As technology advances, cybercriminals only seem to get more creative and sophisticated with their attacks. Unfortunately, cyber protective measures and security systems are not as advanced as the hackers.
In 2020, many businesses turned to remote working practises in the face of covid-19 restrictions. However, for the most part, remote working networks are not shielded as well as on-premise IT infrastructures. During the pandemic, businesses became more susceptible to cyber-attacks. In fact, almost half of companies and a quarter of charities reported a cybersecurity attack in the last twelve months. Nearly half of these businesses experienced cyber issues once a week in 2020.
Some of the most common threats consist of stealing data using phishing scams and ransomware attacks. Businesses should also be aware of the less-known cyber threats and the damage they can do.
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Social Engineering
Cyber threats often manipulate human psychology to achieve certain goals. A third of breaches in 2020 used social engineering methods to access information. Social attacks can consist of phishing emails, shareware and quid pro quo. During March 2020, phishing attempts increased by a staggering 667% and nearly half of workers admitted to falling for them. Educating your employees on how to identify a phishing email is absolutely essential in maintaining a secure network.
Remote workers are more dependent on digital services and, therefore, more vulnerable to cyberattacks. Invest in a tailor-made cyber insurance programme to protect your business and employees from cybercriminals.
Ransomware
Ransomware is the third most popular kind of malware used. Attackers access business information and data and then demand payment from the company to release it. In 2020, the overall sum of ransom money demanded hit a whopping $1.4 billion.
DDoS Attacks
In the first half of 2020 alone, there were 4.83 million DDoS attacks and each hour of service disruption cost companies up to $100k.
Hackers access devices already compromised by malware and begin criminal activity without the owner knowing. Criminals can use artificial intelligence to perform DDoS attacks. Fortunately, artificial intelligence can also be used to evolve cybersecurity and prevent DDoS attacks in the future.
Third-Party Software
Nearly half of breaches involve web applications, and 80% of organisations experience a cybersecurity breach because of their third-party vendor’s cyber vulnerability. E-commerce sellers are particularly vulnerable to hackers because of their reliance on third-party software.
Corporate Security Challenges
Remote work became the new normal in 2020. Small, medium and large enterprises are facing larger cyber threats as they digitise their companies. With more research, data and private information online, cybercriminals launch cause increasingly destructive attacks on businesses. Companies should invest in cybersecurity software, like anti-malware programmes, to protect their employees, clients, and investors’ information.
