Protecting your business. Top 4 cybersecurity threats to watch out for

In this blog post, we’ll explore some of the most critical cybersecurity threats facing modern businesses.The rapid development of technology and its widespread use in workplaces has given rise to numerous concerns and consequences, particularly with regard to the growing threat of internet crime. Cyber attacks and unauthorized access pose a significant risk to businesses of all sizes and industries, and it’s important for organizations to take proactive steps to mitigate these risks. While larger corporations may have greater resources to devote to cybersecurity, no company is immune to the potential consequences of a successful attack. Read on to find out more.

Cybersecurity threats – table of contents:

1. What are cybersecurity threats?
2. Phishing
3. Ransomware
4. Denial-of-service
5. Man-in-the-middle
6. Summary

What are cybersecurity threats?

What could be the consequences of malware and cyber attacks on your network, program or website? Well, for example, hackers may steal your data, access sensitive information or corrupt certain files. What’s important, cyber attacks can come from the outside as well as from the inside. There have been situations when a former employee has used access credentials they still had to launch an attack (e.g. to get revenge after being fired). Therefore, it’s important to be aware of the most common cybersecurity threats to watch out for in the workplace.

Phishing

Phishing is about getting a user to take a specific action (e.g., clicking on a link in a fraudulent email or text message appearing to come from a trusted source) that leads to installing malware on their device. Phishing aims at deceiving a user into revealing sensitive data (e.g. login credentials). When the attack is targeted at a specific person, and the criminal pretends to be a business partner or a friend, making their message more credible through the use of personal facts, then we can speak of spear-phishing.

Ransomware

A ransomware attack is a type of phishing that involves blocking access to specific data on a device. This is done by getting a user to download a file (e.g., from an email or text message) that contains malware which encrypts a portion of the information and steals it, thereby wiping out restore points and backups. As a result, the owner is unable to restore the lost data in the system. Unfortunately, the attack does not end there. In the next stage, criminals demand a ransom in exchange for the stolen information. However, paying the ransom does not guarantee that the user will be able to regain full control over the device.

Denial-of-service

Internet servers and network services are usually designed to handle a specific amount of information or requests. When too much data is provided to them at once, they get overloaded or blocked – this is the essence of denial-of-service (DoS) attacks. Cybercriminals send a multitude of information coming from thousands of computers or generate too much traffic on the website, ultimately leading to the server or network failure. DoS attacks can target individuals or institutions and last for a few minutes to several days. Insufficient cybersecurity measures can lead to disruptions in the workplace and cause significant financial losses.

Man-in-the-middle

A man-in-the-middle attack is a relatively new, but increasingly common security threat in the workplace. This attack involves taking over the correspondence between two parties (e.g., business partners or employees) to modify it. In this way, within a few seconds, confidential information can be disclosed to an unauthorized entity. In some cases, the attacker may use the intercepted information to issue an invoice with correct data, but a different account number, leading to illegal money transfers.This type of attack can be difficult to detect, as it occurs silently in the background and may not be immediately apparent to the victim.

Summary

Cybersecurity should be a priority for any company that uses modern technologies – the Internet, IT systems, specialized programs and tools. After all, the consequences of phishing, ransomware or DoS attacks can be disastrous, especially for the financial institutions.To reduce the risk of cyber attacks, you can take valuable measures such as investing in cybersecurity software, outsourcing security monitoring, or hiring experts to develop procedures for all employees.

You’ve just read about the most common cybersecurity threats businesses may face. Read also: What is a business risk?

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