In light of the recent security breach at MGM Resorts, we wanted to provide our insights to help fortify cybersecurity measures within your own business. Though MGM Resorts hasn’t unveiled the specifics of the incident, we do know that their recovery process lasted 10 days and cost the organization approximately $80 million. This incident underscores the evolving and sophisticated landscape of cyber threats, emphasizing the critical need to understand the strategies and tactics employed by cyber attackers. In this blog, we dive into the key aspects of enhancing cybersecurity. By examining the MGM Resorts breach, we aim to provide you with essential knowledge to strengthen your organization’s defenses against potential threats.
Social engineering is a common tactic used by cyber attackers. Whether it’s a phishing email, phone call, or physical impersonation, understanding this is key to strengthening your defenses.
Here are seven tips on how to prioritize and prepare for potential cyber threats in your business:
1. Understand Social Engineering Effectiveness
Recognize why social engineering remains effective by exploiting trust and leveraging psychological tactics such as fear, urgency, curiosity, and authority.
2. Diversifying Defense Against Attacks
Be prepared to combat diverse forms of social engineering attacks (phishing emails, phone call, physical impersonation) by tailoring defense strategies accordingly.
3. Prioritize Security Awareness Training
Strengthen security awareness training to educate employees on identifying and responding to suspicious messages or requests, emphasizing simulated phishing attacks. Involve employees in the security process by encouraging them to provide feedback and promptly report unusual requests.
4. Implement Technological Safeguards
Adopt technological measures like the least privileged strategy, multi-factor authentication (MFA), and regular updates to reduce vulnerabilities and unauthorized access.
5. Enhance Threat Detection
Tune email filtering and security solutions to effectively detect and block phishing emails, monitor network traffic, and observe user behavior to identify unusual activities indicative of social engineering attacks.
6. Regular Security Assessments
Periodically reassess your organization’s security posture through penetration testing, vulnerability assessments, and security audits and mitigate potential weaknesses exploited by social engineers.
7. Improve Incident Response Preparedness
Review and update your incident response plan, incorporating lessons learned from MGM Resorts’ breach to enhance tabletop exercises and actual activations for a more effective response to future incidents.
The recent breach at MGM Resorts serves as a critical reminder of the escalating sophistication in cyber threats. By understanding social engineering and implementing the outline strategies, you can prioritize and prepare for potential cyber threats, ultimately bolstering your organization’s resilience in the face of evolving cybersecurity challenges.