The Top 5 Cybersecurity Threats Your Company Needs to Be Aware Of Right Now!

cyber threat
cyber threat

Cybersecurity threats are not new However, they are becoming much more sophisticated than ever before. Technology is constantly evolving, but so are cybercriminals and hackers. Unfortunately, the “bad actors”, or the hackers, are always trying to stay one step ahead of law enforcement and security professionals. Over the past few years, major companies worldwide have experienced cybercrimes, including data breaches, unauthorized access to financial accounts, digital copying of CEOs, and everything in between. Companies of all types, sizes, and industries are at risk, from new online stores to established corporations. Knowledge and alertness of the following problems can help you think about how to stop cybersecurity threats from affecting your company. We've compiled a list of the top 5 cybersecurity threats that your company needs to be aware of.

1.   Phishing Attacks

Phishing is a form of social engineering attack, and it has become one of the most common and worst cybersecurity attacks today. In its basic form, phishing occurs when a hacker uses false information to deceive someone into providing sensitive information, downloading malware, or visiting a site with malware.

Phishing attacks have increased dramatically in recent years, with attackers becoming more persuasive under the guise of legitimate business connections. There has also been an increase in business email deals, in which bad actors using phishing campaigns to steal business email account passwords from top executives and then fraudulently ask employees to pay using these accounts. While network security is essential to protecting your business, it is also necessary that you and your employees recognize the different types of phishing attacks. Cybercriminals can even create malicious emails sent to them from a co-worker, friend, or trusted company.

While no operating system is entirely immune to phishing, promoting a security culture in your business, installing spam filters, keeping the system up-to-date with the latest security patches, and encrypting all sensitive company data are just a few key steps that you and your organization can do to protect them.

2.   Ransomware

Ransomware is one of the most common cyber-attacks, affecting thousands of companies each year. They have recently become more common, as they are one of the most lucrative forms of attacks. It involves authenticating company information not to be used, and then forcing the company to pay a payment to unlock the information. This puts businesses at a difficult choice – paying ransoms, potentially wasting large sums of money, or crippling their services due to a lack of data.

Small businesses are particularly vulnerable to this type of attack. In 2018, 71% of ransomware attacks targeted small companies with a usual ransom of $ 116,000. Attackers know that small businesses are more likely to pay a ransom, as their data is often not backed up, and they need to act quickly.

The healthcare sector has been particularly hard hit by this type of attack, as closing down patients' medical records and meeting times can damage business where there is no choice but to close until the ransom is paid. To prevent these attacks; companies need strong endpoint protection in all companies' devices. This will help prevent ransomware attacks from being able to encrypt data effectively.

Companies should also consider an effective cloud backup solution. These solutions securely back up company data in the cloud, which helps reduce data loss. There are different data backup methods available for organizations, so it is essential to research the process that will work best for your organization.

3.   Hacking

Talk about a bad day: If you know that a cybercriminal has succeeded in gaining access to your network, you have problems. Criminally breaking into computer systems to damage or steal data still offers an excellent choice for some hackers. Computer hunters prey on others for their own gain, and their motivation can be for many reasons, such as profit, protest, information gathering, challenge, or entertainment.

Anyone who uses a computer connected to the Internet is at risk from hackers. Phishing, spam emails, and fake websites are usually a way for these criminals to take action. However, if a firewall does not protect you, they may try to access your data directly. Packet sniffing, the man in the middle, and the backdoor are also viable sources of infiltration. Any tips to avoid this type of risk? Keeping your OS up to date, having the latest security programs, using strong passwords and encryption, smart email, and backing up your data are all great ways.

Moreover, Smart deals are still in their infancy, but some businesses already use them to exchange digital assets. These agreements operate using self-enforcement codes. Since they are still very new, bugs are being found. Technologists are still learning how to design them. These are the weaknesses that make smart contracts an ideal target for cybercriminals because hacking new technology is often much easier than the technology that has been around for some time.

We live in a seamless world. These days everything is done online. With so much information, there are endless opportunities for cybercriminals. Understanding the potential risks you face and what you can do to reduce your risk is essential to protecting yourself, your business, and your customers.

4.   Weak Passwords

Another significant risk facing small business companies is the use of weak or easily predictable passwords by employees. Many small businesses use multiple cloud-based services, which require different accounts. These services can frequently hold sensitive information and financial information. Using easily guessed passwords, or using the same password for multiple accounts, can cause this data to be compromised. Companies are often at risk from compromises made by employees using weak passwords. According to a recent report, an average of 19% of enterprise professionals use easily guessed passwords or share passwords in accounts.

Consumers should consider business password management technologies to ensure that employees are using strong passwords. These platforms help workers manage the security codes of all their accounts and suggesting solid passwords that cannot be easily broken.

Businesses should also consider implementing multi-factor authentication technologies. This ensures that users not only need a password to access business accounts. It involves several verification steps, such as a passcode sent to a mobile device. These security controls assist stop attackers from accessing business accounts, even if they estimate the password correctly.

5.   Insider Threat

One of the most significant unresolved issues in cybersecurity is the insider threat, and it's not just the actions of an angry employee that you want to thwart. A careless internal network can also cause catastrophic damage. The damage from insider cyber threats can often be significant because insiders know where to look to gain access and block existing security measures. Although the potential and severity of this type of threat are known and very real, resources and administrative attention to address it are rarely allocated. Users are weakly linked to your network security, and more than ever, employees need to be trained to be vigilant to expose insider threats.

Communicating your strategy obviously and often, monitoring unusual or doubtful activity, and thoroughly documenting offboarding are some of the best methods to help your company reduce risk. The last thing anyone wants to do is add more layers to an already heavy administrative security setup. However, with the right attitude, perspective and tools, it's not an overwhelming process.

As technology advances, so make cyber threats to its security. Organizations need to be consistent in their data management practices and adhere to the framework set by management to strengthen the security mindset for employees. Studying and understanding current cyber threats will allow your organization to develop an effective cyber risk management program.

Conclusion

No business or IT organization is safe in today's cyber world. As cybercriminals increasingly rely on the latest technologies, organizations often feel frustrated as their confidential data, and vital assets fall victim to malicious attacks. As the reliance on digital technologies grows, cyber attacks have become much more complex. So, companies that depend on current cybersecurity policies make themselves vulnerable to a possible cyber attack. The motives for cyber attacks are many. Cyber ​​attackers can take a system offline and claim payment to restore its functionality. Companies are victims of cyber attacks, but individuals are also under attack because they store certain information on their mobile phones and use insecure public networks.  To prevent these threats, organizations must improve their cybersecurity programs. A successful cybersecurity plan can help companies stop attacks, decrease recovery time, and control future threats.