2023 Marcum Year-End Tax Guide

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THE MARCUM YEAR-END TAX GUIDE 2023

Businesses continue to face a myriad of cybersecurity challenges that demand heightened attention and proactive measures. The threat landscape is constantly evolving, with cyber actors becoming more sophisticated, finding novel ways to exploit vulnerabilities, and leveraging advanced technologies to exploit vulnerabilities in TOP 6 ENTERPRISE CYBERSECURITY CHALLENGES FOR 2024 BY JASON STARR

software and hardware. The rise of technology has given us access to more data than ever before, but with greater convenience comes an increased risk of cyberattacks and other security threats. Enterprises need to stay vigilant and continuously adapt their cybersecurity strategies to counter these threats effectively. This article decodes the top six enterprise cybersecurity threats for 2024 and gives tips for developing robust solutions to combat these threats. TOP 6 ENTERPRISE CYBERSECURITY RISKS 1. Social Engineering Attacks Social engineering attacks are a common and effective method cybercriminals use to manipulate people into revealing sensitive information that can compromise an organization’s security. One type of social engineering attack is pretexting, which involves creating a fictional scenario or identity to gain the victim’s trust, often through phone calls or emails. Another is spear phishing, a targeted form of phishing where cybercriminals send personalized and convincing

messages to trick individuals into revealing sensitive information. These attacks can have detrimental effects on businesses. For example, by tricking employees into revealing their login credentials, cybercriminals can gain unauthorized access to company systems and steal sensitive data. This can lead to financial losses, damage to the company’s reputation, and potentially costly legal consequences. To protect against social engineering attacks, organizations should educate their employees about the different types of attacks and the importance of being vigilant. Implementing multi-factor authentication, maintaining up-to date security software, and regularly reviewing and updating security protocols are vital in preventing social engineering attacks. 2. Malware and Ransomware Attacks Malicious software, or malware, is designed to harm or exploit a system or network. Ransomware malware that encrypts a victim’s files and demands payment in exchange for

the decryption key. Ransomware has become an increasingly popular method cybercriminals use to target organizations. The healthcare sector is often targeted due to the critical nature of patient data and the urgency of their operations. The financial consequences of these attacks can be devastating. Businesses may face the direct costs of ransom payments and indirect costs associated with operational disruptions and loss of productivity. In addition, there may be regulatory fines and legal liabilities if customer or patient data is compromised. To prevent malware and ransomware attacks, businesses can implement robust endpoint security solutions, such as antivirus and anti-malware software, and regularly update their systems with the latest security patches. Organizations should periodically back up their data and test their backups to ensure retrieval is possible in case of an attack. Implementing behavior based detection systems can also help identify and block suspicious activities, preventing malware and ransomware attacks.

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