Top 3 Cyber Security Threats That Businesses Face

Every business, be it large, medium or small, is at the risk of cybersecurity threats. Businesses are the first target of cybercriminals who keep improving their tactics to bypass the latest security measures. In 2018, numerous cases of data breaches were reported around the world like Quora and British Airways. When big organizations with dedicated IT professionals can become a victim of cyber attacks, it’s even more difficult for small businesses to circumvent such threats.

Irrespective of the business size, every enterprise deal with money and have access to huge amounts of customer data. But small and mid-sized businesses are more vulnerable to hacks because they have limited resources to put into cybersecurity. Most of the small business owners rarely employ the latest technological defenses which makes them an easier target for hackers than big companies.

Cyber attacks not only result in losing money but also cause data loss and reputational damage. The weak defense mechanism of small businesses makes them lucrative for hackers. So, as hackers and malware become more and more sophisticated, businesses also need to improve their data security. With that in mind, here are the top 3 cyber threats that businesses should watch out for and tips to avoid them.

  1. Phishing Attacks

One of the most common and most damaging threats is phishing attacks. In this type of attack, cybercriminal attempts to obtain sensitive information by pretending to be someone familiar. A malicious link is sent to the person via email or SMS, enticing a user to click or download that malicious link to give them access to sensitive information, account details or credentials. Phishing attacks are dangerous because no operating system is completely safe from its threat. So, the best way to mitigate the risk of phishing attacks is by incorporating safety measures. Businesses should educate their employees to avoid clicking on suspicious links. Also, organizations should deploy spam filters, keep systems current with the latest security patches, and encrypt all sensitive data.

  1. Ransomware

Every year, thousands of businesses become victims of Ransomware. You must be aware of the WannaCry attack that shook the world in 2017. These cyber-attacks are designed to deny access to a computer system or data by encrypting the information. As the name suggests, the hackers gain access to your data and hold it hostage until the ransom is paid. These attacks are rising because hackers know that businesses are much more likely to pay a ransom, as their data is valuable and often not backed-up. To avoid ransomware attacks, businesses should consider employing strong Endpoint Protection across all business devices.

  1. Insider Threats

Every business is at risk of insider threat from disgruntled or careless employees. If a worker within the organization is frustrated or disappointed, that discontent may lead to deliberately damaging your network. Sometimes, even former employees or business associates who may have access to critical business data may inflict harm on their greed or other reasons. Besides this, ignorance and carelessness of employees can also have devastating impacts. For minimizing such threats, organizations should keep monitoring unusual or suspicious activity, as well as give training to employees to remain vigilant.