4 Biggest Cyber Threats for
Modern Business Owners
These days, everything is digital. We rely on the internet for work, to connect
with friends, and even to entertain ourselves.
Unfortunately, as wonderful as the virtual
world may be, it has its challenges too. For instance, companies nowadays -
more than ever before - need to ensure that their technology is secure and
compliant.
According to analytics from Norton Security,
around 60 million Americans have been exposed to identity theft, and by 2023,
criminals will be stealing around 33 billion records each year.
Although
anyone can suffer because of cybercrime, businesses are particularly at risk. Not only do companies deal with significant amounts of data on a
regular basis, but in the new world of remote work, the amount of private data
being sent back and forth through the internet has increased exponentially.
Plus, organizations don’t always have full
control over the way information moves back and forth between employees.
The result of these new business realities,
in addition to the fact that cybercrime is on the rise, is that many companies are now more vulnerable to
cyber attacks than ever before.
Today, we’re going to examine some of the
biggest cyber threats that it’s important to be aware of as a modern business
owner.
Endpoint Security Issues
When the remote working revolution began in
2020, a lot of people assumed it would be a temporary solution to a current problem. However, experts now agree that remote work may well
be the strategy of the future.
Many companies are beginning to implement
strategies for hybrid work that will connect office-based and remote-workers.
This is creating an increase in BYOD (bring your own
device) technology in the workplace.
As more people continue to use their own
laptops, computers, and smartphones for work, endpoint security is a major
concern. There’s a growing risk that insufficiently secured personal devices
and home routers could lead to a higher number of data leaks.
Investing
in endpoint security strategies like multi-factor authentication, anti-virus
software for phones, and the use of mobile VPNs will be crucial for business
leaders in the years to come.
Evolving Cybersecurity Threats
Having basic protection in place from
anti-virus software and firewalls isn’t enough to support companies in an
environment where criminals are becoming more sophisticated all the time.
For example, have you noticed that many of
the scammer emails you receive now are way more sophisticated than scammer
emails of years past?
Not only is the language more grammatically
correct, but they are also using graphics and email layouts very similar to the
companies that they’re trying to portray in order to get you to click on a link
and submit personal information.
Imagine how much more complicated the
schemes are for breaching the personal information being passed around in a
business -- especially from remote
employees to each other and back to the business.
It’s
important for today’s organizations to be able to monitor cybersecurity issues
in real-time. If a breach does happen, it’s best to
stop it as soon as possible to limit the damage and the amount of private
information that gets out into the wrong hands.
Plus, in today’s environment, where many
people are prone to suing others and the companies that they do business with, legal liabilities around cyber security
issues are a true concern.
Increasingly, security providers are
investing in artificial intelligence solutions and machine learning technology
that may assist companies in detecting cyber issues within the workforce in
real-time.
Intelligent
solutions will be able to check for suspicious activity on a constant basis to ensure that any
threats are handled as quickly as possible.
Having an intelligent solution in place
could also include using automation and smart assistants to instantly notify
business leaders and security experts when a breach may be taking place.
These technologies make it possible for
companies to proactively fight back against crime.
The Rise of Phishing and
Ransomware
Phishing has been a persistent problem in
the cybersecurity landscape for some time. The chances are that this issue will
continue to plague businesses in the years to come.
The COVID-19 pandemic emerged as a popular
theme for phishing campaigns in 2020, with many users being fooled by emails
promising a new vaccine or a request to update details after a potential
breach.
Cybercriminals have proven that there are
no limits to what they’re willing to do to get their hands-on valuable consumer
data. In the years to come, phishing
strategies will only become more intelligent.
With more people spending the majority of
their time online for work and play, there’s no doubt that criminals will find
plenty of inspiration in the digital world to help them cheat their victims out
of their information.
Companies will need to put careful security
policies in place to help their team
members recognize the presence of a phishing attempt.
In a
similar vein, ransomware attacks are likely to increase in popularity. Some statistics expect that mid-to-large
businesses will be falling victim to ransomware attacks every 11 seconds
throughout 2021.
This could lead to huge expenses for
businesses, as ransomware attacks in 2021 are expected to account for over $20
billion in losses worldwide.
With such crimes on the upswing, investing
in additional cyber security is not only necessary, but may actually save the
company many thousands of dollars.
Cloud Technology and Fileless
Attacks
Today, more companies than ever are moving
their applications and infrastructure into the cloud. As companies shift
rapidly towards this new flexible environment, it will be essential for them to
ensure that they’re not compromising on security measures.
VPNs
and private networking solutions will be a must have for employees with teams
working remotely.
It’s also crucial for companies to have
strategies in place for dealing with file-less attacks and business process
compromises.
These issues are on the increase, and they
tend to avoid common attack prevention and detection solutions. This means that
going forward, companies may need to invest in more specialist solutions to protect against new threats.
One
thing’s for certain: no organization can afford to overlook the importance of
having an effective security strategy in place.
The question is, is your business
protected?
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