Cybersecurity is the activities involved in securing data, systems, and networks against threats and attacks from malicious actors. In most cases, these attacks are targeted at accessing and stealing sensitive information from a company to disrupt normal business procedures and achieve criminal intentions. In addition, most cybercrimes are carried out to extort money from individuals and organizations.
And when enterprise networks are attacked, the organization can rarely determine the aftermath of the event—-which could turn out highly devastating to the company’s survival. Therefore, it is very important for an organization to take cybersecurity very seriously. This concerns government institutions, medical, financial, and all corporate organizations as they deal with various levels of public and private data, which is often stored on the web, on enterprise systems, and other electronic devices and may be accessed by unauthorized people if they can break in the database. Data available to organizations are usually very sensitive and can lead to severe consequences when exposed, leaked, or deleted. Any vulnerability in your cybersecurity can simply put everyone connected in a deep mess.
Risks of Having Poor Cybersecurity
Cyberattacks continue to evolve as the attackers innovate and find new vulnerabilities they can take advantage of. Securing your systems against these attacks now goes beyond just installing antivirus software. Professional hackers leverage diverse methods and strategies through phishing attempts to break into enterprise defenses.
Your company can suffer huge financial losses—obviously the most common effect of attacks. Globenewswire reports that cybercrime will cost the world a whopping $10.5 trillion by 2025. This huge figure means that some company operations will halt as soon as an attack occurs. And some others may experience varying levels of disruptions that may put their business operations on for a while till issues are addressed.
And aside from the direct impact of attacks on your company, even your clients and customers may lose confidence in your company’s ability to secure their data. In addition, investors and other stakeholders can begin to withdraw their loyalty to your business. These are even bigger consequences for not implementing the required cybersecurity measures for your company.
So, a couple lack trust and confidence on the part of customers and investors with poor business performance and a severe financial crisis that could lead to the final closure of an organization.
Common Types of Cybersecurity Threats
There are different kinds of attacks that can occur on a company network. They vary in strategy, procedure, and maybe effect. However, you must know about these common types of cybersecurity threats.
Malware is an umbrella term for any malicious act towards a company, private network, or system to disrupt processes and steal information from users.
These forms of attacks are some of the most popular kinds. The attacker tries to deceive an unsuspecting internet user into delivering sensitive information through URLs and attachments developed to infiltrate the system. Phishing attacks are often targeted at collecting sensitive information such as account passwords, usernames, and credit card numbers.
Computer viruses are malicious programs or codes directed at a computer to disrupt operations. It reproduces itself while being transferred between hosts—-just like the flu virus.
Hacker attacks are implemented by professional hackers who always search for vulnerabilities in a network or system to launch attacks and steal valuable resources.
This form of cyber attack is malicious software being injected into a company network without it being realized by the host. And it can either be used to spy on your activity or steal information from your network.
Ransomware is malicious software that takes control of your computer and encrypts valuable data, denying you access to them. This act is done to halt business operations until a specified ransom has been paid to the attacker.
There are many ways you can enhance your cybersecurity. Check here to read more.
Best Cybersecurity Practices for Your Business
A report has shown that more than 90% of cyberattacks are caused by human error. So, by limiting access to sensitive information and implementing cybersecurity measures, you’ll be able to protect your business.
1. Back up your company’s critical files regularly. Make use of two or more backup options to give you more options and sustain business operations in the case of an attack.
2. Ensure employees only access trusted sites. Create policies that will guide what sites can be visited while browsing.
3. Avoid links or attachments from unfamiliar sources. Even when the source appears familiar, check multiple times actually to verify.
4. Implement strong password policies. Ensure workers use passwords that can’t be easily guessed. Also, let them update their passwords from time to time.
5. Keep your systems updated regularly. Updating your company’s device software helps to fix bugs and keep your defense systems able to combat new threats and attacks. Ensure you update the newest versions and set up spam filters and firewalls on your devices.