Large corporations are more likely to be targeted by a gang like Lapsus$, where the threat is intentional, but unintentional data breaches can also cause significant damage to a company's reputation, financial standing, or intellectual property. Insider threats: The risk of insider threats is significant you only need to ask Okta, Nvidia, T-Mobile or Samsung. Corporate boards should conduct annual audits of critical third-party vendors' cybersecurity practices to ensure that they adhere to corporate security policies. The pandemic clearly demonstrated how supply chain disruptions impact business a ransomware attack on a critical third party can disrupt business functions just as quickly. Boards should ensure that critical third parties are clearly documented in terms of the risk that vendors would cause to the organization. Third-party risk: Every corporation has suppliers or third parties as essential partners for their goods and services.
Boards should also review, at least annually, the company incident response plan.
To mitigate this risk, corporate boards should make certain that their organization's data is backed up using the 3-2-1 method. Extortion attacks are similar to ransomware attacks, but rather than encrypting the data, the threat actor steals the data and then threatens to publicly disclose the data if a ransom is not paid. Ransomware and extortion attacks: Ransomware attacks have been in the news for over a decade, and yet, they are still one of the most significant cyber security threats that Boards face.
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