TOP 5 CYBER SECURITY THREATS
TO BUSINESSES IN 2022

Small and medium sized businesses will face a variety of cybersecurity threats in 2022. Learn how to protect yourself and your organisation from these cyber threats.

The latest Right Scale State of the Cloud Report says 91% of businesses are using public clouds, while 72% are using private ones. The majority of a company’s daily operations are becoming more digital, from its platform to its sensitive accounts to its increasing cryptocurrency transactions. As a result of this drastic change, there is a plethora of new risks, including cryptocurrency ransomware attacks, data breaches, and online password theft.

It has never been more important to evaluate your company’s vulnerabilities as cyber threats continue to evolve. Our goal in this article is to help you better understand top 5 cybersecurity threats that businesses face, as well as ideas you can use to guard against them.

Below are the top five cybersecurity threats that pose a threat to businesses across the globe.

1. Ransomware

 

It is estimated that ransomware damage will cost $265 billion by 2031, according to Cybersecurity Ventures. According to 2021 statistics, 71% of ransomware attacks targeted small businesses, with an average ransom demand of $116,000. Ransomware perpetrators progressively refine their malware payloads and related extortion activities, as reported in their report, so that a new attack occurs every two seconds. In such attacks, the victim’s computer is locked, preventing him or her from accessing anything on it. Often, victims are required to pay ransom in order to regain access to their devices. Ransomware comes in a variety of forms. The majority of the time, ransomware spreads via email attachments, infected software apps, hacked websites, or infected external drives.

How to prevent ransomware?

  • Backup and update computing devices
  • Do not click on links from unknown sources.
  • Don’t open attached files.
  • Be careful not to pay ransom.
  • Put together a firewall to stop unauthorised access to your computer or network.
  • Limit the information cyber criminals have access to.

 

2. Phishing

 

Phishing attacks are the biggest threat to businesses, the most destructive and widespread. Over $12 billion USD in business losses are attributed to phishing, which accounts for 90% of all breaches businesses encounter. Phishing has grown 65% over the last year. The purpose of phishing attacks is to lure users to click a malicious link, download a malicious file, or provide sensitive information, account details, or login credentials by posing as a trusted contact.

Attackers have become more convincing in posing as legitimate business contacts in recent years, which has increased the sophistication of phishing attempts. The Business Email Compromise scam has also been on the rise, with bad actors phishing for executive emails, stealing their passwords, then using these accounts to fraudulently request payments from employees.

How to prevent Phishing?

  • Check your e-mails and instant messages for unusual
  • They may use unusual language, such as “Dear Customer”, instead of your name, or incorrect grammar, as well as generic
  • Even if a link appears legitimate, be cautious about clicking it or giving out sensitive
  • Contact the source directly if in
  • Install anti-phishing toolbars on the Using these tools, sites containing phishing information will be flagged.
  • It is important that employees are trained about different types of security threats and are aware of certain strategies used for phishing attacks.

3. Malware

 

The third biggest threat facing small businesses is malware. Trojans and viruses are among the types of cyber threats that it encompasses. The term malware refers to malicious code developed by hackers to break into networks, steal information, or destroy information on computers. The majority of malware is spread through malicious website downloads, spam emails or connecting to a machine or device that has already been infected.

Businesses are particularly vulnerable to these attacks because they can cripple devices, which require costly repairs or replacements. Furthermore, they can give attackers access to customer and employee data, putting them at risk. It helps save time and money for small businesses to employ workers who use their own devices to do their work. As a result, they are more likely to suffer from a malware infection, since personal devices are more vulnerable to malicious downloads.

How to prevent malware?

With strong technological defenses, businesses can prevent malware attacks. By using an End Point Protection solution, administrators can protect their devices from malware downloads and use a central control panel to monitor their users’ security. Users need to be protected from malicious websites and malicious software downloads by installing web security.

4. Data breaches

 

If sensitive information is stolen from a system without the owner’s permission, that is considered a data breach. Typically, confidential user information includes credit card numbers, social security numbers, names, addresses, email addresses, and usernames. POS systems and network attacks can cause breaches. Cyber criminals typically use weaknesses in a company’s online security system to infiltrate a network when they identify a weak point. According to Verizon, 25% of data breaches are the result of insider threats.

Another common attack involves social engineering, which involves tricking employees into giving hackers access to an organisation’s network. For example, they may download a malicious attachment or accidentally disclosing login credentials.

5. Cloud Vulnerabilities

Cloud technology is used almost everywhere else to reduce the pressure from storing enormous volumes of data on internal hardware and devices. Almost every other business uses cloud services to help manage data. Unfortunately, not all of them ensure that data is encrypted and authenticated. Prior to migrating to the cloud, businesses should ensure that they are utilising robust security measures.

It is becoming increasingly common for cyber criminals to hack into cloud accounts. In the second quarter of 2020 alone, cyber criminals conducted 7.5 million external attacks, a 250% increase over all of 2019! Hackers scan for servers that do not require passwords before using brute-force attacks against user accounts. They exploit systems without patches and perform brute-force attacks on unpatched systems.

How to prevent data breaches?

  • Make sure your employees are educated/trained
  • Create a backup plan for your
  • Determining how access to your data is
  • Conduct penetration
  • Implement cloud governance

Conclusion

Cybersecurity has never been more important in a world where everything is connected via the internet. The importance of having IT services and updated software and hardware cannot be overstated, but social engineering hacks represent one of the most common methods today used by hackers. Individuals and small businesses can take advantage of training and software available to them! If you are a small or large sized business, CyberIQs highly recommends that you partner with an IT service provider. It is beneficial even if your company has its own IT department to receive training and to have another set of eyes examine your security.

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