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The internet has revolutionized life in so many ways, almost to the point of being beyond recognition. Yet, with all the good that it has brought, it has also made businesses and organizations vulnerable in ways that they weren’t previously.
In 2021, the cyber-security landscape was especially dangerous, with ransomware attacks on the rise according to the head of GCHQ; but even beyond this highly specific type of cyber-attack, the number of IT security crises increased by 11% with over 5 billion records breached.
Clearly, cyber-attacks pose a serious threat to businesses and shouldn’t be taken lightly. So, what do businesses need to do to ward off the most common cyber threats?
The Most Common Cyber-Attacks
Malware: Any file or program that harms or disrupts a computer, including botnet software, ransomware, spyware, Trojans, and more.
Social engineering: This is a method of deceiving victims into giving access to their computers or anywhere else that important information is stored.
Phishing: A variant of social engineering that is used to trick organization members into divulging sensitive information through emails.
Backdoors: Facilities that allow remote access to computers or systems without alerting the owners.
The Consequences of Cyber-Attacks
The more businesses store data online, the more vulnerable they become to cyber thieves. Cyber-attacks can impact businesses in many ways, including the following.
Increased Costs
In order to protect themselves from attacks, businesses need to spend more money to build the necessary security systems. This may involve bringing in specialists or upgrading in-house IT resources.
Reputational Damage
As well as direct financial costs, businesses often also suffer from indirect consequences that are tied to their profits. Most significantly, being the victim of cybercrime can result in reputational damage that leaves a business’ brand tarnished, and customers or suppliers unwilling to do business with them.
Lost Revenue
Both of the previous consequences, as well as others, increase the likelihood of a business losing revenue as a result of a cyber-attack. Additionally, attackers can steal money directly using sensitive banking information, or else extort money from the business using ransomware.
How to Prevent Cyber-Attacks
With so many different avenues of attack available to cyber-criminals and such severe consequences for their victims, what can businesses do to fortify themselves?
Any business that’s serious about its security should consider hiring a consultant to help stay secure against cyber-attacks. However, the fight doesn’t end there.
All businesses should make sure that they:
- Encrypt and back up sensitive data
- Educate staff on cyber security
- Conduct regular audits
- Invest in the latest cyber security technologies
- Restrict admin rights
By raising cyber security awareness and infusing a culture of security into their organization, businesses can take a huge step towards protecting themselves from the dangers of cyber-attacks.
Thank you!
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