insights (Sponsored by StoneX) August 2021 - 4

3
3. Evolving Risks
Using malware and ransomware, bad
actors have ample new ways to create havoc
on their victims. Malware is any software
intentionally designed to cause damage to a
computer, server, client or computer network.
Ransomware is a type of malware that
threatens to publish a victim's personal data
or perpetually block access unless a ransom
is paid.
" Data security requires continual vigilance, "
Waterman said. " Once the bad actor figures
things out, they change attack features, and
the next style of attack is different. "
As the sophistication of malware and
ransomware continue to grow, it's increasingly
difficult for security to stay one step ahead of
the next possible scam. Because no one knows
exactly what shape or form the next cyberattack
might take, it's critical for organizations
to instead look for ways to manage and
mitigate the risk. If risk is not managed, it
becomes risk that is assumed.
The first step in assessing risk begins with
knowing what data an organization needs
to protect. This includes understanding
how regulators in the region(s) where an
organization is working define how the data
should be protected. Establishing this first
line of protection is critical but evolving
security scams make it impossible to be fully
aware of all the variables.
" As each sector that's getting victimized
4
progressively ups its own security game and
becomes harder to compromise, then the
criminals start looking for easier targets, "
said Stephen Streng, food defense analyst at
the University of Minnesota's Food Protection
and Defense Institute, St. Paul, Minn.
4. Architect a Plan
Evaluating the risk begins with an internal
audit to assess vulnerability. A data-driven
exercise can be used to identify the data and
applications that need to be protected and
what data or applications are at the highest

insights (Sponsored by StoneX) August 2021

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