Top 10 Cyber Security Risks for Businesses

Many businesses have a general fallacy that they are safe through obscurity and that their business is not a significant target, but unfortunately, this is not true. Many cybersecurity risks have companies on high alert today. 

More complicated cyber-attacks have been aimed at data and assets of businesses, organizations, and financial institutions. Attackers today are increasingly automating their codes, making it easy for them to target multiple businesses at once. 

There is a constant shortage of cybersecurity professionals and experience in the cybersecurity industry. Cybercrime is growing day by day as our reliance on technology increases. Therefore, it is essential to have proper cybersecurity in a business.

This article will explore some of the cybersecurity risks that can plague your business and what you can do to avoid them.

• Phishing

Phishing is one of the most widespread forms of cybercrime that is present today, and what is worrying is that no matter how much we think we know about scams or fake emails, there are still many people who frequently fall victim to this cyber-attack. 

Phishing continues to be the most popular, if not accurate, a low-tech approach many cyber criminals employ to gain access to unsecured networks. 

Primarily, the main goal of phishing is to trick the receiver into believing that the message is something they want or need officially, like a request from their bank/ financial institution, or perhaps a note from someone in the organization and to click a link or download an attachment that usually contains the malicious software that disrupts the system. 

This can, however, be easily prevented by using an SSL certificate. Installing an SSL certificate for your business and systems guarantees that every in-transit communication between the server and the browser stays encrypted and, therefore, safe from external threats. 

In addition, since an SSL certificate encrypts emails and their content, it is harder for attackers to send phishing emails. When going for an SSL certificate, it is advisable to go for the most premium yet cheapest SSL Certificate. 

• Malware and ransomware attacks

In today’s information age, ransomware is a severe problem where all your files and data are held hostage by the attacker and are under their custody until you pay up. Not a situation you would want to be in if you are a business owner. 

Ransom malware is a kind of malware that prevents the intended users from entering and accessing their system, device, or data by asking for some ransom payment in any form. The original version of this malware was developed in the late ’80s, and payment was sent through the mail. 

However, today ransomware attackers order that payment be sent through cryptocurrency or credit card. Ransomware attackers target do not spare anyone as they attack individuals, businesses, and organizations of all kinds.

Malware is the combined name given to a group of malicious software modifications, including viruses, ransomware, and spyware. In general, the malware consists of code developed by cybercriminals designed to cause widespread and heavy damage to data and systems or gain access to a network illegally.

Malware Attack is typically planted in the form of a link or a file over email, and it requires the user to click on the link and open the file to execute the malware and give it control of the system.

• Endpoint Attacks

In today’s digital world, more and more companies are moving and storing resources on the cloud and relying on remote work locations, increasing the chances of attack surfaces. 

In addition, many organizations that allow their workforce to bring their own device to work are adopting SaaS platforms, where hackers have more targets to choose from instead of going for just one entity. So, it becomes a challenge for a business as to how best can they secure these unregistered systems and personal devices. 

Cybercriminals regularly use endpoint attacks to gain access to more extensive networks through devices and systems. This can be prevented by having endpoint devices meet security standards before they are granted any network access and organizations preserve greater control to effectively and efficiently block cyber threats and attacks.

• Supply chain attacks

Typically, a software supply chain attack occurs when the attacker manipulates the code in the third-party software module to compromise the downstream applications that use them, thereby disrupting the whole system altogether.

Cybercriminals take advantage of this compromised software to gain access and steal information or upset and disrupt specific systems.

• AI attacks

Cybersecurity organizations around the world are using artificial intelligence and machine learning to keep data safe. But AI attacks, unfortunately, are being used by cybercriminals as well. With such tools and techniques, cyberattacks can be multiplied, magnified, and sped up to gain access to essential networks, sensitive databases, and strategic information, putting lives and businesses at risk. 

• Internet of things attacks

With the growth of the IoT today, many devices are at risk of an attack. This includes laptops and tablets to routers, webcams, household appliances, smartwatches, robotic factory equipment, automobiles, and even home security systems! 

These devices or machines have two things in common: internet-enabled, and two, these devices are capable of transferring data automatically through a network. 

While this might seem scary, but the threat is even scarier. Imagine someone controlling your personal device or equipment without your knowledge. The results can be disastrous!

• Inadequate Patch Management 

The primary purpose of a patch is to eliminate a gap or weakness in a software or hardware program that attackers might take advantage of. Software creators and manufacturers frequently release patches to plug these gaps and vulnerabilities in their systems, software, and technologies. 

These updates or patches are indispensable when it comes to the security of your organization. But if they are ignored or not put in place regularly, it would leave your business vulnerable to attacks. Therefore, you must monitor your systems and update them regularly to reduce the risk of an attack.

• Formjacking

Formjacking is a cyber-attack where the cybercriminal places or inserts a malicious JavaScript code in the target website rendering its operations useless. 

As soon as the malicious code starts working, every time users enter their payment card information, the payment card number and other sensitive information go to the hacker who planted the code.

• Cryptojacking

Cryptojacking is a kind of cybercrime that involves using people’s devices like their computers, mobile phones, smartphones, tablets, and laptops by cybercriminals to mine for cryptocurrency for themselves at the expense of the hacked device. 

Unlike other cyber threats that exist, cryptojacking is designed to stay wholly concealed from the victim. The victim will not even come to know that their device is being used to mine cryptocurrency.

• Outdated Hardware

Some security attacks are the result of outdated hardware. But software patches and updates take a toll on the hardware as well. As hardware becomes outdated, many obsolete devices will not allow updates with the latest patches and security measures. This could mean that there are apparent gaps in security that cybercriminals can use to gain access. 

To conclude, one can say that in this era of digitalization where everything is available online, one needs to be verily equipped to counter various cybersecurity threats. Businesses, whether large or small, that have an online presence, need to ensure the security of their customers’ PII which they share with them to engender customer loyalty and trust. 

To conclude, one can say that in this era of digitalization, where everything is available online, one needs to be verily equipped to counter various cybersecurity threats. Furthermore, businesses, whether large or small, that have an online presence need to ensure the security of their customers’ PII, which they share with them to engender customer loyalty and trust.