KTL - Top 5 Cyber Security Risks 2024

In today's digital age, cybersecurity is more important than ever. Here at KTL, we take data protection very seriously and are committed to keeping your information safe. This guide outlines the top 5 cyber risks KTL faces in 2024 and how we can work together to mitigate them.

1. Phishing

Phishing is the fraudulent practice of sending emails or messages to trick recipients into revealing personal information. These messages often appear from legitimate sources, such as banks, and credit card companies.

The Threat:

Despite our efforts, phishing emails still slip through our filters.  Over 3500 attempts have been blocked so far in 2024.  Simulated phishing campaigns have shown that some employees are still susceptible to these attacks.

The Impact:

A successful phishing attack can have devastating consequences, including:

·        Financial loss (average cost of a cyber breach in 2023 was €4.1M)

·        Disruption to our customers' supply chains

·        Damage to KTL's reputation

Staying Vigilant:

By working together, we can significantly reduce the risk of phishing attacks.

Here's what you can do:

·        Be cautious of suspicious emails, especially those requesting personal information.

·        Verify the sender's email address before clicking on any links.

·        Do not hesitate to contact the IT & Cyber Team if you have any doubts about an email.

2. Malware

Malware, or malicious software, is typically delivered through phishing campaigns.  It can come in many forms; each designed to steal information or disrupt operations.

Common Types of Malware:

·        Keyloggers: Capture login credentials and passwords.

·        Screen recorders: Steal credit card details.

·        Data thieves: Extract information from your device.

·        Ransomware: Encrypts your files, demanding payment for decryption.

·        BOTNETs: Use your device for malicious purposes.

Your Role in Defense:

While we have security measures in place, our first line of defense against malware is KTL staff, so understanding these risks is paramount for the success of KTL’s cyber security efforts.

3. Device & Software Vulnerabilities

Using outdated hardware, network devices, and unpatched software creates vulnerabilities that attackers can exploit.  Even relatively new software can have vulnerabilities, as evidenced by the six vulnerabilities already detected in Google Chrome this year.

Keeping Devices and Software Up to Date:

The simplest way to protect against these vulnerabilities is to keep your devices and software up to date with the latest patches.  A good practice is to restart your computer at least once a week to ensure these patches are applied.

4. Shadow IT

Shadow IT refers to the unauthorised use of IT-related hardware or software without the knowledge of the KTL IT & Cyber Security Team.

Risks of Shadow IT:

·        Unsanctioned use of file sharing/storage solutions.

·        Hardware or software that doesn't meet our security standards.

·        Circumvention of established business processes, leading to inefficiencies.

·        The IT Team cannot support unknown software.

The Solution:

If you need a new solution, involve the IT & Cyber Team early on. We can help you assess, select, and implement secure and approved tools.

5. Social Engineering

Social engineering means the use of psychological manipulation to trick users into making security mistakes or revealing sensitive information. Attackers may use emails, phone calls, social media quizzes, or other methods to achieve their goals.

Common Tactics:

Generic questions: Attackers often try to gather information through seemingly harmless inquiries.

Faked familiarity: They may pose as someone you know or trust.

Sense of urgency: They create pressure to act quickly, bypassing critical thinking.

Protecting Yourself:

Social engineering attacks can be difficult to identify. Here are some tips to stay safe:

●       Be suspicious of all unsolicited contact.

●       Never give out personal information to unknown callers.

●       If something seems good to be true, it probably is.

●       When in doubt, contact the IT & Cyber Team. We're here to help.

In conclusion, to significantly reduce KTL's vulnerability to cyber-attacks, we must understand the top 5 cyber risks and follow the recommended precautions. 

Remember, cybersecurity is a shared responsibility. 

Let's work together to keep KTL safe.

Additional Resources:

·        Complete the Cyber Security Awareness training.

·        Read the Cyber Security Top Tips series available on NetSuite.

·        Contact the IT & Cyber Team if you need help.