7 cybersecurity risks that can harm your business

The cyber landscape is ever-evolving, with cyber-attacks increasingly on the rise. The pandemic has amplified this risky ‘industry’ and has left businesses even more vulnerable, as they’ve moved to remote working. In fact, due to the pandemic, the cybercrime landscape is up by a staggering 600%. But still, many businesses don’t have adequate security measures in place to protect their data from cybercriminals.

It’s a common misconception that small businesses are less susceptible to cyber-attacks due to their small size. On the contrary, small businesses are highly regarded targets, as usually, they don’t have the resources or money to put comprehensive cybersecurity measures in place. This makes them a much easier target than bigger businesses.

No business, whether small or large, is secure from cybercriminals and all businesses need to be aware of the ever-evolving risks that cyber security threats present.

Here are the 7 common cybersecurity risks you should actively protect your business from:

1) Phishing emails

Phishing emails are the most common and damaging type of cyber threat. They’re challenging to combat as they use social interaction rather than targeting technological vulnerabilities to steal data. These phishing emails look like normal emails that come from someone you know/trust. They cleverly encourage the recipient to click malicious links, download a malicious file or share sensitive information.

2) Malware

Malware is malicious software in the shape of different variants such as viruses and trojans that aim to damage systems and devices, so that cybercriminals can get access to sensitive data, steal, sell or delete it. They are particularly damaging for businesses as replacing or fixing compromised devices can be very costly and take a considerable amount of time.  

3) Ransomware

Ransomware is a type of malware that is very common as it is one of the most profitable attack vectors for cybercriminals. Data gets compromised, and businesses are asked to pay a ransom in order to get their data back – business owners have the agony of choice, as it’s either paying a great sum of money vs their devices and systems being damaged, wiped, and losing sensitive data. Even if a business owner pays the ransom, they may not be granted access. In most cases it will take weeks/months, not minutes/hours, to recover from any malware attack. 

4) Weak passwords

Something as simple as using weak passwords can make businesses vulnerable to cyber-attacks. Passwords that can be easily deciphered or those that are used across several accounts, make it easier for cybercriminals to get to your data and therefore put your business at risk. You may find your employees, or even your own password for sale online right now.

5) Remote working

Due to the pandemic, a lot of businesses have adopted a more hybrid way of working. However, with the shift to remote working, businesses have faced several challenges when it comes to cybersecurity. Untrained staff, use of personal devices, and unsecure networks are all elements that make your business an easy target for cybercriminals.   

6) Unprotected cloud applications

Most businesses have migrated to the Cloud with remote working to enable seamless and easy collaboration for their staff. Although cloud computing offers several benefits for businesses, if left unprotected, it leaves the door wide open for hackers who are just waiting to take advantage of a security gap that may be in your system and get to your data.  

7) Untrained workforce 

Your workforce poses one of the biggest threats to your business. If your employees aren’t aware of the cyber threats lurking out there and don’t know what they need to look out for, you could become a victim faster than you think. Clicking on a malicious link or opening a spam email is all it takes.  

How can I start to protect my business?

Now, more than ever, it’s important to stay proactive and protect your business from these cybersecurity risks before they happen to avoid costly downtime, financial loss, reputational damage, and non-compliance. Starting to protecting your business doesn’t need to be difficult, it can be done in a few simple steps: 

  • Educate your staff
  • Implement a password-policy
  • Use multifactor authentication
  • Get a comprehensive backup solution for your cloud
  • Put a business continuity and disaster recovery plan in place 
  • Start outsourcing cybersecurity management  

The best way to improve the security of your business and your data is to have comprehensive security measures in place. Our proactive solutions can help you identify and mitigate cybersecurity risks before they turn into a real problem.  

Chat to our expert team today and find out how you can best protect your business from the ever-evolving cyber landscape.