Cybersecurity threats have become very common nowadays and all kinds of businesses, whether they are large or small are at risk of being cyber attacked. These Cyber Threats have become a huge issue for businesses of all sorts and unless dealt with correctly, these can cause some serious problems for the companies and businesses who were attacked. Businesses and Companies need to be aware of the type of threats that they can expect from the attackers and how to tackle them. Let’s have a closer look at 4 Common Cyber Threats Faced By Businesses.
1. Phishing Attacks
Phishing Attacks have become very popular in the last decade and they are one of the biggest and most spread threats that businesses are facing. About 80-90% of all the breaches that most businesses and organizations face are because of phishing attacks and they account for more than $10 billion in business losses.
Phishing attacks are done when the attackers pretend to be one of the trusted contacts and trick the users into downloading a malicious file, clicking on a malicious link, or tricking the users into giving them sensitive information that usually includes account details and credentials.
Phishing attacks are different from other types of attacks and over the years they have become sophisticated because the attackers use social engineering to target humans instead of targeting any technological weakness. The attackers pretend to be legitimate business contacts or trusted persons and trick the users into sharing sensitive information.
To stay protected from any sort of phishing attacks, there should be a strong email security gateway installed that does not let any malicious email enter the employee’s inbox, plus, the employees should be provided security awareness training so they can instantly spot a phishing attack when they see one.
2. Malware Attacks
Malware is a generalized term for malicious code through which the hackers gain access to the network, steal data, or destroy data on a device by infecting it. Malware attacks have become common and it includes various viruses and trojans that are used to infect devices. A device is usually infected by Malware when the malware is introduced from a malicious website, downloading a malicious program or spam email attachment, or connecting to devices that are already infected.
Malware attacks are very damaging, especially for small businesses because once a device is infected then the malware could spread across the whole network, infecting other devices which usually require expensive repairs. These malware attacks also provide a backdoor through which hackers can gain access to confidential data of both the customers and employees and it can put them at risk. These malware can infect any company belonging to any industry for example, if it is a courier company such as Delhivery, Shree Tirupati or a food company such as Burger King or KFC.
Malware Attacks can be prevented by avoiding downloading anything from an unknown source and having endpoint protection solutions that prevent the devices from downloading malware. Employees should also be advised no to download any malicious program or spam email attachments.
3. Ransomware Attacks
Ransomware is another common type of cyber threat that hits thousands of different businesses and organizations around the world every year. They have become more common since they are more rewarding for hackers.
Ransomware involves infecting the device and encrypting its data so it cannot be accessed and becomes unusable. The company or individual that gets hit by the ransomware is then forced by the hackers to pay the ransom in order to unlock the data. This leaves the companies and businesses with a tough choice, either to pay a huge amount of money in the form of ransom or lose their data.
Businesses that don’t backup their data regularly are more often affected by the ransomware since they don’t have a backup available and they also cannot afford to lose all of their data so, they have no option left but to pay the ransom.
To prevent ransomware attacks, businesses and organizations need to have strong endpoint protection for all business devices to help stop ransomware attacks, plus there should also be effective cloud backup solutions that regularly backs up the data in the cloud to make sure that the data loss is minimal.
4. Weak Passwords
Weak Passwords have also been a threat that businesses have been facing just because their employees are using weak or easily guessed passwords. Most businesses or companies use cloud-based services nowadays and these services often contain sensitive data and important financial information that if gone into the wrong hands can cause problems. Employees often use easily guessed passwords, weak passwords, or the same passwords for multiple accounts and it can lead to sensitive data being compromised.
Due to lack of awareness, employees use weak passwords and are unaware of the damage that they can cause just because they are using weak passwords.
Businesses should be using Password Management Technologies that manage passwords for different accounts and provide strong passwords for each account that cannot be easily guessed or cracked. Along with this, companies should also implement two-factor authentication technology in various services so apart from passwords, there is another layer of security that will prevent the hackers from accessing important business accounts, even if they managed to get their hands on passwords somehow.