The threat of cybercrimes is on the rise as cybercriminals become more brazen and creative in targeting victims. It makes it more critical for businesses to understand the risks and adopt a holistic approach to cyber security. Here are some of the top cyber security threats that businesses must know.
1. Data Breach
The growing popularity of digital business practices, such as a paperless office, has increased the risk of a data breach. If your business is generating a lot of sensitive data — like social security numbers, banking information, or medical records — a breach is a serious cyber threat that you need to address.
It would help if you had a comprehensive cybersecurity strategy to prevent a data breach, as hackers can exploit vulnerabilities and gain access by guessing the IP address of a computer. It may include adopting a robust data protection plan (DPP) or the best VPNs with dedicated IP that enables you to comply with the relevant regulations.
2. Web Application Attacks
Businesses need to be prepared for an increasing number of Web Application attacks. These attacks are designed to exploit vulnerabilities in websites and web applications. The popularity of cloud-based services has made it easier for hackers to launch these attacks, as they don’t need to create their infrastructure.
A critical step that businesses can take to tackle these attacks is to find IT solutions that empower and protect their IT infrastructure. The move will help you to upgrade your systems and networks. It will also help protect against cyber security threats and attacks by reducing the risk imposed by outdated systems.
3. Supply Chain Risk
Businesses need to adopt a supply chain risk-based approach when it comes to cybersecurity. The approach helps you identify and mitigate risks related to your production and trading process.
One supply chain risk that you need to be aware of is the threat of a cyber-attack in your manufacturing process. The attack could occur if a supplier’s system is breached or a malicious actor gains access to your data.
In this case, a malicious actor could use your production process to create a product designed to look like a defective or fake product. If the fake product makes it into the market, it could ruin your company’s reputation and possibly run you out of business.
4. DDoS Attacks
A Distributed Denial of Service (DDoS) attack is a cyber threat related to data breaches. It essentially involves hackers trying to overload a target’s network with overwhelming traffic. Sometimes, criminals will target specific individuals, like celebrities, journalists, or others that they want to intimidate.
While DDoS attacks are a growing concern, there are some steps that you can take to protect your business. One crucial step is to monitor your cybersecurity hygiene continuously. It means implementing a comprehensive cybersecurity strategy that helps you identify and mitigate cyber threats.
Some businesses also hire experts to conduct a DDoS attack to expose the vulnerabilities in their systems. After they get the feedback, they can now develop countermeasures to protect their systems from similar attacks in the future.
5. Phishing Attacks
Thousands of small businesses have experienced phishing or attempted phishing attacks, and the attacks continue to grow. Phishing is when a hacker pretends to be a trusted contact for the business. They may send malicious emails with links to your employees’ email addresses, asking them to click on the links for a valid reason. Sometimes the email would ask the recipient to download a file. When the recipient downloads or clicks on the bait link, the attacker will gain immediate access to their computer and information. If it is a company computer, they can access the system and manipulate data.
6. Ransomware Threats
The name gives you an idea of the threat. It is malware sent to your system and locks all your data via encryption. When this happens, your business cannot function. Also, you are denied access to business information, and the attacker demands monetary compensation to release the data. If you reject the offer, the business loses all information bringing it to a standstill.
7. Insider Threats
Not all threats to your business are external. Sometimes, the person fighting your business could be one of your staff or management. The threat could extend to other professionals like contractors, suppliers, or former employees. These people might know how to access your business and use their privilege to harm operations. You will need to implement a strong culture of security awareness and limit access to your systems to a few individuals.
There are many cyber threats to a business, and you must make it a necessity to know them and ways to protect your business. Educate your employees on cyber security threats and how they can identify and prevent such attacks.
