As online usage has exploded in the recent past, companies of all shapes and sizes have become more vulnerable to cyberattacks. For instance, the traditional financial system is under threat, as is the Internet of Things (IoT), online gaming, social media, and online browsing. Moreover, the opportunities for hackers and cybercriminals are endless, coupled with inadequate resources, knowledge, and the slow response of regulators.
Despite the ever-increasing number of measures put in place to tackle cyber threats, more than ever, businesses and individuals have to be on high alert against potential online dangers. Here are the top 10 cybersecurity threats facing businesses in 2021:
1. Phishing Attacks
Cybercriminals primarily use phishing to gain unauthorized access to a company’s or individual’s sensitive data. They achieve their target by employing very subtle and convincing tactics, such as sending fake domain name emails or via social media. The victims unknowingly hand over their login credentials, financial information, and personal details to cybercriminals. Most companies are now investing in cyber awareness programs to raise awareness among their employees to recognize and avoid these attacks.
2. Ransomware Attacks
Most companies have suffered from ransomware attacks that are on the rise every year. These cyber attacks work by encrypting a company’s crucial data, making it inaccessible until payment is made, usually in the form of cryptocurrency. Companies are now investing more in cybersecurity measures, such as the latest software protection and firewalls, as well as vulnerability testing.
3. Insider Threats
Insiders, such as employees, contractors, and partners, are among the most significant cybersecurity risks facing companies. Insiders have access to company data, which they may use nefariously or inadvertently. Businesses must educate their employees on safe online behaviour and reduce unnecessary access to sensitive information.
4. Cloud Vulnerabilities
Most companies today have a cloud presence, and as such, they open themselves up to the risk of cloud-based attacks. These attacks range from DDoS (Distributed Denial-of-service attacks) to injection attacks to data breaches. Cloud security service providers have grappled with securing their clients’ data, but companies will need to activate stringent security measures, such as multi-factor authentication and access policies for the cloud.
5. Internet of Things (IoT) Problems
IoT devices have become commonplace in businesses today, and they pose a considerable threat because they come with insecure passwords, inadequate encryption, and vulnerabilities within their software. As such, companies must adopt security assessment protocols and stay abreast of updates to IoT devices.
6. Social Engineering
Social engineering involves human manipulation. Cybercriminals and hackers attempt to trick employees into giving them access to sensitive data via emails, phone calls, and other social media tools. As such, companies must ensure that their employees understand social engineering and know how to identify and avoid social engineering attacks.
7. Advanced Persistent Threats
The Advanced Persistent Threat (APT) is a hacking process where cybercriminals infiltrate a network and remain undetected for long periods, stealing data or spying on the target. These threats are very stealthy and have been made more potent by the increasing reliance on digital and informational assets.
8. Physical Attacks
Physical attacks on companies’ premises, systems, or infrastructures are a security threat that is often overlooked. Hackers can accomplish these attacks by using devices, such as USB dongles, that open companies’ networks to hacking if plugged into the computers.
9. Malware
Malware is a type of malicious software that is installed on a device without the owner’s consent or knowledge. Malware can be in various forms, including worms, viruses, Trojans, and ransomware. Because malware detection is difficult, installing strong anti-virus software is vital for companies.
10. Distributed Denial of Service Attacks
The Distributed Denial of Service (DDoS) attack happens when a company’s server, web service, or network is flooded with superfluous traffic from multiple sources simultaneously, rendering its services inaccessible to users. DDoS attacks can cause huge reputational and financial loss, hence the need for adequate defensive measures.
Conclusion
Cybersecurity threats to businesses are more significant than ever. Cybercriminals are exploiting vulnerabilities in companies’ systems, networks, and peoples’ behaviour in increasingly sophisticated ways. Protecting your organization from cyber threats requires a robust, security-conscious culture, continuous investment in secure technology, and a good cyber attack response plan.
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