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Written by Cyndie Martini
on December 24, 2019

Booz Allen recently created a report outlining enterprise cyber security threats for 2020. The report looks at what companies should do to decrease their chances of being hacked. In this article, we'll layout the quick on what your bank or credit union should be focusing on for cyber security in 2020.

IoT vulnerabilities were a big theme in 2019. Hacked IoT devices weren't limited to businesses. Residents experienced hacks as well. For companies and residents, one main vulnerability is leaving the default password in place. This makes hacking IoT devices much easier. Simply changing the default password will eliminate a lot of IoT vulnerabilities.

Three areas the report identified will have a broad impact in 2020. These include counterfeit and cloned hardware components, autonomous-enabled vehicles, and wifi drone networks. Surprisingly, defense against such threats has not changed much. Best security practices such as regularly changing passwords, using strong passwords, ensuring quality suppliers, and updating and abiding by security policies, all contribute to a decrease in security threats. 

Good security practices are the foundation of any cyber security-aware company. Training management and employees to take security threats seriously and enforcing security policies already on the books will help organizations ward off potential hacks. As well, being aware of the latest threats is essential, as such awareness allows companies to update their security policies.

Financial institutions that view cyber security as an enabler of growth will be better suited to deal with any threats while decreasing the potential for hacks. Viewing all departments within an organization as vulnerable to hacks is not enough. An external focus is necessary as well — who in the supply chain might be vulnerable? 

In an increasingly interconnected world, vulnerabilities increase as institutions connect with less secure players. Institutions can't depend on third parties to be secure. Instead, they must defend against all potential third parties. Leadership that prioritizes risk against relevant threats and understands the threat landscape will prove to be the most cyber resilient.

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