What are the Top Cybersecurity Threats Facing Businesses?

Cybersecurity is a very real concern in this day and age.

17:09 07 December 2023

Cybersecurity is a very real concern in this day and age. While news articles often focus on personal data theft, businesses are equally vulnerable. What are some of the most potent threats that enterprises face? Appreciating the answers to this question will allow stakeholders to make important decisions at the right times. This can also help to ensure that the correct cybersecurity practices are adopted in a timely fashion.

The problem is that some scenarios are more familiar than others. We will briefly discuss some common issues as well as some lesser-known risks. It pays to remain ahead of the curve.

Whale Phishing

Whale phishing is otherwise commonly referred to as CEO fraud. These cases involve complex email scams. Criminals essentially impersonate high-level managers and similar decision-makers. Emails are then sent to mid-level subordinates who still have the power to make important business-related decisions. Common fraudulent requests may include divulging sensitive employee information, providing proprietary product information, or requesting an otherwise prohibited wire transfer.

Ransomware

The first case of ransomware occurred as far back as 1989 and these complicated threats have evolved ever since. Ransomware is a malicious software attack that prevents a business from accessing its computers. In other words, managers and employees are essentially "locked out" of their software. The perpetrator will then request a sum of money to unblock the system. As important data may otherwise be possible to retrieve, many organisations choose to relinquish funds. However, there is no guarantee that the ransomware will be lifted. It is estimated that a single ransomware attack currently occurs every eleven seconds.

Viruses

While this is a broad category, the risks are clear. Computer viruses have become extremely complicated and more difficult to detect. Examples include trojan horses, browser hijackers, and viruses intended to overwrite existing code. The main issue here is that many businesses do not possess the software to thwart such threats. Some use outdated antivirus programs while others fail to appreciate the potential dangers. Failing to adopt a proactive approach can cost any enterprise dearly.

Password Hacking

Cybercriminals have become increasingly adept at hacking passwords. Complicated algorithms capable of breaching even seemingly robust password protocols have now become commonplace. Password hacking is also quite common within systems that do not possess redundant security systems. Two-factor authentication (2FA) is only one example.

Employee Unawareness

Perhaps the most profound cybersecurity risks facing businesses is that employees are not always aware of the associated dangers. As a result, they fail to take the practical steps. Although this may be purely unintentional, these circumstances will cause real damage to an organisation. Management should adopt a top-down approach to educate workers as threats emerge.

Cybersecurity must be taken seriously by every company. Partnering with a respected third-party firm could be the best way to ensure that sensitive information remains behind closed doors. Industry experts will provide much-needed solutions at the appropriate times.