Exit Planning is the strategic process of preparing for the eventual transfer or sale of a business. It takes into account the business owner’s personal and financial goals and involves decisions and actions that enable a smooth and organized exit from the business. 

Exit planning presents a challenging time for business owners. As they prepare to leave their organization, business owners and their Certified Exit Planning Advisors must track all the assets changing hands.

This can be an incredibly stressful period, and unfortunately, the actions of malicious actors may complicate exit planning further. Businesses undergoing exit planning are prime targets for cybercriminals. Depending on the business, exit planning can become a high-profile event, making those business owners attractive targets for bad actors.

Business owners and their advisors need to understand the cyber risks they face during the exit planning process. This blog will explore those risks and how advisors can use BlackCloak to ensure the exit planning process runs smoothly.

Exploring Exit Planning Cyber Risks

Business owners and their advisors must be aware of the cyber risks they face as they carry out the exit planning process, as threats can come from both internal and external parties:

• Data Breaches: During exit planning, parties exchange a significant amount of sensitive information, such as financial records, intellectual property, and customer data. Cybercriminals may target this data through phishing attacks, malware, or by exploiting vulnerabilities in the organization’s systems.
• Ransomware Attacks: Cybercriminals may use ransomware to encrypt critical data and demand payment for its release. This could disrupt the exit planning process and potentially derail the sale or transition of the business should critical information become inaccessible.
• Business Email Compromise (BEC): BEC attacks involve impersonating key individuals within the organization, such as executives or financial officers, to trick employees or external parties into transferring funds or sensitive information. During exit planning, BEC attacks could target communication channels involved in negotiations or financial transactions.
• Insider Threats: Employees or other insiders with access to sensitive information may threaten the organization’s cybersecurity during exit planning. This could involve intentionally leaking information, stealing data for personal gain, or sabotaging systems or processes.
• Supply Chain Attacks: If the organization relies on third-party vendors or partners for services or technology solutions, attackers may exploit vulnerabilities in these supply chains to gain access to the organization’s systems or data. This could compromise sensitive information related to exit planning activities.
• Social Engineering Attacks: Social engineering techniques, such as pretexting or baiting, may be used to manipulate individuals involved in exit planning into divulging sensitive information or performing actions that compromise security.

BlackCloak Can Help You Be Proactive, Not Reactive

All these cyber threats could overwhelm Certified Exit Planning Advisors, and they should take each one seriously. Fortunately, BlackCloak can help make exit planning run more smoothly by helping to minimize these risks before the process even begins.

BlackCloak’s Concierge service can assure business owners that their digital lives are protected. BlackCloak can help business owners harden their devices and accounts and find information on the dark web that may be used against business owners to conduct these attacks.

By leveraging BlackCloak before the exit planning process begins, advisors are taking a proactive approach to protection. It’s far better to take steps to protect a business before the transition starts making headlines rather than leaving items out in the open that could be used to conduct cyberattacks.

BlackCloak is committed to providing all our clients with total peace of mind, and Exit Planning Advisors can rest easier knowing that BlackCloak is there to help the process move forward and to Protect Your Digital Life™.

The post Managing Cyber Risk in Exit Strategy Planning appeared first on BlackCloak | Protect Your Digital Life™.

*** This is a Security Bloggers Network syndicated blog from BlackCloak | Protect Your Digital Life™ authored by Ryan Chiavetta. Read the original post at: https://blackcloak.io/managing-cyber-risk-in-exit-strategy-planning/