of industries, including finance and healthcare.

In 2015, an employee at JPMorgan Chase was accused of stealing client account information and trying to sell it to an undercover informant for tens of thousands of dollars. In 2016, Anthem, Inc. had to pay a penalty of $16 million because an employee responded to a malicious email that opened the door to further attacks.

These cases demonstrate how insider threats can result in massive losses for businesses. They also illustrate how important it is for companies to protect themselves from such attacks by monitoring all access to sensitive information and data, especially when it comes to privileged users like administrators or contractors.

How can insider threats be prevented?

Preventing insider threats can be challenging because you need to strike a balance between giving employees the access they need to do their jobs and keeping sensitive information secure. Here are some tips on how to prevent insider threats:

Implement access controls

Access controls are the perfect solution to restrict any unauthorized access to data and systems. These controls can include user authentication, IP filtering, role-based access control, and other similar solutions.

Monitor employee activity

Regularly monitoring employees’ activities on your network is an effective way to detect potentially malicious activity before it becomes a major threat. You can use software such as security information and event management or user behavior analytics to track user activities so you can quickly spot any suspicious behavior.

Use secure storage solutions

Secure cloud storage solutions offer encryption, authentication, and other features to ensure that data remains protected even if an employee tries to access it without authorization.

Educate staff on cybersecurity policies

Employees should be provided with comprehensive cybersecurity knowledge, from understanding the risks posed by their routine tasks to learning how to effectively prevent them. Make sure you have clear security policies in place, and that your employees are regularly trained in them.

NetWize’s cybersecurity experts can help you implement the measures outlined above to help keep your Utah business safe and secure from malicious actors. Learn how you can get advanced security for your company — request a free consultation today.

A quick rundown of the dark web: What your business needs to know

The dark web is often thought of as a hotbed of cybercrime. However, there’s so much more to it than stolen data and shady transactions. It’s important to understand the dark web in terms of potential threats it can pose, as well as common misconceptions about its use.

Dark web: What is it, and does it pose a threat?

While the dark web is a part of the internet, it is hidden from normal users and is not indexed by any search engines. It requires certain configurations and/or special software to be accessed. It is used for a variety of illicit activities, primarily dealing drugs, weapons, and stolen credit card information.

The dark web has been linked to organized crime networks, terrorist groups, and hackers. In fact, cybercrime groups use the dark web to hire IT talents. A recent study by Kaspersky revealed that hacking gangs post job ads for positions such as software developers and “skilled attack specialists” on numerous dark web sites. Many of these job ads offer attractive compensation, with salaries ranging from $15,000 to $20,000 per month, making them irresistible to hackers for hire.

Due to the hidden nature of the dark web, the amount of data shared on it can be difficult to quantify accurately. This makes it more difficult for businesses to trace leaked or stolen information, which could be passing hands on the dark web.

Individuals are also at risk of identity theft or extortion if they have personal information stored on the dark web. For instance, hackers can use login credentials they got on the dark web to launch ransomware and phishing scams on individuals and businesses.

Can the dark web be used for good?

Despite being known as a hub of illegal activity, the dark web offers legitimate (i.e., legal) uses, such as providing platforms that serve as anonymous messaging boards and forums used by whistleblowers and journalists.

For example, some organizations have used the dark web for encrypted communication and other secure activities, such as sharing confidential documents or communicating with sources in repressive countries. It is also possible to use the dark web to host “darknets,” or networks of computers connected through Tor, a free software that anonymizes data and makes it hard for anyone to track its origin.

What are the myths and misconceptions regarding the dark web?

Given its mysterious nature, the dark web is surrounded by numerous myths and misconceptions regarding its existence and purpose. Here are some of the most common ones:

It’s illegal to access the dark web

Accessing the dark web itself is not illegal, as it is just a collection of websites hosted on special networks and services that make them difficult to track. However, any activities carried out on the dark web may be deemed illegal, depending on the jurisdiction.

Its main purpose is to help criminals carry out crimes

While it’s true that criminals may use the dark web to facilitate their criminal activities, this does not mean that it is only used for such purposes. The dark web can be used for a variety of non-illegal activities, such as bypassing censorship laws or accessing content not available to the public.

It’s impossible to be tracked on the dark web

It may be more difficult for someone to track your activities on the dark web, but it is not impossible. This is why it is always best to be mindful of your activities while on the dark web and take precautions to protect yourself from being tracked.

Illegal content is easily accessible on the dark web

Although the dark web provides access to some contraband, it is not as simple as just typing a website’s URL into your browser and obtaining them. The dark web consists of multiple layers, each with different levels of security measures in place.

The dark web and the deep web are the same

The deep web is something else entirely, and the dark web is only a small subset of it.

The dark web is an intriguing and complex ecosystem that can be used for both good and bad. It is vital to stay informed about the potential risks that come with using this ecosystem, as well as the opportunities for conducting secure activities online. Despite the many risks associated with using the dark web, there are ways to protect yourself when using it.

Want to learn more about how you can protect your Utah or Salt Lake City business from numerous threats, including those posed by criminals on the dark web? Request a free consultation from NetWize’s IT security experts today.