We are living in unprecedented times due to the Covid-19 pandemic, and businesses everywhere have had to make drastic changes in order to stay afloat. One of these is the heightened need for cyber security, as cybercriminals take advantage of this economic downturn. However, you don’t have to be a victim of their schemes: zero trust architecture and Identity & Access Management (IAM) can help you protect your systems from attacks while simultaneously evaluating user access privileges throughout their session. In this blog post, Michael E Weintraub Esq discusses how adopting these methods can increase your company’s online security while also minimizing its risk profile during an uncertain economy.
Michael E Weintraub Esq On How To Use Zero Trust And IAM To Defend Against Cyberattacks In An Economic Downturn
The Cybersecurity landscape is constantly shifting and evolving, says Michael E Weintraub Esq, requiring organizations to deploy robust security measures that can withstand even the most sophisticated attacks. As we move into an economic downturn due to the COVID-19 pandemic, Cyberattacks become more prevalent as malicious actors exploit companies’ vulnerable resources to steal valuable information or digital assets. To protect your organization from these Cyberattacks, implementing Zero Trust and IAM is a must for any organization.
Zero trust is an approach to cybersecurity that assumes that no user or device can be trusted by default until it is verified and authenticated. This means that all users and devices must go through authentication processes before they are granted access to the organization’s systems. By using this system, malicious actors are unable to access the organization’s systems without proper authorization. Additionally, this approach also eliminates the need for passwords, as users can be authenticated using other methods such as biometric identification or secure tokens.
In addition to Zero Trust, organizations should also implement Identity and Access Management (IAM) practices. This means that each user and device must have a unique identity that is verified in order to gain access. Organizations can use IAM practices such as role-based access control (RBAC), multi-factor authentication (MFA), and single sign-on (SSO) to further secure their systems from Cyberattacks. By implementing these practices, Cyberattacks can be minimized by controlling who has access to what data, allowing only those with permission to view or modify sensitive data.
Data from Cybersecurity Ventures, as per Michael E Weintraub Esq, paints a stark picture of the Cyberattacks organizations are facing today. In 2020, Cybercrime was projected to cost businesses an estimated $6 trillion – a sum that is roughly double the amount of global cybercrime losses in 2015. Additionally, Cyberattacks already rose by 67% in 2020 due to the COVID-19 pandemic, with 45% of companies reporting that Cyberattacks had increased within their organization over the same period.
One example of Cyberattack prevention through Zero Trust and IAM implementation can be seen in the case of ABC Corp., a large manufacturing company based in the United States. ABC Corp implemented Zero Trust authentication using biometric identification for all users accessing their systems. They also implemented IAM policies such as role-based access control, multi-factor authentication, and single sign-on for all users accessing their systems. Together, these measures have enabled ABC Corp to minimize Cyberattacks and protect valuable customer data from malicious actors.
Michael E Weintraub Esq’s Concluding Thoughts
According to Michael E Weintraub Esq, by implementing Zero Trust and IAM measures, organizations can better defend against Cyberattacks during an economic downturn. This approach provides a robust security layer that ensures only authorized users are granted access to the organization’s networks, helping to reduce the risk of cyberattacks due to the increased presence of malicious actors in times of economic uncertainty. Additionally, this approach eliminates the need for complex passwords, which can be easily compromised by Cybercriminals through phishing or other tactics. By utilizing Zero Trust and IAM, organizations can better ensure the safety of their networks and data from Cyberattacks.
