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10 Top Cyber Security Threats for Businesses

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Business is booming, and so is cybercrime. Accenture estimates that computer security threats will cost companies $5.2 trillion within five years.

With more than half of small businesses experiencing a security breach last year, these incidents are becoming more frequent. The average loss for a company from a significant security breach is $200,000, which causes many of them to go bankrupt and be destroyed. Keep reading for crucial details on defending your company against the top 7 cybersecurity threats.

We’ve listed the top 10 cyber security challenges for 2020 in this blog so that you can safeguard your personal and professional information from any threats.

Cyber Security Threats for Businesses

Here are a few of the most general categories of cyberattacks:

Ransomware

Attacks using ransomware have grown in popularity over the past few years and will likely be one of India’s biggest cybersecurity challenges in 2020. Ransomware has affected 82% of Indian organizations in the past six months, according to the cyber security company Sophos. Ransomware attacks are known as hacking into a user’s data and preventing them from accessing it until a ransom is paid. Attacks by ransomware are crucial for all users, but they are even more important for businesses that need access to the data to carry out their daily operations. However, in most ransomware attacks, the attackers demand more money than release the data even after the ransom is paid. It is better to take help from an IT consulting company in New York or wherever suits you if you are already facing such threads or are prone to them.

Attacks on IoT

By 2021, there will be approximately 11.6 billion IoT devices, predicts IoT Analytics. Individual devices that connect to the internet or other networks provide an access point for hackers. According to Cytelligence, in 2019, hackers targeted smart home and internet of things (IoT) devices more frequently, including connected baby monitors, smart TVs, voice assistants, and cell phones. Users’ data, including bank account information, medical records, and website login credentials, may also be accessible to hackers who successfully breach a connected home in addition to their Wi-Fi login credentials. You can consult an IoT development company for more secure ways to protect your IoT devices

Attacks using SQL Injection

SQL injection attacks can affect any database-driven website, which is the majority of websites. A carefully crafted malicious request can create, modify, or delete the data stored in the database and read and extract data like intellectual property, customer personal information, administrative credentials, or confidential business information. An SQL query requests some action to be performed on a database. The third most dangerous weakness listed by Common Weakness Enumeration (CWE) Top 25 for 2022 is SQL injection, which is still a frequent attack method. A developer of e-commerce software called PrestaShop, which about 300,000 online retailers use, recently advised users to update immediately to the most recent version of the program because some older versions are susceptible to SQL injection attacks that allow an attacker to steal customer credit card information.

Phishing Attacks

Phishing is a social engineering attack frequently employed to steal user information, such as login credentials and credit card numbers. In contrast to ransomware attacks, the hacker doesn’t block the user data once they have access to it. Instead, they use it for gains, such as illegal money transfers and online shopping. Hackers frequently use phishing attacks because they can use the user’s data without realizing it. Phishing attacks continue to be one of India’s biggest cybersecurity challenges because the population there isn’t accustomed to handling sensitive information.

Attacks on Cryptocurrency and Blockchain

While the average internet user may not understand blockchain and cryptocurrency, businesses value these technologies greatly. Because attacks on these frameworks have the potential to compromise customer data and business operations, they present significant challenges for businesses in terms of cyber security. These technologies are no longer in their infancy but have yet to develop to a sophisticated, secure stage. As a result, many attacks have occurred, including DDOS, Sybil, and Eclipse, to name a few. Organizations must be aware of the security risks associated with these technologies and ensure no openings exist for intrusion and exploitation.

Vulnerabilities in Software

Given that more people are adopting digital devices than ever, even the most sophisticated software has flaws that could pose serious problems for cyber security in 2020. The software on these devices is typically not updated by people or businesses because they believe it is unnecessary. The most recent software update for your device should be your top priority. Patches for security flaws fixed by developers in newer software versions may be present in an older version. One of the biggest problems in cyber security is attacks on unpatched software versions. Like Windows zero-day attacks, these attacks are typically conducted against many people.

Attacks Involving AI and Machine Learning

Artificial intelligence and machine learning technologies have been extremely helpful for rapid development in many fields, but they also have weaknesses. Cyberattacks and other threats to businesses can be carried out using these technologies by criminals. High-value targets can be found among a large dataset using these technologies. Attacks using AI and machine learning are a major concern in India. Due to our nation’s lack of cybersecurity expertise, a sophisticated attack may prove too difficult to handle.

DoS Attack

A cyber attack known as a denial of service (DoS) bombards a computer or network with requests, preventing it from responding. The same thing is accomplished by a distributed DoS (DDoS), but the attack comes from a computer network. Cyber attackers frequently use flood attacks to thwart the “handshake” procedure and perform a DoS. Numerous additional methods could be employed, and some cybercriminals use networks being down to launch other attacks. According to Jeff Melnick of Netwrix, a provider of information technology security software, a botnet is a type of DDoS in which millions of systems can be infected with malware and under the control of a hacker. Botnets, also known as zombie systems, aim at and overpower a target’s processing power. The locations of botnets vary geographically, making them difficult to track.

Insider Attacks

The insider threat is the last significant danger facing small businesses. A threat to a company posed by employees, former employees, business contractors, or associates is known as an insider threat. These individuals have access to vital information about your business and can cause harm. According to a study by Verizon, insider threats were responsible for 25% of data breaches.

This problem worsens and could endanger customers and employees or hurt the business financially. Insider threats are increasing in small businesses as more employees have access to multiple accounts that contain more data. According to research, 62% of employees said they had access to accounts they probably didn’t need.

Small businesses must ensure that their organization has a strong culture of security awareness to prevent insider threats. Employees will be able to identify an attacker who has compromised or is attempting to compromise company data early on—as a result, helping to prevent insider threats brought on by ignorance.

Outdated Equipment

Cybersecurity problems don’t always take the form of software attacks. Software developers provide regular updates because they know the risk of software vulnerabilities. These new updates might be the same as the device’s hardware. This causes outdated hardware, which needs to be Top 10 Cyber Security Challenges a Business Can Face.

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