Risk Management

Our lives are filled with risk every day. So much so in fact that there are entire industries & organizations dedicated to risk management, & safety. The same is true for your business. Everyday businesses face risk from fire, natural disasters, theft, disgruntled employees, cyber-attacks, & more. MSP’s like Nextgen Solutions can help you plan, prevent, & respond to these & other threats that businesses like yours experience daily.

The Stats

Small businesses Make up 43% of all breaches

From small business owners to the general public, most people believe that large corporations, & government entities are the primary target of cyber-attacks. The reality is that most large organizations, regardless of type, have hardened themselves to this kind of attack, making them no longer an ideal target.

Cyber criminals are looking for targets of opportunity that are low risk with relatively high payout. Since most small businesses have no cyber security budget or plan in place, this Makes them ideal targets.

Cyber-attacks are costing small businesses $3 million per incident on average

Any business with less than 500 employees is generally considered to be a small business. Of these small businesses, 51% of their owners will pay the ransom, 24% will have to pay it out of pocket, with only 27% being covered by cyber security insurance. To make matters worse 1 in 5 who pay the ransom will not get their data back.

60% of small businesses close within 6 Mo. of a cyber-attack

Cyber-attacks & data loss are costly both in the terms of finances & reputation. The impact of these costs has proven to be so steep that most small businesses cannot weather the storm & close their doors for good.

40% of attacks result the loss of business-critical data

Business critical data can be defined as financial, business proprietary, customer information, customer proprietary, as well as any other data that a business would not be able to function without. This data is essential to the operations of the business and its continued success. Losing access to this data can have severe consequences, including financial loss, loss of customer trust, and even the closure of the business.

Additional Risk Stats:

  • According to a report by the Cybersecurity Ventures, cybercrime is projected to cost the world $6 trillion annually by 2021.
  • A study by the Ponemon Institute found that the average cost of a data breach for a small business is $3.86 million.
  • A survey by the National Cyber Security Alliance found that 60% of small businesses that suffer a cyber-attack are out of business within six months of the incident.

How can Nextgen help manage risk?

Nextgen Solutions delivers services, such as network, application, infrastructure, and security, via ongoing and regular support and active administration on customers’ premises, remote, or through hosting.

Our team of experts can help you identify potential threats and vulnerabilities, and develop a plan to mitigate them. We offer a variety of services, including:

  • Cybersecurity assessments and penetration testing: We can simulate a real-world attack on your system to identify vulnerabilities and help you implement measures to prevent them.
  • Managed firewall and intrusion detection/prevention: Our team can manage your firewall and intrusion detection/prevention systems to ensure they are always up-to-date and working correctly.
  • Data backup and recovery: We can help you develop a robust data backup and recovery plan to ensure that you can recover your data in the event of a disaster.
  • Employee training: We can provide training for your employees on how to identify and prevent cyber-attacks, as well as how to respond in the event of an attack.
  • Compliance: We can help you meet regulatory compliance requirements and ensure that you are protected from data breaches and other cyber threats.
  • Vulnerability management: We can help you identify and prioritize vulnerabilities in your IT environment and develop a plan to mitigate

Concluding Thoughts

The threats and risks that businesses face today are numerous and constantly evolving. Small businesses, in particular, are vulnerable to cyber-attacks due to their lack of resources and cyber security budget. The financial and reputational impact of cyber-attacks and data loss can be devastating, with 60% of small businesses closing within six months of a cyber-attack.

Nextgen Solutions offers a range of services that can help businesses manage these risks. Our team of experts can help you identify potential threats and vulnerabilities, develop a plan to mitigate them, and provide ongoing support and active administration. From cybersecurity assessments and penetration testing to managed firewall and intrusion detection/prevention, data backup and recovery, employee training, and compliance, we have the expertise and resources to help your business stay secure.

Don’t wait for a cyber-attack to happen, take proactive steps to protect your business today. Partner with Nextgen Solutions, and let us help you navigate the complex world of risk management and cyber security.

5 Reasons to Take a Proactive Approach to Your Cyber Security

In today’s hyper-advanced digital world, your company’s approach to cyber security is more important than ever. Cyber attacks aren’t just financially expensive: they cause significant harm to your company’s loyalty, trust, and reputation. Read on as the experts at Nextgen Solutions give you five reasons why you should be taking a proactive approach to internet security.

5 Reasons to Take a Proactive Approach to Your Cyber Security

1. Catch Problems Before They Occur

At Nextgen Solutions, we have many clients who didn’t initially realize the importance of taking a proactive approach to their company’s digital security. Here’s a cliché that illustrates it perfectly: “An ounce of prevention is worth a pound of cure.”

Reactive security involves responding to problems after they occur. Proactive security consists of identifying potential threats and risks before they occur and putting plans or systems in place to prevent them. Proactive management stops or catches attacks or risks before they have a chance to harm your website and your business overall.

2. Create a Comprehensive Plan by Combining Proactive and Reactive Security 

We want to emphasize an important point: your digital security methods should include both proactive and reactive plans. Proactive techniques are ideal for risk mitigation, but nothing is ever 100% foolproof. So when attacks or security risks get past your initial lines of defense, you’ll still have a reactive-oriented game plan for eliminating the threat and reducing the damage as much as possible.

3. Remain in Compliance with Data Protection Laws

Your plan for proactive security and cyber risk management should be multi-faceted and contain numerous layers of defense. The best way to create a comprehensive security plan is by analyzing potential risks and developing best practices to mitigate those threats. Doing so ensures you’ll remain in compliance with the many data protection laws requiring online businesses to have top-notch security in place to protect sensitive information.

4. Build Trust and Credibility within Your Customer Base

Plant yourself firmly in the shoes of your end-user: wouldn’t you feel safer if a company had preventative security measures in place? Using proactive methods evokes more trust within your customer base and builds brand equity for your business.

5. Reduce Incident Investigation and Response Costs

If you’ve ever dealt with the aftermath of a data breach or cyber attack, you know how costly they are. Not only are such incidents expensive to fix, but they also negatively affect your company’s reputation and trustworthiness in the eyes of your customers. For example, IBM’s Cost of a Data Breach Report 2021 found that data breach costs hit an all-time high in the 17-year history of the report, rising from 3.86 million to 4.24 million.

The primary benefit of using a proactive approach to cyber risks and security threats is being able to prevent attacks or breaches before they occur. At Nextgen Solutions, our team of experts provides comprehensive IT and security solutions for our clients. Call Nextgen Solutions today at (618) 422-8784 and schedule a free on-site security assessment and quote for your business.   

Why Cyber Security Is More Important Than Ever

Our increasingly connected economy relies on the internet to do business at the speed that modern times necessitate. While this opens up new possibilities for businesses to interact with one another and with customers, it also presents a certain set of risks and vulnerabilities. That’s what makes having strong cyber security in place for your business absolutely essential to function in the current economy.

Why Cyber Security Is More Important Than Ever

The Increasing Importance of Digital Security

More businesses than ever are investing in their online security to protect themselves from hackers, malware, and other online threats. The reason behind this is obvious enough to anybody who has paid attention to business headlines over the last few years. Cyber attacks have become more prevalent with the increased digitization of business, affecting businesses in practically every sector of the economy and leaving business owners scrambling to keep up. For example, just about everybody has seen the headline-making ransomware attacks that have occurred with alarming frequency in recent years. These attacks can start with something as simple as clicking a harmful link in an email. They can then lead to your entire network being encrypted to prevent access. Not only will you suffer a cost in lost productivity while your systems are offline, but you may need to pay a hefty sum to get control of your files back.

Measures You Can Take to Protect Your Business

There are some basic steps that you can take right away to reduce the risk that malicious hackers pose to your business. One great way to protect yourself is to ensure that the software you’re running on any device your business uses is kept updated to the latest version. Older versions of software often have vulnerabilities that are known to hackers. Keeping updated will patch those vulnerabilities so you can operate more safely. Another important measure that you can implement would be to keep everyone on your team aware of the latest best practices for online security. An important skill as simple as setting strong passwords and not reusing them across multiple platforms can be a very beneficial step to take. You should also make sure everyone in your business is aware of common online threats they might run across, such as phishing attempts or trojan malware.

Getting the Resources and Assistance You Need

Cyber threats continue to grow and evolve with every day that goes by. Staying on top of all the latest challenges that operating your business online incurs can seem like an overwhelming prospect. Getting the assistance you need from experienced IT professionals gives you the reassurance that all aspects of your online business are protected. That covers your IT needs and lets you focus on doing what you do best: running and growing your business. Get all of your IT solutions through a single source that will supplement your existing online structure to achieve a better tomorrow for your business. Contact Nextgen Solutions today and get started on optimizing your online business!

Passwords: Length VS Complexity

User authentication is the cornerstone of security and the fact is, passwords are, without doubt, the most common mechanism used. You make use of them to access everything – from your computers or mobile devices to networks and your operating systems. 

The most commonly used passwords are names and date of births. Now, most systems have a lengthy set of criteria to consider a password acceptable. Even so there are still a lot of weak passwords out there. But how do you know a good password? 

The basics of good security etiquette include no visible or easily guessable passwords, using a password manager, and making use of two-factor authentication. Another important measure to keep in mind is to not use the same password for all your accounts. 

While all this is good, there is a never-ending question that continually gets asked. Is it length or complexity that determines the strength of the password? Most sites have a minimum and maximum length limits for passwords. On the other hand, complexity is determined by the combination of uppercase, lowercase, numeric characters, and special characters. 

There are compelling arguments regarding the advantages and disadvantages to both. With security being compromised more so than ever, there is a need to get to the bottom of this and figure out which of these will help you make the best passwords! But which is the better approach? 

Arguments for Password Length 

Many people argue that password length is decidedly more important than complexity. Let us take a look at their reasoning. 

  • It is undeniably easy to increase the combinations of a password when increasing the power rather than the base of an exponential function. This mathematical argument, put forward by  NIST Digital Identity Guidelines for the United States federal government believes that longer passwords are definitely safer than complex ones.  
  • The logic is that if you have a password with 8 characters, you have a possibility of 52 letters per character. This is with the assumption that they are all characters, upper and lower case. This means 52^8 or 53,459,728,531,456 possible combinations. 
  • If you add just two more characters, it gives you 52^10 possibilities. 
  • Increasing the complexity of the 8 character password by adding numbers and special characters to the list of possible characters gives you 72^8 possibilities. 

This means adding just 2 characters would be almost 1000 times more effective at increasing the security than adding numbers and special characters. Making a 12 character password with only letters can be mapped to being almost one million times better than an eight-character password with numbers and special characters. 

  • If they are formed right, they are easier to remember. This means you do not have to create a highly complex password you won’t remember, and then write it on post-it notes. You can create a meaningful password and commit it to memory instead of risking information just because you needed to add meaningless characters.  
  • Most people implementing complex characters implement it either towards the beginning or at the end of their passwords. Same goes for uppercase characters. This predictability in what people assume as ‘complexity’ makes it very easy for people to hack into systems. 
  • While short passwords are quite easy to crack, longer ones might hold off attackers to the point where they move on. If you are wondering what the required length is, Georgia Tech Research Institute conducted a study in 2010 that explained in detail how a password with 12 characters could meet the minimum character requirement in order to defeat a simple code-breaking software.  

    This was reported by Joshua Davis, a research scientist. In fact, senior researcher Richard Boyd had said “Eight-character passwords are insufficient now… and if you restrict your characters to only alphabetic letters, it can be cracked in minutes.” 
  • The difficulty to crack passwords happens due to the randomness of the password. Length increases the entropy, or how random it is. This makes it difficult to crack. 

These are the most common reasons many people consider the length of a password to be a determining factor in how secure it is. These are valid points because longer passwords are undoubtedly more secure. In addition to combinations, it also gives you the freedom to play around with more words. This lets you create a meaningful password that you can easily remember. 

In Favor of Complexity 

Even though there are a lot of benefits to a long password, there is a group of security experts who claim that any password is only as secure as its complexity. In fact, many websites make it a point to accept passwords only if they have at least one number and one special character. 

This requirement is also followed by software and tools that automatically generate passwords. All this forces one to think there is probably some truth behind this requirement.  

In order to delve deep into the benefits of added complexity, let us take a look at some of the main arguments for complexity over length. 

  • The password length will not matter if the hackers have already phished information that contributes to your password. This could have been done via simple mail, by leading to a phishing website or any other means.  

If this password were made complex, it would increase the number of combinations the hackers had to try, making it difficult. Eventually, they would have given up and moved on. This makes complexity a better way of securing your account in comparison to length.  

  • Most websites have a cap on the maximum number of characters they allow on their passwords. The only way to make these passwords more secure in spite of it being the maximum number of characters is by increasing the number of characters possible in each position.  

    While 52 characters are possible using uppercase and lowercase alphabets, 72 possibilities are available if you use numbers and special characters. This gives you significantly more possibilities for each position.  

    This means more combinations to go through before someone can get into your account and compromise your information. This is why many prefer complexity rather than length to secure passwords. 
  • The factor that determines how difficult it is to crack a password is the randomness of it. Adding special characters and numbers makes it difficult for the hacker to guess the password, even with common ones like names and date of birth. 

So is complexity the winner? Well, the above reasons are quite strong. They definitely do convince you that complexity is an important factor when it comes to determining data security. By directly affecting the strength of your password, complexity has to be taken seriously.  

People need to understand the importance of the combination of numbers, letters and random sequences. A bigger set of characters makes it 10x more difficult for anyone to hack your systems and attempt to go through your data.  

So Which One….

When it comes to your data, the truth is you cannot be too careful. There are compelling arguments for both length and complexity. But the better option would be to go with a balanced mix of the two.  

The fact is, the more the length, the more secure the password is going to be. It is proven that a password with twelve characters and only uppercase and lowercase letters is more secure than an eight-character password with letters, numbers, and special characters.  

But this is only true when the password in question is 12 to 15 characters long. Increasing the number of characters also adds to the security of your passwords in the future.  

Making passwords complex with numbers and special characters takeaway classic dictionary attacks that only focus on meaningful words and what they can combine to be. Increasing the length after you do that plays a crucial role in firmly establishing how strong the password is.  

The best solution is to use a password with secure complexity. This takes away the possibility of brute-force attacks, dictionary attacks, etc.  

How Can You Make a Secure Password? 

Make sure your password has no correlation to yourself 

While you should aim for long and complex passwords, make sure that it is not something obvious. In fact, CEO of Splash Data, Morgan Slain, says “We have seen an effort by many people to be more secure by adding characters to passwords, but if these longer passwords are based on simple patterns, they will put you in just as much risk of having your identity stolen by hackers.” 

This came from the password management company that compiles a list of the worst passwords of the year, so they would know. Make sure your password is made of words that have no correlation with each other, to yourself, or are made of random characters. 

Do Not Put All Your Special Characters in One Area 

Due to the mandatory requirement by many sites, most people are forced to add at least one uppercase character, one number, and one special character. The general behavior is to put the capital letters at the beginning and digits and symbols at the end of your password, according to Carnegie Mellon computer professor and FTC Chief Technologist Lorrie Faith Cranor.  

Since the entire process of security depends on making passwords unpredictable, this might make it prone to getting hacked. Backloading, or frontloading for that matter, can make it easier for anyone trying to find an easy way in. 

Do Not Force Employees To Change Passwords Too Often 

If you force your employees to change their passwords too often, they are more likely to start using more careless passwords. These include words like “Password” or “Password1.” These passwords are not safe and secure, this would defeat the whole purpose of the security of their passwords.  

Make sure you have a reasonable time period or a good reason to ask employees to change passwords, because asking your employees to change their passwords too frequently, will defeat the whole purpose of actually asking them to change their password.  

Do Not Use the Same Password for more than one Account 

This is another very common mistake. Let us assume you have the perfect password. Let us assume it is secure, lengthy, and complex. Using the same password for multiple sites makes it very easy for a hacker to exploit this. If you use the same “good” password for more than one of your accounts, then you are not only risking just one account. You’re risking all of them, that could include your bank account, social medias, and etc..   

Your passwords are only as safe as the sites they are for. If the site is hacked or you are targeted with a phishing scam your password could become compromised, giving the attacker access to any site that uses that same password.  

Make it something you can remember easily 

While passwords must be secure, meet length and complexity requirements, and not be something that is easily known about you, the truth is that if you cannot remember your password it’s not doing you much good. Furthermore if you are always struggling to remember your password, or worse yet having to reset it, eventually frustration will set in and you will opt for something less complex and easier to remember.  

One of the best ways to keep passwords complex, while also keeping them memorable is to use a sentence or phrase. Creating a sentence or phrase grammatically correct, or purposely incorrect for that matter, can allow us to meet all of the password best practices we have discussed while keeping it simple enough to remember.  

Conclusion

When it comes to the length vs. complexity battle, length hands down gives you the most security of the two. It is however always wise to mix it up so that you can get the best of both worlds. After all, it is your data at stake, and there is no such thing as too careful!