The digital risk landscape is constantly changing, as technology evolves and cybercriminals continuously refine their techniques and methodologies. But after hundreds of discussions with our clients, we’ve discovered that these are the most prevalent cybersecurity pitfalls facing brands today.
Not Understanding the Threat Landscape
It’s surprisingly common to find companies that simply don’t have a clear understanding of exactly the risks facing their brands via digital channels. Without in-depth knowledge regarding the threats out there and the ways that cybercriminals leverage various platforms and methods for attacks, brands are leaving themselves incredibly vulnerable to online threats.
Inadequate Resources
Whether it's due to personnel, budget, or technology constraints, many companies do not dedicate enough resources to digital risk management. CISOs, IS, and Security teams may be balancing heavy workloads, and without a specific team focusing on online brand protection, this critical issue often ends up falling to the bottom of the priority list.
Overreliance on Technology
While technology is certainly helpful for digital risk management, particularly for advanced threat detection, tech solutions alone are not enough to adequately protect a brand. Internal training programs aimed at teaching employees how to spot phishing, strong protocols and procedures regarding email and other digital communications, and human experts in the field are also critical components of powerful online brand protection.
Poor Communication and Siloed Information
Digital risk management is a cross-functional effort that requires coordination between different departments and stakeholders within an organization. A lack of collaboration can result in a fragmented approach to digital risk management. Unfortunately, many brands find themselves with critical information siloed within different programs and teams, rather than stored within a single source of truth accessible to the entire company.
Failure to Keep Up with Emerging Threats
Because new threats and vulnerabilities are constantly emerging, an effective digital risk management strategy will look different from month to month. Agility is key, and relying on traditional or outdated techniques means a brand is much more susceptible to attacks.
Insufficient Testing and Evaluation
Companies may assume that their digital risk management measures are sufficient without regularly testing and validating them for efficiency. Periodic testing, which could look like phishing emails sent by a Security team to employees or other mock attacks, is essential for identifying vulnerabilities and gaps in the digital risk management strategy.
These Common Mistakes Have Serious Consequences
Falling victim to these digital threat management pitfalls can pave the way for a successful cyberattack, triggering devastating consequences for a brand.
Companies may find themselves suffering heavy financial losses, stemming from stolen financial information or funds transferred to a cybercriminal’s account. Additionally, during the time of an attack, or for days or weeks afterward, an organization may be subject to a complete shutdown while internal teams scramble to pick up the pieces. For every hour that a company isn’t operating, it’s losing money.
Reputational loss, as consumers and investors alike lose faith in the brand, can cause further financial challenges. Damage to public trust in a company means that customers are less likely to make purchases or use the company for services, and financial institutions and potential business partners will prefer to distance themselves rather than invest funding in an organization that’s been victimized.
That’s not to mention punitive fines from regulators, should an investigation into the attack find that a company was out of compliance with security standards for its industry.
According to Frost & Sullivan, To build an effective digital risk and brand protection strategy in 2023, businesses must invest in implementing the best practices in the following areas, along with advanced technology that can help them in these aspects.
Cyber Threat Protection
Understanding the full scope of the threats facing your brand online is a top priority. That means taking a big-picture approach that encompasses all platforms, channels, and spaces where your brand is vulnerable. From all social media sites to third-party retailers and auction sites to scanning the web for domain squatting and trademark infringement, your cyber threat strategy needs to be holistic and include every possible avenue from which your business may be attacked.
Phishing Scams Protection
Because phishing scams are constantly evolving, CISOs need to constantly update their working knowledge of both trending techniques leveraged by cybercriminals and the latest in anti-phishing technology. A combination of advanced tools and ongoing education for employees within your company is crucial for strong protection from phishing scams.
Incident Response
Being able to respond with speed and agility to any emerging incidents is key for robust, effective risk protection. For this to happen, CISOs must commit to 24/7, round-the-clock monitoring of online risks, coupled with automated remediations that mean corrective action can be taken quickly.
Dark Web Monitoring
Continuously monitoring the Dark Web for your company’s sensitive information is an important strategy for preventing a potentially undetected breach from becoming a catastrophe for your brand. CISOs should embrace tools that streamline threat intelligence and hunting to ensure that data dumps or the sale of your company’s data are detected as early as possible.
Brand Protection
A strong brand protection strategy necessitates leveraging the right tools for understanding exactly the risks that are currently facing your brand. This looks like a platform that continuously monitors the dark web, social media platforms, and third-party retail sites, prioritizes threats so that you understand what risks are most urgent, and offers you solutions so you can take action before the damage is done.
Risk Assessment
With so many potential avenues for attacks, risk assessment in 2023 means gathering intelligence on threats, understanding the damage they can cause to your brand, and deciding what the most effective and smartest course of action is once risks are identified and detected. Because there are so many threats out there, risk assessment needs to also give brands an idea of what needs to be managed first, as well as practical, automated actions that can be immediately implemented to mitigate the threat.
Numerous benefits come with investing in a robust, effective digital risk protection strategy. Prioritizing advanced threat detection and rapid response to cyber-attacks helps companies safeguard present and future revenue, along with maintaining a brand’s good name. Preventing cyberattacks before they happen and quick threat remediation means avoiding devastating, heavy financial losses and ensuring that both the bottom line and brand reputation are protected.
A brand that doesn’t invest in an online risk protection platform is putting its good name, its business, its investors, and its customers in danger. While many companies already have some form of online threat detection in place, it’s crucial to face reality and understand that in a rapidly changing landscape, what worked even a year ago may not be enough to mitigate the current threats.
BrandShield offers you an advanced brand protection platform with the best of both worlds included: proprietary technology that’s perfectly crafted for modern online threats, and a human team of intellectual property (IP) and brand protection experts with years of experience in takedowns. For more on how BrandShield helps you safeguard your brand reputation and revenue, get in touch with us today.