In this increasingly digital landscape, one emerging concern is the need to protect corporate data and customer information. These digital assets have become the targets of criminals, utilizing various cyberattack methods to hack into systems and steal data. Cyberattacks have become increasingly common, with an average of 80,000 attacks happening per day.
The situation has further escalated in the wake of the global COVID-19 pandemic, with the FBI recording a 300% increase in reported cybercrimes since the virus’ spread.
Keeping your business safe online is vital to maintaining operations and preserving the trust your customers have. This article will provide everything you need to know about cybersecurity —from identifying threats to best practices.
Common Cyberattack Methods
Criminals and hackers use various cyberattack methods to gain access to a company’s digital assets. Below are a few examples of common cyberattacks to watch out for:
1. Phishing
Phishing is an act used to trick victims into providing personal information, credit card number, account passwords, and other valuable and sensitive information to malicious parties. This is often done through emails, sms, or websites posing to be legitimate organizations or trusted contacts.
According to CSO Online , more than 80% of reported cybersecurity incidents are phishing attacks. This is because the attack can easily be carried out and relies on preying on unsuspecting victims rather than exploiting vulnerabilities in the system.
2. Viruses and Malware
Viruses and malware are applications designed to perform different kinds of malicious activities. This can include disrupting the system or device’s normal functions, illicitly monitoring user activity, automatically sending spam via email, or even creating a path for criminals to gain access to networks.
This type of cyberattack can take on many forms: software, email attachments, files, mobile apps, and even websites. Malicious parties often trick victims into downloading these applications into their devices. Viruses can even spread to other devices within a network, compromising a larger part of the system.
3. Ransomware
Ransomware is a specialized form of malware used by hackers to compromise data within a system. Once the ransomware infects the system, it encrypts all data, rendering it unusable. To receive the decryption key, the owner will have to pay a ransom, typically in the form of cryptocurrencies. Unfortunately, paying is not a guarantee that the data will be decrypted.
In recent years, ransomware has been responsible for some of the most devastating data breaches. The 2017 WannaCry attacks compromised at least 100,000 groups across 150 countries, including major organizations like FedEx and the UK National Health Service. These attacks resulted in approximately $4 billion in damages.
4. Distributed Denial-of-Service (DDoS)
A DDoS attack is executed by continuously flooding a target server to interrupt its service or cause it to crash. These attacks are often automated using multiple devices to bombard the server, making it difficult for even sophisticated firewalls to prevent.
Tech company Cisco estimates that around 15.4 million DDoS attacks will have occurred by 2023, making it a threat in both the short- and long-term outlook.
5. Spyware
Spyware is a specific type of malware designed to monitor activity on certain accounts or devices and transmit them to a third party. This type of malware is often deployed to obtain critical information or steal credentials, allowing access to specific networks, accounts, and the like.
6. Data breach
Data breaches occur when unauthorized people access customer data or other sensitive and confidential information.
This cyberattack can also extend to the exposure of data to the general public, putting both the company and its customers at risk. It also exposes customers to the possibility of identity theft due to the nature of the information disclosed. In the first half of 2020 alone, 36 billion records were exposed through data breaches.
Cybersecurity Best Practices
Knowing how to prevent cyberattacks from occurring is the best way to avoid the devastating consequences of falling victim to them. Here are some of the best practices your company can implement to boost data security:
1. Integrate cybersecurity solutions into your system
As of 2020, IBM estimated the average cost of a data breach at $3.86 million . The best way to prevent these losses from occurring is to ensure that every part of your business system is protected.
The first step to integrating cybersecurity into your business is to conduct an audit of your current system and infrastructure. This assessment will allow you to identify areas where the system may be vulnerable to cyberattacks. From there, it is a matter of selecting the right security solutions to ensure that these weak points are defended while maintaining smooth and efficient operations.
It is highly recommended to consult with cybersecurity professionals or have an in-house team address current and future security concerns. Safeguarding your business from cyber threats requires expert knowledge in IT and data security.
2. Get your staff involved in cybersecurity
According to experts, 95% of cybersecurity breaches are caused by human error. Cybersecurity goes beyond digital solutions—it extends to company culture, as well. Fostering awareness can make it easier for your staff to comply with cybersecurity policies and keep your systems safer.
Ensure that every employee is briefed on the company’s existing cybersecurity and data safety policies. Any updates or changes to these policies should be disseminated in a timely manner.
Aside from this, consider evaluating your current data systems through input from your teams and departments. They may have important insights into specific data concerns or even point out potential gaps in your current system’s security.
3. Keep data secure—even for remote work
With the rapid shift to remote work following the pandemic, the need to protect data while allowing offsite access and collaboration is greater now more than ever.
Nowadays, businesses rely on cloud services to store files and access software remotely, making them targets for potential cyberattacks. An audit into your existing cloud services, the reputability of your suppliers, and how robust their security features are can make all the difference in keeping your data secure .
Additionally, while cybersecurity may deal with digital systems, physical devices are also vulnerable to cyberattacks.
Installing the necessary anti-virus programs and firewalls should be the default for work devices. It is also necessary to brief staff on simple data security protocols like only connecting to secure networks for work, using VPNs to secure connections, and minimizing the use of external storage devices.
4. Bring cybersecurity into risk management
Keeping your business safe from cyberattacks includes being ready to respond to a successful attack.
In the event that a cyberattack occurs, having backups of critical information allows your company to recover from the damage quicker with minimal downtime. These backups should also be stored in a secure, offsite location to ensure their protection from other possible threats.
In addition, instating data privacy officers within your risk management team can help bolster your current crisis response strategies. This can include protocols for responding to ransomware, limiting access to data backups to essential people, and the like.
5. Enable multi-factor authentication (MFA)
Passwords have served as the golden standard for securing access to files and systems. However, hackers and criminals have access to a wide range of cyberattacks that can easily compromise simple password protection—from acquiring the credentials through phishing to deploying malware to brute-force through the login system.
Multi-factor authentication (MFA) takes security one step further by requiring additional factors to validate access. There are various types of MFA available, such as one-time passwords (OTPs) and biometric cybersecurity. Knowing which kind of MFA to use will depend on how well they work with existing security and the potential risks they involve.
6. Double-check your digital suppliers
Your business system can have weak points due to external factors—namely, the faults that lie within your existing software, hardware, and other digital services. By looking into your current and potential digital suppliers, you can avoid any sketchy or unreliable products and services that may do more harm than good.
When considering digital suppliers, your criteria should go beyond the price point. Research on the product or service’s promised features, the supplier’s overall reputation, and even customer reviews of the performance to help set good suppliers apart from the bad ones.
7. Stay informed of the latest cybersecurity trends
Technology is rapidly evolving—and so are the ways criminals can compromise them. So, keeping up with the latest cybersecurity news and trends benefits your business in a number of ways.
The information allows your company to identify potential cyber threats and prepare for them accordingly. Additionally, being aware of new developments in cybersecurity technology provides opportunities to upgrade and improve your existing security systems.
Key Takeaway
In this modern age, businesses need to approach their data as their assets. With the looming threat of cyberattacks and their devastating consequences, good cybersecurity solutions are critical as they will protect your digital assets.
Staying ahead on cybersecurity means your business can minimize the risk of falling prey to attacks, as well as improve your reputation and trustworthiness with your customer base.