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Studies from late 2024 show that 60% of small businesses shut down within six months of a cyberattack, and 95% of these cybersecurity breaches are due to human error. These numbers show exactly how these attacks occur and how severe their impacts are. For trusted Information Security expert Folajimi Fapohunda, the decision to pursue a career in the industry came easy when he realized that it was about helping real people – the dreams of a small business owner, the savings of a retired couple. “My journey into information security was inspired by a deep desire to protect the foundation of trust that powers our economy,” he explains. “In today’s interconnected world, trust is the currency that fuels innovation, commerce, and opportunity, but as cyber threats continue to evolve, I see how this trust can be undermined, especially when the stakes are so high.”
The biggest risk of cyberattacks comes from human error and, according to Folajimi, interconnected systems. Despite constant advancements in technology and regulatory frameworks, the financial industry is still highly reliant on individuals and third-party vendors to help manage critical systems and data. He says that this creates a complex web of potential entry points for cybercriminals. It’s inevitable that humans make mistakes sometimes, but organizations should do everything in their power to educate their employees on how to spot phishing emails and other scams. Hackers can infiltrate financial institutions by exploiting human weaknesses to bypass even the strongest defense systems.
It is also essential to stay up to date with the most current technologies that are built to withstand modern cyber threats. Legacy systems with outdated technology often lack the encryption and security needed to protect businesses against sophisticated attacks. Additionally, adopting proactive threat intelligence is key to monitor emerging threats and stay one step ahead of cyberattacks. Both urgency and creativity are integral factors in responding to threats in real time.
Folajimi works smart and hard to assess and mitigate risks in the organizations he supports. “Assessing and mitigating risks in organizations requires a structured, systematic, and context-aware approach that aligns with organizational objectives, industry standards, and regulatory requirements,” he says. “My approach combines technical expertise, strategic planning, and stakeholder collaboration to ensure that risks are identified, evaluated, and addressed effectively.” A major priority for him is understanding the organization’s goals, operations, and regulatory environment by mapping critical assets and identifying both external and internal risk factors. He then pinpoints and categorizes assets based on how critical they are to the business, like financial data, intellectual property, and customer information. This allows him to then prioritize risks based on likelihood and potential impact, focusing his efforts on high-priority areas first.
With AI growing rapidly, Folajimi recognizes it as both a challenge and an asset to his work in cybersecurity. Properly deploying advanced AI models can allow organizations to discover anomalies and weaknesses before they get a chance to escalate, which can be a major advantage. Folajimi utilizes AI to automate and accelerate incident responses, using automated playbooks that enable Security Orchestration, Automation, and Response (SOAR) tools to accomplish objectives such as isolating infected endpoints or disabling compromised accounts, all without human intervention. This allows for employees to focus their efforts elsewhere, encouraging creativity and innovation to flourish.
Ultimately, strengthening cybersecurity in the U.S. requires a comprehensive approach addressing technological, structural, and cultural dimensions. The expansion of Zero Trust Architecture (ZTA), a security model assuming that no user or device is inherently trustworthy, is highly important in mitigating risks. Improving upon cybersecurity education is another concrete action organizations can take to fill in the gaps where human error might occur. Lastly, collaborating across sectors and industries to collectively defend against cyberattacks is an effective and rewarding way to share intelligence and ultimately protect local and national economies from financial ruin.
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This content is brought to you by Melissa Moraes.
Photo provided by the author.
