While many organizations and workers have benefitted from the advancement of technology, it’s also introduced an unprecedented number of cybersecurity risks. In 2021, for example, businesses were subject to ransomware attacks every 11 seconds.
That’s why understanding the realities of cybersecurity has become a top-line priority for businesses that want to survive and thrive.
The Reality of the Current Threat Landscape
When it comes to cybercrime, it's not a question of IF, but WHEN it will happen for most businesses. While that reality can be alarming, there’s no need to panic. There are proactive steps you can take to protect your business and achieve peace of mind. But first, let’s discuss what you need to be aware of.
Here are some of the most serious and prevalent cyberthreats facing business owners right now:
- Ransomware: Ransomware is malicious software that threatens to reveal sensitive data or prevent access to your files/systems until you pay a ransom payment within a set timeframe. Failure to pay on time can result in data leaks or irreversible data loss.
- Phishing/Business Email Compromise: Phishing is a cybercrime that involves a hacker impersonating a legitimate person or organization—most often through emails or other methods, such as SMS. Similarly, business email compromise is a scam in which cybercriminals use compromised email accounts to trick victims into sending money or revealing sensitive information.
- Insider Threats: An insider threat arises from within a company. It could happen because of a current or former employee, vendor, or other business partner who has access to important corporate data and computer systems. Insider threats are hard to detect because they emerge from within and are not always intentional.
- Denial-of-Service/Distributed Denial-of-Service (DoS and DDoS): These attacks are widespread and easy to carry out. When a DoS or DDoS attack occurs, hackers flood the targeted system with repeated data requests, forcing it to slow down, crash, or shut down.
Still unsure about whether or not you should be concerned about these sophisticated threats? The following statistics may help you make up your mind:
- It takes an average of 280 days to identify and contain a breach.
- Malicious attacks with financial motivations are responsible for 52% of breaches.
- Personal Identifiable Information is compromised in 80% of data breaches.
Implement These Measures to Secure Your Business
Now that you know what types of cyberthreats to look out for, let’s take a look at some measures you can put in place to protect your business.
- Strict Password Policies/Management Tools: Strict password policies and the use of proper password management solutions can help improve your company’s overall password hygiene. Consider it your first line of protection against cybercriminals.
- Strong Identity Controls - Multifactor Authentication: To combat the current threat landscape, strong identity controls that go beyond traditional username-password authentication are required. Consider using multifactor authentication that includes features such as one-time passwords and security questions.
- Regular Risk Assessment: This process aids in the detection, estimation and prioritization of risks to an organization's people, assets, and operations.
- Virtual Private Network (VPN): To avoid a security breach, you should set up a corporate VPN that encrypts all your connections. Make sure your employees test it in their respective locations to avoid any hassles.
- Business Continuity Strategy: When disaster hits, a solid business continuity strategy ensures that mission-critical operations continue without interruption and that IT systems, software, and applications remain accessible and recoverable.
- Continual Security Awareness Training: Ongoing and continual security training empowers your employees to recognize complex cyberthreats and take appropriate action.
If you’re ready to strengthen your cybersecurity posture but aren’t sure where to start—don’t worry. We can help your company build a digital fortress of protection solutions. Contact us today.
