Cyberattacks pose a threat to all businesses, regardless of size and industry. Cybercrime has risen by 600% in the aftermath of the pandemic. Businesses are now more susceptible to the financial- and reputational repercussions from cyberattacks.
This guide provides information and tips for business owners to help them prevent and react to cyberattacks.
Cybercrime and its costs
Cybercrime is expected to cost global businesses $10.5 trillion each year by 2025. Cybercrime is estimated to have cost $3 trillion worldwide in 2015. This is more than three times the amount that it did a decade ago.
Cybercrime is most dangerous to small businesses, and they are at greatest risk. Accenture’s study found that 43% cyberattacks target small businesses while only 14% have adequate cyber defenses.
It can have serious and lasting consequences on your company’s infrastructure, depending on how severe and extensive the cyberattack was.
Cyber attacks can cause financial losses as well as damage to brand reputation, data loss, and productivity problems for your business.
Businesses of all sizes need to be aware of the potential consequences of cyber attacks in order to reduce them and prevent them from ever happening.
Common Cyber Attack Types
You can learn the most common cyberattacks to help you spot suspicious activity and take preventative measures to stop theft and fraud.
Ransomware attacks are when malicious software is used in order to prevent access to computer systems and data. The ransom payment is made to the perpetrator. As technology advances, these attacks become more common and more sophisticated. A ransomware attack on a business occurred every 39 seconds in 2016, but it is expected that this number will rise to every 11 second by 2021.
Phishing refers to an online scam in which an email or another virtual communication is sent pretending to be from a bank or government agency. These emails often ask for personal information, such as social security numbers, to steal identities, open new accounts, or transfer money. A FBI report showed a $57 million loss due to phishing scams.
Malware malicious software is installed on devices without the user’s permission. Malware can cause devices crashes or give hackers access to files and computer activity. When users click on unsecure links, malware is frequently downloaded to their devices. Statista reported almost 678 million malware detections for 2020, nearly four times as many cases as in 2015.
An man in the middle (MITM) attack is when a user intercepts communication between 2 people or 1 person and a computer. A hacker could guide a user to a fraudulent website that looks like it is the bank’s website in order to steal their data. Netcraft states that 95% of HTTPS servers can be hacked.
It takes companies on average 197 days to find a cybersecurity leak and up to 69 to fix it. It is obvious that the longer it takes for a security breach to be discovered, the more damage it can cause to a company’s reputation, assets, and financial health. Businesses should have a plan for responding to data breaches in case of an emergency.
Businesses in all industries should take steps to counter cybercrime. However, some industries are more at risk than others.
Cybercrime is expected to target companies that have access to personal information of users. These industries include:
*Financial institutions. Not only do banks and credit unions have access to users’ personal information such as addresses and contact details, but they also manage financial assets and credit card numbers.*Healthcare institutions. Hospitals and other healthcare institutions safeguard sensitive patient data such as medical history, insurance information, and patient records.*Corporations. Corporations house not only data on employees and clients, but also the highly valuable intellectual property, product concepts, and contracts.
Cybersecurity The Best Practices
Businesses need to be prepared to deal with increasing cyber threats. This is especially true in light of remote work. These are cybersecurity best practices your company should use to improve security and prevent cyberattacks.
1. Limit data transfers. It’s almost impossible to prevent data transfer between devices in a corporate environment. It’s nearly impossible to prevent data transfers between devices in a corporate setting. Password protection is an excellent alternative to encryption. Password protection is a great alternative to encryption. These tools can help you to prevent data theft in real time. A codified plan that is shared across the organization can prevent further damage and accelerate recovery efforts.
Cybercrime is becoming increasingly common and sophisticated every day. It poses a threat for businesses and individuals all over the world. Instead of waiting for a response to a cyberattack to occur, take proactive steps to improve your security to reduce the risk.