Organizations rely heavily on data-driven processes and interconnected networks to thrive. But convenience and efficiency also expose businesses to significant cybersecurity risks. According to the 2023 Verizon Data Breach Investigations Report (DBIR), a staggering 83% of data breaches involved external actors, with nearly all of them (95%) driven by financial motives. Clearly, organizations must protect against external threats through proper access controls and comprehensive security strategies.
External actors and common threats
"External actors" are outside individuals or groups that attempt to gain unauthorized access to an organization's systems, networks, and sensitive data. Cybercriminals, hackers, state-sponsored entities, hacktivists, or even disgruntled former employees can seek to exploit vulnerabilities for personal gain or to harm the organization. Cybercriminals continuously probe for weak points, such as unsecured user credentials. Once inside, they can steal sensitive data, compromise critical systems, and hold information hostage for hefty ransoms. State-sponsored actors or corporate rivals may also use cyber espionage to steal valuable intellectual property. The impact of a data breach can be devastating, leading to financial losses, damaged reputation, and legal consequences. Phishing remains a prevalent and successful tactic where cybercriminals may impersonate colleagues, customers, or service providers to trick employees into revealing sensitive information like login credentials. Social engineering attacks manipulate individuals to bypass robust security measures, granting unauthorized access to systems and confidential data. Disgruntled employees or individuals with weak security practices can also be inadvertently influenced or bribed into providing access or sensitive information to malicious outsiders. No matter the attack method, external actors leverage gaps in an organization's security strategy to gain access and wreak havoc; significant financial and reputational damage may follow.Comprehensive security starts with identity
Robust access security measures are essential for organizations to mitigate risks and protect their assets from external actors. Practical and comprehensive security strategies should include the following:- Multi-Factor Authentication (MFA): Adds an extra layer of security with multiple forms of identification before granting user access to sensitive data or systems.
- Role-Based Access Control (RBAC): Ensures employees access only the information and resources necessary for their roles, reducing the attack surface in case of a breach.
- Employee Cybersecurity Training: Educating about the latest phishing tactics and social engineering techniques can significantly reduce the likelihood of falling victim to external actors.
- Monitoring and Anomaly Detection: Detect suspicious activities early and respond swiftly to potential threats.
- Cybersecurity Awareness Culture: Creating a culture of cybersecurity within the organization encourages employees to remain vigilant and promptly report suspicious incidents.
Password management offers a foundation for comprehensive security
Organization-wide password management is fundamental to an organization's cybersecurity strategy. Passwords are the first defense against unauthorized access to sensitive information, systems, and resources. A clear, written password policy is a good start, but there's more to comprehensive password management:- Protection against unauthorized access:Passwords act as a primary means of authentication, verifying the identity of users before granting access to sensitive data or critical systems. Password management software helps prevent unauthorized individuals from infiltrating an organization's digital assets by generating stronger passwords, eliminating password reuse, and restricting the use of shared credentials.
- Mitigation of brute-force attacks and credential stuffing:Cybercriminals often employ brute-force attacks, attempting to crack passwords through systematic trial-and-error methods using databases of stolen credentials. A password management system makes password complexity the default. Generated passwords, unique passwords for every account, and the rotation of passwords after security incidents limit the impact of an attempted brute-force attack.
- Meeting compliance and regulatory requirements: Many industries have specific cybersecurity regulations and compliance standards that mandate using strong passwords and regular password updates. Adhering to these requirements ensures companies avoid legal and financial consequences and may also improve cyber insurance coverage.
- User education and awareness: A well-implemented password management strategy involves educating employees about the importance of strong passwords, password best practices, and potential threats like phishing attacks. Increased awareness minimizes the risk of employees falling victim to social engineering techniques.
- Centralized management and monitoring:Centralized control and administration of passwords across the organization helps admins streamline password updates, access control, and user provisioning. Admins can also integrate with MFA and Single Sign-On (SSO) to enhance security and operational efficiency. A comprehensive password management strategy, coupled with continuous monitoring, helps detect and address potential compromises proactively, minimizing the impact of such incidents.
Go organization-wide with a LastPass Site License
A password management solution for every employee is essential to lock down all access points. Many applications are incompatible with SSO, and Shadow IT challenges IT to secure every app in use across an organization. Combining LastPass password management with options for SSO and MFA gives an organization complete visibility and control of its access security. An organization-wide deployment of LastPass, or a Site License, offers a LastPass account for every employee at a flat fee versus a seat-based rate. What can a LastPass Site License do for your business?- A solution that scales: A site license ensures holistic wall-to-wall protection and grows with your business. You can deploy additional seats to cover your entire organization as needed and add layers of security according to your access and authentication requirements.
- High adoption, fast results: Onboard employees quickly, without extra technology services, overhead, and time. Deployment is simpler, and adoption is higher.
- Convenience: Employees can seamlessly generate, auto-fill, save and safely share (internally and externally) passwords from their vault. Grant and revoke access in real-time to ensure employees use company data appropriately.
- Comprehensive security: A site license means deploying LastPass organization-wide, not just to select teams. Providing employees with a free, personal LastPass Families account ensures employees take strong security home with them.
