A common misconception for small businesses is that your business is too small to be a target, but unfortunately, this is not the case. According to a report by Cybersecurity ventures, worldwide cybercrime expenses are anticipated to increase by 15% each year, reaching around USD 10.5 trillion by 2025. Businesses’ risk of being targeted by a Cyberattack is increasing as they embrace more creative technology to simplify operations.
In 2020, cyberattacks grew in large numbers and as per the estimates, the rise in attacks during the pandemic was approximately 100%. Now, businesses worldwide are confronted with unprecedented levels of risk. As a result, security remains the top priority for IT teams. Still, businesses that start at a small scale are not well aware of the Cyberattacks and as a result, they either fail or face huge financial losses. Following are some of the most critical types of attacks that every organization should be aware of.
Top CyberThreats That Every Business Should Be Aware Of
- Phishing Attacks
The biggest and widespread threat facing small businesses are phishing attacks. Phishing accounts are responsible for around 32% of confirmed data breaches and 78% of all cybercrimes. Phishing attack occurs when a hacker pretends to be someone employees can trust, be it their manager or the CEO, and entices a user to click a malicious link, download a malicious file, or give them access to account details, credentials, payment information etc. . Here, the most common scenario is when hackers start emailing from a slightly similar email ID. Typically, a hacker attaches a link or some file along with the mail so that people can enter their personal information.
- Cloud Jacking
This is the process where cloud computing is infiltrated by a third party. Once the hacker gets into the organization’s cloud, they try to reconfigure the cloud code so as to manipulate the sensitive information, communication, & other data to expand their reach to take control of the entire cloud. Furthermore, cybercriminals use this opportunity to develop phishing schemes. This results in multiple mishaps like leakage of sensitive information, financial loss, etc.
- Ransomware
Ransomware is one of the common and serious cyber attacks that involves encrypting company data so that it cannot be used or accessed, until a ransom is paid to unlock the data. The ransom’s immediate losses are merely the tip of the iceberg. The monetary costs of missed production and data loss are frequently most devastating to a firm. This is the reason why 60% of small firms fail within six months after a cyber intrusion. Ransomware is one of the top cyber-attacks and a common method for criminals to target especially small firms.
- Patch Management
One of the most common vulnerabilities exploited by bad actors is related to out-dated software or patches.. As a result, failing to keep up with software patches exposes businesses to a variety of information security vulnerabilities. When attackers get aware of a software vulnerability, they exploit it to conduct a cyber assault. This trend in cyber security is exemplified by two large-scale cyberattacks that began in 2018. The attacks use a serious flaw in the Windows OS known as Eternal Blue. Organizations that failed to update their software were left exposed and ultimately, they face huge financial losses.
- Deepfakes
Deepfakes are used to develop fake versions of an organization to lure in unsuspecting customers and also to gain access to the sensitive information of a business or an individual. This attack moreover contributes to an advanced form of phishing attack which impersonates the CEO’s reputation where a hacker gives wrong instructions to the employees. This Cyberattack has been used over the last several years against both individuals and organizations. Such attack is developed by AI that takes an existing voice recording, photo, video to manipulate an organization or an individual’s image to falsify their action of speech.
In the past, organizations have faced several Cyberattacks and security challenges. However, the advancement in security systems presents opportunities for significant security growth. The passing year has demonstrated the fact that businesses must adapt to the modern world and this year’s advancements have resolved such problems to a great /extent. Taking assistance from SVAM International, a leading managed service provider is a great start to identifying and filling your business loopholes. Get in touch with our professionals, discuss your concerns, and get the best possible solutions.