Cybersecurity: Threats Every Business Should Be Aware Of

Thanks to today’s digital landscape, we are all more interconnected than ever. This provides not only numerous benefits to businesses but increasingly sophisticated and prevalent cybersecurity threats as well. Businesses both large and small in all industries are at risk of falling victim to cyberattacks, which can devastate them with reputational damage, compromised customer data, and significant financial losses. All organizations should be aware of the top cybersecurity threats, so that they may develop robust security measures and protect valuable assets. In this article, we plan to cover the most significant cybersecurity threats that businesses should be aware of.

Phishing Attacks

The most common cybersecurity threat by a wide margin is phishing attacks, which trick victims into revealing sensitive information or performing malicious actions. With an estimated 3.4 billion spam emails sent every day, every company has or will face this type of cyberattack more times than they will be able to count. With over 48% of emails sent in 2022 being spam, it's easy to feel that countering this task is overwhelming.

If not identified and countered appropriately, phishing attacks can appear as legitimate emails, and trick users into clicking on malicious links, providing login credentials, or downloading malware. These attacks start simple but can spiral into massive data breaches, unauthorized access to vital systems, and financial fraud.

Businesses need to educate employees about identifying these scams and avoiding them at all costs. Web security and email filters go a long way in minimizing the occurrence of these attacks happening by detecting and blocking them before they ever make it into an inbox. Additionally, Multi-Factor authentication can add an extra layer of security verification beyond a simple password.

Ransomware

Ransomware is exactly what it sounds like; a program designed to lock a company out of its systems until the ransom is paid. Ransomware attacks continue to become increasingly sophisticated, with cybercriminals exploiting vulnerabilities in business networks to gain access and deploy ransomware.

The consequences of a successful attack can be devastating with significant downtime, compromised data, and financial losses only scratching the surface of the damage sustained. The most effective way to deter this cybersecurity threat is by educating your employees about safe browsing habits and the importance of avoiding any suspicious emails or attachments. Be it as straightforward as an email looking fake, or just receiving an email they didn’t expect or don’t fully understand.

Insider Threats

Insider threats refer to security breaches caused by individuals within an organization who misuse their access privileges or intentionally engage in malicious activities. These employees don’t have to be full-time workers for your company, they can be part-timers, contractors, or even business partners, anyone who has access could potentially be a cybersecurity threat. Provide awareness training and establish a culture of security to make sure everyone is taking it seriously, and foster an environment where employees feel comfortable reporting suspicious activity.

If a person wants to compromise the company’s security, they will do so no matter if they work from home or the office. Only so many physical safeguards can be in place, so a better attitude around theft is far more effective overall.

Distributed Denial of Service (DDoS) Attacks

DDoS attacks are designed to overwhelm a target's network with an influx of traffic, causing it to crash, and rendering it inaccessible to legitimate users. Cybercriminals will often make use of botnets, which are networks of compromised computers, to launch these attacks. DDoS attacks can seriously disrupt business operations which have wider, lasting results as a result.

Invest in robust network infrastructure, implement DDoS mitigation solutions, and develop a disaster recovery plan to best mitigate or manage these situations. Regular network monitoring and traffic analysis can help detect these attacks before they happen, entirely preventing the disaster.

Social Engineering

This is one of the more unique cybersecurity threats a company can face. Social engineering attacks exploit human psychology and manipulate individuals into revealing sensitive information or performing certain actions. In this instance, this does not show up as a ‘hack’ or any technological cyberattack, but rather one that tricks people by fraudulently impersonating IT staff or company executives.

This is purely a result of manipulation of an employee’s complacency more than anything, so the best way to combat this is by properly training everyone in the company in comprehensive security awareness, and implementing multi-factor authentication to prevent unauthorized access.

Internet of Things (IoT) Vulnerabilities

The Internet of Things is an interesting concept that provides a new cybersecurity challenge. IoT devices are smart sensors, cameras, and thermostats, that are found around an office or a home. They are often poorly secured and can become entry points for cybercriminals. These devices are handy and easy to use, but their connectivity makes them an open door for many cybercriminals. This can affect many companies differently depending on what aspects of their functions rely on automation.

Make sure that all IoT devices have strong passwords, and that those passwords are not easily accessed by outside parties. Make use of encryption, Intrusion Detection Systems, and continuous monitoring to prevent any

Zero-Day Vulnerabilities

Zero-Day vulnerabilities are software vulnerabilities that even the vendor does not know about, and therefore, are unpatched. Cybercriminals can exploit these before they are discovered and fixed, making them highly damaging.

Businesses should keep systems and software up to date, and employ intrusion detection systems to make sure your company is protected.

Cloud Security Risks

The introduction of cloud services has created a plethora of benefits for its users, but it also presents a series of unique risks. Misconfigurations, unauthorized access, data breaches, and insecure APIs can arise on occasion.

Businesses should implement strong access controls, conducts regular audits of cloud environments, encrypt data, and be sure to choose a reputable service provider with a good track record and robust security measures.

Bottom Line

Businesses face a myriad of cybersecurity threats that can have severe and lasting consequences if ignored or not adequately addressed. One of the best prevention methods, alongside implementing comprehensive security measures, is staying informed and keeping your employees educated on the many cybersecurity threats they could face.

Always taking security seriously and fostering a culture of constant vigilance is key to safeguarding business operations, data, and reputation.  If you have concerns about security, contact us today →