Raising awareness on what the biggest cybersecurity threats to businesses are is only one of the ways to combat the many digital threats that businesses face. Information is key and knowledge is power. The ability to keep track of and to prepare for these harmful digital issues that have the potential to damage and destroy businesses is a must.
Ransomware is one of the biggest stressors impacting businesses. It remained on the list of Top cybersecurity threats in 2019. Just as the name implies, it ransoms your wares. Meaning it impinges on company security to steal encrypted data and secure database information. It then threatens to delete everything unless a ransom is paid. There is a ransomware attack on a business every 14 seconds; that’s around 4,000 ransomware attacks happening on a daily basis. Thus, building safeguards against this kind of infiltration should be a top priority. Training employees to spot this type of breach is paramount. This, along with endpoint security protection, can mitigate this online extortion.
Mimicking the same style of ransomware, the goal of this is to steal cryptocurrency. Patterned after old-school carjacking, another name for cryptojacking is cryptomining. What makes it extra sneaky is that it runs silently in the background, going unnoticed while it quietly mines for cryptocurrency. Before you realise it, everything has been stolen.
Phishing Attacks as Cybersecurity Threats
Tagged as the biggest cybersecurity threats, with 76% of businesses noting they have fallen victim, it is not surprising that IT analysts have beefed up security measures to keep phishers at bay. Designed to steal credit card information, user login details and other financial or personal information, they pretend to be a trusted platform to scam you out of your information. Sometimes, all it takes is a click on the seemingly legitimate link to get everything from you. Thus, it is important to read the fine print and to double-check when receiving any form of communication.
These types of attacks use an official-looking business website to perform unwanted code in a victim’s browser. Executing the code makes it easy for the offender to steal cookie information so they can hijack the site without any credentials. Also known as XSS, cross-site scripting can target individuals as well as organisations.
Mobile devices are now also targeted by people with ill intentions. Poor vulnerability management has reinforced this trend. Some organisations have attempted to implement MDM solutions or Mobile Device Management to combat this.
Software Supply Attack
Incidents of supply chain attacks have increased tremendously in the past few years. It is a growing risk because several infections or viruses injected into legitimate software packages can go unnoticed. This type of attack implants malware during the production stage or while in third party storage making it difficult to eradicate.
IoT Device Threats
Referred to as ‘Internet of Things’ (IoT), these are potential threats from devices that are supposed to help in maintaining security. For instance, security cameras and smart container chips are in abundance, but many people do not know how to manage these products, even though they have proliferated in most public areas. Failure to understand these IoT devices puts everyone at risk.
Networks composed of these IoT devices are massive in scale. Unfortunately, this can all be controlled from a remote location and they can be used to launch attacks. Powerful botnets are a conglomeration of these machines and computers. Hackers controlling these networks can issue a DDoS attack or a Distributed Denial of Service. An example of this would be hacking a traffic-light network system to create utter chaos.
Geopolitical Risks of Cybersecurity Threats
Where a company’s products are based or where their data is stored increases information security threats. Geopolitical risk is seen as a strong threat. Disregarding this can lead to unpalatable outcomes.
Advanced Persistent Threats
This results when an unauthorized attacker code is given permission to enter a system network. The result is quietly stealing information while going undetected. Unfortunately, the code can remain in the network for a long period of time – creating the perfect environment to steal information.
In Summary – Cybersecurity threats
Being aware of and prepared for the above cybersecurity threats, that potentially have the capacity to destroy businesses, must be faced head-on. With cybersecurity threats continuing to grow and evolve, coupled with new threats emerging almost as soon as an old one is addressed, it means that businesses must be vigilant in order not to fall victim and suffer the dire consequences. These harmful digital issues have a large impact on business outcomes, which include operations and even profits; thus, mitigating risks by effectively managing information security threats is vital for any company’s survival.