Cyber threats pose a threat to companies of all sizes and across all industries. Businesses are more exposed than ever to the financial and reputational consequences of cyberattacks, with cybercrime increasing by 600 percent during the epidemic.
This tutorial will go over statistics on different types of cyberattacks as well as specific advice to help business owners prevent and respond to such situations.
Costs of Cybercrime
Cybercrime is expected to cost businesses globally $10.5 trillion per year by 2025. In 2015, the global cost of cybercrime was $3 trillion, a more than threefold rise over the previous decade.
Small firms are most vulnerable to cybercrime and suffer the most severe effects as a result. According to a research by Accenture, 43 percent of cyber attacks target small enterprises, with only 14 percent having appropriate cyber security.
Cyberattacks can have a substantial and long-term impact on your company’s infrastructure, depending on their severity and scale.
In addition to financial losses, cyber assaults may cause system downtime, brand reputation harm, data loss, and lost productivity for your company.
As a result, it’s vital for organisations of all sizes to be aware of the potential impact of cyber attacks in order to mitigate the consequences and prevent them from happening in the first place.
Common Types of Cyber Attacks
Knowing the most frequent forms of cyberattacks will help you develop a keen eye for unusual activities, allowing you to take appropriate action to prevent theft and fraud.
Malicious software is used in ransomware attacks to prevent access to a computer’s systems or data until a ransom is paid to the culprit. As technology advances, these attacks are getting more common and sophisticated. In 2016, a business was hit by ransomware every 39 seconds, but by 2021, that number is anticipated to jump to every 11 seconds.
Phishing is an internet scam that includes impersonating a trustworthy source, such as a bank or a government agency, by sending an email or other virtual communication. In order to steal identities, money, or start new accounts in someone else’s name, these emails typically ask for personal information such as social security numbers. Phishing schemes cost $57 million in one year, according to an FBI report.
Malware is malicious software that is installed on a system without the user’s permission. It has the potential to crash devices and provide hackers access to computer activities and contents. When people are persuaded to click on unsafe links, malware is frequently downloaded onto their devices. According to Statista, there will be approximately 678 million malware detections in 2020, nearly four times the number in 2015.
When a user intercepts communication between two persons or between one person and a computer, this is known as a man-in-the-middle (MITM) attack. A hacker might, for example, lead a user to a phoney site that looks like the user’s bank’s website in order to steal their information. 95 percent of HTTPS servers, according to Netcraft, are vulnerable to these attacks.
A cybersecurity compromise takes an average of 197 days to identify and up to 69 days to contain. The longer it takes to identify a security breach, the more damage it does to a company’s reputation and assets. As a result, it’s critical for businesses to have a data breach response plan in place so that they can respond quickly if a breach occurs.
While it is critical for firms in all industries to employ complete cybercrime prevention measures, certain industries are more vulnerable than others.
Companies in industries that have access to users’ personal information are expected to be the most common targets of cybercrime. These are some of the industries:
- Financial institutions. Banks and credit unions not only have access to personal information like addresses and phone numbers, but they also manage financial assets and credit card numbers.
- Healthcare institutions. Medical history, insurance information, and patient records are all protected by hospitals and other healthcare facilities.
- Corporations. Corporations keep track of not only employee and client information, but also highly valuable intellectual property, product concepts, and contracts.
Best Practices in Cybersecurity
Businesses must be as prepared as possible to limit the danger of cyberattacks in the face of rising cyber risks, particularly due to the development in remote employment. Here are some cybersecurity best practises that your firm should implement to improve security and prevent cyberattacks.
1.Cut down on data transfers. It’s practically impossible to restrict data flow across devices in a business context. Keep in mind how many devices contain essential data and strive to transfer data as little as possible, especially sensitive data.
2.Confirm the download sources. Before downloading anything, make sure the website you’re downloading from is validated and that you’re only clicking on authorised download links.
3.Regularly update software. Software developers are always updating their apps with the most up-to-date security features, so keeping your programmes and gadgets up to date is a wonderful method to defend yourself against cyber threats.
4.If at all feasible, encrypt your data. Encryption software can be used to keep data safe from prying eyes. Password protection is a wonderful alternative to encryption when encryption isn’t possible. Make sure your passwords are complicated, with a combination of letters, numbers, and characters, and that you change them frequently.
5.Keep an eye on the numbers. When there is unusual activity involving your data, data breach monitoring solutions will notify you. These technologies will assist you in detecting and preventing data theft in real time.
6.Prepare a breach response strategy. Even the most well-prepared firms are vulnerable to data breaches. When they do, having a written, company-wide plan in place can help minimise further harm and expedite the recovery process.
Every day, cybercrime becomes more common and sophisticated, posing a threat to organisations and individuals worldwide. Rather than waiting for a cyberattack to happen, be proactive and strengthen your security procedures to reduce the chances of being attacked.