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Banks value more business customers that can protect fromcyber threats

Банки больше ценят бизнес-клиентов, способных защититься от киберугроз

Difficult times in the economy are forcing many businesses to reduce budgets, but banks are recommending increasing investments in cybersecurity, rather than reducing them. As a rule of thumb, the number of attacks increases exactly in the period of economic downturn, when firms have fewer resources to protect themselves. Now, when the economy has began to grow again, it is the time to pay attention to cybersecurity. Says the head of present day banking business clients Coop Pank Erieh Mettas.Although the cyberattacks and threats are more considered, till there is the opinion, that someone could remain outside the sight of the criminals, because their business is too small or unremarkable. There is also a dangerous myth that because of Estonia’s small size and its unique language nobody would want to attack us. But in the most deal cybercriminals don’t care which country or company they are targeting. Most attackers use automated tools to find vulnerabilities on the Internet. Finding a vulnerability, they examine it
and sell information to interested parties, who then conduct targeted attacks. This is possible only if the company’s systems are not configured in the proper way from a security point and are not updated timely. For example, if an automated production line of the enterprise is not protected from cyberattacks, attackers could momentarily stop it, demand ransom or perform some other manipulation. This could could cause the failure to fulfill important contractual obligations and disruptions of supplies. If the manufacturer is unable to
sell the products to the manufacturer.products, it will be unable to serve the loans borrowed for investment which will ultimately cause serious monetary losses. According to Cybersecurity Ventures, the leading research and analysis in the area of cybersecurity, global annual losses of enterprises from attacks on software to manage the chain supply chains will reach 138 billion dollars by 2031, compared with 60 billion in 2025 and 46 billion in 2023 year – based on annual growth at average of 15%. Rather than attacking end end users directly, hackers are
increasingly targeting weak links in the chains of delivery, creating chaos, which and has lead to the most notable cybercrimes and leaks of data in the last years. This is which is why banks always value customers more, who care about the cybersecurity of their businesses and invest in it makes businesses more resilient, and also protects clients from
cyberthreats. Luckily, we observe that the long economic downturn has not caused a decrease investment by businesses in cybersecurity. On the contrary, it is becoming clear that attention to cybersecurity is steadily increasing. We also see that attacks using ransomware are increasingly leading to attacks on the chain, that is, they attack companies that have multiple connections or influence other businesses and markets. The attack schemes are becoming more complex, and the goal is to damage as many firms and their data with a single attack. Also the number of frauds specifically targeting these firms is growingdeveloped and targeted
at individuals in key positions.
Often criminals take advantage of the employment and distraction of people. For example, in 2023 the year 74% of successful attacks were because of human errors. How can a enterprise protect itself
? The best way to protect from cyberthreats is for the management and IT team of the company to be aware, how cybercriminals commonly attack businesses, and to communicate this information to their employees. One of the most common attacks is the abuse of the daily working tools of the enterprise, such as the corporate e-mail system or accounting software . In this
case the purpose of the intruder is to remain unnoticed for as long as possible and to act in the victim’s systems so that he will be maximally difficult to
detect. In the worst case such actions could lead to theft of the identity of the company. Another common criminal tactic used by criminals is infection of known software packages: popular software is modified and contains malicious code. With social manipulation victims are persuaded to install
this modified intruder’s program. The third famous tackle is using known vulnerabilities or exploiting zero day vulnerabilities. A Zero day attack is when some popular software such as a web browser, a security vulnerability is discovered and the
developers haven’t
released a fix, and hackers will use it for their purpose. The fourth frequent method is. targeted attacks against people affiliated with the enterprise. Often targeted are employees in key positions. Criminals activate not only through traditional phishing emails, but also through social networks such as LinkedIn. Specific Solutions Begin work to ensure cybersecurity with an audit to identify failures. Such audit should include verification of IT documentation and information security documents, technical scans, assessment of maturity levels, and
also conducting interviews and factual verifications. In this process must involve the management team of the enterprise. Based on the final documentation of the audit and the development plan for improving the security level a
road map of cybersecurity, according to which the necessary work to develop and modify the configuration to increase the level of security. Often this means that the company needs to replace or purchase unsufficient equipment and software to improve cybersecurity. Sometimes it is enough to simply upgrade outdated equipment and software. It is important to remember that
these upgrades need to be constantly done. Almost always the road map indicates the need for regular training of employees on cyberthreats. It could be, for example, internal information distributions that familiarize the popular types of attacks,
increase the general level of awareness of attacks and their signs. In these emails it is also important to provide clear instructions on how to respond to attacks orIn creating and implementing a road cybersecurity map, various technology partners such as OIXIO, Telia and others offer assistance to businesses. Sometimes to assess and improve the levels of cybersecurity can

receivegrantsprovidedbytheEnterpriseandInnovation Fund(EIS).BasedonEstoniancapitalCoopPankisoneofthefiveoperatinguniversalbanksinthecountry.Thebankhas203900dailybankingcustomers.CoopPankutilizesthesynergygeneratedbyretailtradingandbankingservices,makingeverydaybankingservicesmoreconvenientandaccessibletopeople.The strategicownerofthebankisthedomestictradingnetworkCoopEesti,whichincludes320stores.

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