The Insidious Types of Cyber Security Threats Businesses

In today’s information age, cyber security threats are becoming more common than not. Unfortunately, a small in-house IT team may not be enough to protect many businesses from these types of threats. The reality is that the need for business defense has become far greater as hackers have become all-the-more sophisticated.

As the saying goes — knowledge is your best defense. So, here are the most malicious types of cyber security threats to be aware of as a business and how to detect them.

6 Dangerous Types of Cybersecurity Threats to Be Aware Of

Believe it or not, up to 90% of business data breaches are due to human error and behavior. Basically, this means that most data breaches can be avoided. Some cyber security threats are also very difficult to notice as they may look harmless — but here are the most common and insidious to be aware of:

1. Malware

Malware is often a result of being hooked in by a phishing scam. If an employee initiates a phishing download, it is most likely dangerous or harmful. One of the most common forms of malware is a Trojan virus.

This type of malware infects a business network, disguised as legitimate software. It then goes on to carry out its malicious purpose without you even knowing it. There are many different forms of malware. Often the intention is to spy on a business system or manipulate the code.

2. Phishing

This is probably one of the most common types of cyber security threats faced by businesses today. Phishing scams involve cybercriminals trying to access a secured network.

They may try several different means to do so, but phishing is the most common. Phishing scams usually use social sites or email, and attempt to convince employees to click on malicious links. They may also coax users into providing private information, business data, or download malicious content onto their server.

3. Ransomware

Ransomware is particularly dangerous as a hacker can quickly get onto your business server, lock it down, and encrypt it so that it cannot be used or accessed any longer. Ransomware has come a long way, and is incredibly sophisticated today. It can also be very damaging to a business and its sensitive information.

Essentially, ransomware is about locking down a system or server until a form of ransom is paid. Some hackers may not even unlock the system after it is paid, thereby causing even further damage.

4. Password Attacks

As the name suggests, a hacker attempts to infiltrate your business server or network by hacking your passwords. They use a sophisticated program to uncover your passwords. Their main reason for doing so to gain access to private information. This is the reason it is so important to not use the same password for multiple accounts or networks.

5. Distributed Denial of Service (DDoS)

This is yet another disastrous type of cyber attack that floods your business server. Basically, it is bombarded with multiple requests from several different sources at once, causing it to slow down and even crash. Once a DDoS attach takes place, the system is rendered useless until all of the requests and interactions can be cancelled.

6. Infiltration of the Internet of Things (IoT)

The Internet of Things, cloud computing, and all connected devices are also particularly vulnerable to cyber attacks. While the same goes for business algorithms that are used to interpret data. Often these algorithms are intercepted, which causes the code and other systems to become compromised.

How to Detect Cybersecurity Threats

Is it possible to detect a cyber attack before it happens? Absolutely. It is important to bear in mind that simple in-house approaches that may have worked in the past do not really cut the mustard any longer.

Yes, it is important to remind your employees about compliance and smart network security practices. Data backup, installing firewalls and regularly updating your software is very important, too.

There are a few additional steps you can take to set up a strong detection and defense system against cyber-attacks:

Invest in technologies that allow for real-time logging and correlation, which will highlight suspicious activity
Implement historical analytical capabilities, i.e. compare past and current activity so that you can continually develop security policies
Use intuitive security programs — this detects malicious behavior without detectable deviations from standard network behavior

One of the greatest dangers any business faces is not evolving their cyber security methods. This is because cyber security attacks, tools, and methods are continually developing. It’s all about staying one step ahead.

The Consequences of Ignoring Cyber Security

In today’s day and age, internet security is absolutely paramount for any size business. By neglecting or ignoring your cyber security standards, you are putting your business, employees, and your customers at great risk.

Here are the major consequences you could face as a business:

Loss of Private Data

It is no secret that many businesses rely on data collection and market information for their marketing and operation. This includes information such as private account details of customers and other personal information, as well private employee information.

A cyber attack compromises the security of this private data, which can be stolen or altered. It can then be used against a business to damage your operations.

Expensive Data Recovery

Cyber security is not only important for the protection of private data. It is a good way to protect against financial ruin. The cost of a data breach or data recovery can be devastating for any business.

Not only this, but the impact could continue to plague your business for years after the occurrence. Costs could include new software, data restoration, new IT training and staff, and more.

Poor Client Trust

A cyber security breach and loss of personal information can completely change your business-customer relationship. Customers who once trusted you and relied on your reputation could think otherwise. This could lead to a discontinuation of business and ruined reputation that is very difficult to rebuild.

Get the Complete IT Support You Need with SAGACENT

Now that you know more about the different types of cyber security threats out there, how protected is your business? If your business is dependent on technology, SAGACENT is your go-to for the IT support you need.

From managed IT services, cloud/hosted solutions, IT project management, and more, allow us to keep your business, employees, and data safe in these unprecedented times. Get in touch with our team for more!

Sagacent Technologies offers technology management and support, including proactive/preventative maintenance, onsite and offsite data back-ups, network and security audits, mobility solutions, disaster planning, and emergency business resumption services. The company serves clients of 10 to 150 employees within the Silicon Valley region.