The world is hustling to keep up with the fast pace of modern technology. From upgrades to multiple work modes, the adaptability towards a new high-tech world with just a mere connection to the internet no doubt is a great wonder. However, with the latest advancements to incorporate technology into our lives, our business sector is now more than ever vulnerable to automated cyberattacks.
Enterprises have started facing the threat of technology where cybercrime is the new menace. For hackers, all businesses are equally exposed as a target until their cyber security is questioned.
Small businesses and startups arguably face more losses due to data breaches than big enterprises as they lack security. Sometimes, small businesses are exposed to threats because they collaborate with bigger businesses.
A recent 'Cost of Data Breach Report' shares its key findings;
Data breach average cost increased 2.6% from USD 4.24 million in 2021 to USD 4.35 million in 2022. The average cost has climbed 12.7% from USD 3.86 million in the 2020 report.
With cybersecurity threats increasing and advancing every day, it is pivotal to asses possible vulnerabilities for your business.
Here are 05 cyber threats businesses need to be aware of in 2022.
1. Phishing Attacks:
Phishing attacks, a subset of social engineering strategies, are cyberattacks based on psychological manipulation. These are considered the most damaging and widespread threats to businesses.
Phishing accounts have grown 65% over the previous year and account for over $12 billion in business losses; this estimates a 90% exposure of phishing attacks on businesses.
Phishing attackers usually pretend to be a trusted contact of the business and thus entice the user by sending a "spoof" communication to the business with links that download trojan and malware. Most of the time, phishing attacks are conducted through communication media, for example, text, social media, chat, and phone calls. Spear phishing attacks are more focused on a particular group or business. These cybercriminals use personal information to target a business or enterprise. Spear phishing attackers are challenging to identify, often dodging well-trained security employees and high-tech systems. These phishing incidents have led to a rise in Business Email Compromises where the attackers attempt to steal business email account passwords from high-level executives and then use the accounts to request employee payments.
Combating a phishing attack can be done by security awareness training and mock drills, so employees learn how to spot suspicious communications. Strong email security gateways can prevent phishing emails from reaching your employees' inboxes. Cloud-based email security providers can also add security to your business from phishing attacks. Using these security measures allow users and business to report email phishing and admins to delete it from the inbox of all users.
2. Malware Attacks and Ransomware Attacks:
Malware Attacks are usually operated when a cybercriminal deploys malware on your computer. Cybercriminals install these malicious packages that provide access to the company device or network, steal data or destroy computers. Malware attacks encompass threats such as Trojans and viruses.
Cybercriminals also use another method where they use public Wi-Fi networks to deploy these malicious packages. Anyone who logs into these spoof networks will install malicious code giving attackers access to the device. This can lead to the attackers gaining access to the company network and crippling the device. Once these criminals have access to your device, it becomes difficult to remove the malware, even after deleting the apps or with anti-virus software.
Small business is particularly more exposed to malware and ransomware attacks because of a lack of no defense against sophisticated technology. The biggest misconception is that not every criminal is after the millions from a big enterprise; many low-level cybercriminals are happy with some thousands from a small business. According to stats, 71% of ransomware attackers target small businesses.
Companies must combat malicious code by restricting internet browsing and educating employees about the dangers of downloading and clicking links.
Small businesses must also avoid using free software and applications. Criminals often use freeware and free apps to infect devices with malware. Businesses can prevent malware attacks by using Endpoint Protection solutions which protect devices from malware downloads and give admins a central control panel to manage devices and ensure that the security of all users is up to date.
3. Distributed Denial-of-Service (DDoS) Attacks:
Most DDoS attacks are aimed to create confusion or act as a method to divert a company's attention from a more subtle breach where hackers can pass through undetected. Similar to a pickpocket incident where one person creates a distraction while the other steals your wallet.
This DDoS is unlike the cybercriminals that use large numbers of computers in a coordinated attack on a system- usually overwhelming the root access authentication in an attempt to shut it down. Most small businesses don't know how to deal with DDoS, but tools and systems are available to mitigate the fallout.
4. Weak Passwords & Reusing Passwords:
These are two of the most common problems that lead to a significant cyberattack threat:
· Reusing passwords for multiple accounts
· Using weak, easy-to-guess password
Reusing passwords is a lethal practice for your business. Hackers only need one password to access company documents and multiple company accounts and company data using the same password.
Small businesses are often at the risk of using weak passwords, which compromises the security of the business. The insecure password storage and sharing methods can lead to more frequent cyberattack attempts to steal data. In some cases, storage methods could violate GDPR or CCPA regulations.
Employees should use strong passwords and consider business password management technologies to provide more awareness about the risk of weak passwords. These platforms help to identify breaches and manage passwords for all the accounts. These platforms suggest users' strong passwords that hackers cannot easily crack. Businesses should also consider Multi-Factor Authentication technologies. These ensure verification steps that increase business security. All these security platforms reduce the chances of breaches and data theft.
5. Insider Threats:
An insider threat is a risk to an organization that is caused by the actions of an employee, former employee, business contractor, or associates. These individuals can access company information and misuse this critical data. Verizon found that insider threats caused 25% of data breaches.
This growing problem puts the company, its data, and its employees all at risk of being harmed. Small businesses face insider threats more frequently due to easy access to information.
To block insider threats, small business needs to ensure security awareness among employees and should prevent such occurrences by ensuring that employee doesn't compromise on company data.
Multiple threats always try to hurt a business or an enterprise. The best practice to protect your business or enterprise is by practicing awareness of these crimes and ensuring that security threats are also prevented. Companies should use Cyber security expert insight and the proper security software and services. Yottabyte is providing complete Enterprise Security services to help businesses focus on core rather than stressing about safety first. Contact our team of experts and get services today!