Watch Out for These 5 Cyber Threats to Your Business
Cybersecurity is sometimes regarded as a significant issue that only huge organizations, such as banks, technology firms, and governments, must deal with. However, in reality, small and medium-scale businesses are at the greatest risk. According to statistics, small enterprises are targeted by 43% of all cyber threats. If you are a business owner, big or small, you should pay more attention to cybersecurity.
Your business is probably embracing remote working arrangements now, so, you need to take more measures to secure access to your business’s networks. You must take a proactive IT security attitude to keep your operations safe as cyber-attacks become more prevalent and new cybersecurity trends arise. But before taking these countermeasures, it is important to know the common cyber threats businesses face, especially small and medium scale businesses.
- Phishing Attacks
Phishing attacks are one of the most common types of cybersecurity attacks that target all businesses. Basically, if you use email, you’re a target.
Phishing is a form of social engineering that involves a person sending a fraudulent message which appears to come from a reliable source. It is generally carried out via email. The objective is to obtain sensitive data such as credit card and login details or to infiltrate the your device to install malware on it.
They rely on human emotions like fear, curiosity, urgency and greed. If an email makes you feel strong emotions or makes you want to act immediately, it probably needs doublechecking. They don’t need every target to click on a link; even if just one person takes the bait, that’s a success to the criminals.
We’ll do a deep dive (pun intended) into phishing soon, so subscribe to stay updated.
Ransomware is a form of malware that threatens to reveal or totally restrict access to your confidential data unless a ransom is paid. While some ransomware locks the system in a way that is easy to undo for a savvy user, more recent ransomware employ a tactic known as cryptoviral extortion.
Hackers have been using ransomware to extort huge sums of money by encrypting a company’s essential data. These companies are compelled to pay obscene amounts of money to criminals in order for their data to be freed, especially if this data is critical to their operations.
For small businesses, ransomware is sort of an ordeal. Apart from the financial cost of recovering the data, the public image damage can have a lasting effect. According to a report, small companies were compelled to pay an average of $120,000 in 2019, and every 14 seconds, a company is hit by a ransomware attack.
3. Insider Threats
Insider threats are another significant threat to your business and are posed by malicious or non-malicious insiders, such as your working staff, former employees, third-party suppliers, or business associates, who have access to sensitive data and computer systems. If you own a small business, your employees might have access to several accounts and will therefore be responsible for handling more data. This makes your business more susceptible to insider threats.
4. Malware Attacks
Malware attacks cover a range of cyber threats such as viruses worms and Trojans. It’s a catch-all terminology for malicious code used by hackers to obtain data, gain network access, or delete data from a network. Malware can be spread by spam emails connecting to other breached systems.
These cyberattacks may be extremely problematic to handle since they can lie dormant in your systems while evading detection. They could also provide cybercriminals access to confidential data putting your customers and employees at risk. Small businesses often take advantage of employees who work from home on their own computers since it saves money and time. However, because personal computers are more prone to malicious downloads, this increases their chances of being targeted by malware.
Pro tip: make sure all devices (remote or at the office) are well protected with the latest security updates and antivirus software.
5. Weak passwords
Employees using weak passwords is another significant threat to small businesses. Several small-medium companies rely on cloud-based services that need several accounts. If you use cloud-based services for your business, financial information and sensitive data related to the business may be contained in these services.
Pro tip: make sure multifactor authentication is enabled on all accounts (start with the most critical ones). This will protect you if the password gets stolen.
These cyber threats can pose serious problems to your business. Worst case scenario, they can shut down your business. So it’s important to know how they work and what you can do to protect yourself. Fezzant is launching our platform soon to help you with that! For now, subscribe to stay tuned, or register for a free early-access demo here. If you have any questions, we’re happy to help.