Top Cyber Security Threats That Businesses Face and How to Avoid Them

Digital transformation has revolutionized business processes without compromising data security. However, this comes with a list of common digital security risks. With human errors responsible for 95% of cyber security challenges, companies must stay vigilant and incorporate new strategies to resolve IT security concerns for businesses. So, let’s find out the top cybersecurity threats that you must overcome to safeguard your company’s data.

What are the emerging cyber risks in 2024?

From ransomware and phishing attacks to advanced persistent threats (APT), there are various types of threats to information security in 2024. So, let’s dive deep into the issues in cyber security you need to watch out for.

Ransomware

Ransomware is a form of malware that can compromise your data security. It is often spread through downloads, emails, or other types of vulnerabilities that can be found in outdated applications or software. Once it infects a system, it can block access to data stored on the computer system or threaten to publish it without the owner’s consent. Besides, it can take many different forms, including locking users out of their systems or encrypting their files so they can no longer be accessed.

Cybersecurity risks affect all businesses. They can cause a great deal of financial loss to its victims where ransomware attackers may demand a hefty ransom fee within a specific deadline, typically paid in cryptocurrency such as Bitcoin. Payment of ransom does not guarantee that the victim’s data will be restored. Sometimes, attackers take the ransom and run. Besides, there is no guarantee that the attacker will get in touch with the victims to demand a higher ransom fee.

If the victim fails to pay the ransom on time, it can lead to permanent data loss. In some cases, ransomware attackers may even threaten to leak the stolen data to the public or use it for other malicious activities.

To protect your organization against ransomware, you must follow these cybersecurity practices:

• Implement network segmentation
• Limit user access privileges
• Regularly update your software and systems

Advanced Persistent Threats (APT)

One of the most common problems with cyber security includes advanced persistent threats (APT). It is a form of a cybersecurity attack campaign that involves an intruder or a group of well-funded attackers accessing confidential data. Often, the victims of APT include government networks, critical infrastructure companies, or large enterprises. These attacks are developed using various methodologies by highly skilled experts; hence, they remain undetected for a long time until they cause damage to the entire network.

Apart from traffic monitoring, here are the most effective defences against APTs:

• Monitor traffic, user, and entity behaviour
• Filter unwanted emails to the spam folder
• Implement access control policies for authentication and authorization

Phishing and Spear Phishing

Phishing is a type of cybersecurity issue where an attacker masquerades as a trusted party to coerce the victim into viewing a file or link attached to an email, text message, or even an instant message. Its main objective is to steal user data, such as credit card details and login credentials. Sometimes, the attacker may threaten their victims to create a sense of urgency to provide the required information as soon as possible.

Spear phishing is a form of phishing attack that can cause various issues in cybersecurity. It is carried out after conducting thorough research about the victim; hence, it works as an effective way to persuade the victim into taking a desired step. It can take the form of a personalized email that includes all the details relevant to a specific business, organization, or individual for malicious purposes.

Cyber security threats, such as phishing and spear phishing can be avoided using our tried and tested measures listed below:

• Update your systems using the latest security patches
• Install firewalls
• Use Domain-based Message Authentication, Reporting & Conformance (DMARC) technology
• Encrypt sensitive information

Supply Chain Attacks

In today’s world, supply chain attacks are one of the biggest cybersecurity threats. They occur when an attacker, disguised as a third-party partner or vendor, gains access to a company’s data or systems. These attacks can be quite challenging for most companies to detect because they benefit from their victims’ trust in their suppliers or partners. Often, these attacks are carried out through malicious software or code that is included in software or application updates. This allows attackers to gain access to sensitive data or systems and carry out their malicious activities.

Supply chain attacks can be controlled using the following techniques:

• Implement honeytokens
• Implement a Zero Trust Architecture (ZTA)
• Minimize access to critical data
• Enable multifactor authentication

Insider Threats

One of the most common threats to information security includes insider threats. Insider threats originate from within an organization where the attacker can be a vendor, contractor, partner, or current or former employee of the company. Since insiders have access to the organization’s critical data, they can threaten the confidentiality, integrity, and availability of enterprise data and systems.

The effects of a successful insider threat can be detrimental to businesses. Therefore, organizations must protect their confidential data, systems, networks, people, and facilities. Access to the information should be limited to trusted employees and background checks should be conducted on new hires. In addition to this, the following tips can help prevent insider threats:

• Monitor user activity
• Create security awareness through regular training
• Implement comprehensive security policies with guidelines for handling insider misuse

Tips to Prevent the Greatest IT Security Concerns

IT service company Mobiz Inc. has partnered with Palo Alto to protect data and systems from cyber security risks for businesses of all sizes. It offers real-time threat detection and helps prevent cybersecurity threats by providing comprehensive and scalable solutions. Our team of cybersecurity experts will handle your cybersecurity needs, reduce downtime, and improve network performance.

To avoid the risk of cybersecurity issues, there are some effective tips to follow:

• Ensure that your device remains up-to-date.
• Refrain from viewing unknown websites or links shared by compromised accounts.
• Use VPN while connected to public Wi-Fi networks.
• Partners and vendors associated with an organization should adhere to strict security protocols and standards, such as SOC 2 compliance.

In addition to these preventative measures, you can count on IT service company Mobiz inc for IT solutions for your business. It offers cyber security services, including incident management to identify and resolve cyber security threats for small businesses and large enterprises. This will not only prevent systems from the biggest threat to cyber security but also from communicating with malicious commands.