Cyberattacks get more malicious every year. The rapidly growing use of AI also seems to aid cyber attackers in their quest to make life as miserable as possible for business owners. Moreover, cybercriminals use so-called malvertising and even SEO to scam businesses and employees.
The rise in cybercrime has led to incredible growth in cybersecurity solutions. The cybersecurity market will exceed $108 billion by 2028 as a result. This is because companies keep looking for new and innovative ways to prevent falling victim to cyber attackers.
If you own a business, you must understand how cyberattacks will impact your daily operations. Knowing your business’s vulnerabilities will help you better protect it against cyber criminals. The following are some of the most common cyberattacks companies face in 2024.
Phishing Attacks
Phishing is not a new concept. However, cybercriminals have become far more adept at phishing to get confidential information from businesses and individuals. Cyber attackers typically use professional-looking phishing emails to pretend they are sending a communication from a bank or credit card company. These emails usually contain a malicious link or attachment. When someone clicks on the link or attachment, malware is automatically installed, or the email redirects to a fraudulent website. If users enter sensitive data on this website, the attacker can steal login details or financial information.
There are strategies you can use to prevent phishing emails from causing havoc in your business. You should train your employees on how to identify phishing emails. You can also hire a cyber security company to train them on your behalf. The company can help you implement email filtering software to block phishing emails. In addition, they can teach your employees about using multi-factor authentication. Doing this adds an extra layer of security to protect personal and business information.
Ransomware Attacks
Ransomware encrypts a business’s files and effectively makes them useless. A cybercriminal uses this encryption process to demand a ransom for a decryption key. Ransomware attacks can devastate businesses by causing financial loss and even reputational damage.
By using cybersecurity services, you can maintain regular data backups on a separate system. Backups will allow you to retain access to your files even if your company experiences a ransomware attack. Cybersecurity measures also include patch management and endpoint security solutions. These solutions address vulnerabilities that make businesses susceptible to ransomware attacks.
Business Email Compromise Attacks
Business email compromise (BEC) attacks target employees who work with a company’s financial resources. Cyber attackers use legitimate business email accounts or create spoof email addresses to send fraudulent communications. These include payment or money transfer authorizations.
If this happens in your business, you could lose lots of money. It is crucial to have measures to prevent spoof emails from reaching employees. Also, more than one employee should perform financial tasks. Multiple finance employees will make it less likely for a hacker to convince one to make a payment via email. There should also be a multi-factor authentication process for all financial transactions.
Supply Chain Attacks
Cyber attackers do not only target businesses directly. They also target a company’s vendors or suppliers. By doing this, they gain access to your entire network. A hacker will typically send malware to a supplier’s software system. If the hacker gains access, they will use it to infiltrate the main company.
To prevent this from happening to you, you must invest in third-party risk management. This means suppliers and vendors must have a cybersecurity plan in place. When you sign a contract with a vendor or supplier, it must include security clauses. This will help you ensure that they all maintain cybersecurity controls. But this is not a foolproof strategy. You should still segment your network to minimize damage should a hacker attack your supplier’s system.
Cloud-based Attacks
If you use cloud-based services, your business is also at risk of a cyberattack. These platforms are attractive targets because they can mean access to cloud storage accounts. If hackers get into your cloud storage, they can steal information.
You should add a strong password for all business cloud accounts. Use encryption software to encrypt sensitive data in the cloud. Regularly conduct a security review of your cloud environment. Doing this will help you find and address vulnerabilities in time.
Cryptojacking Attacks
Cybercriminals are ruthless and use any platform or means to attack a business. This is why cryptojacking exists – it is another way for cyber attackers to get what they want. Cryptojacking means a hacker uses a person’s computing power to mine cryptocurrency. And they do this without the person even knowing. Crypto hackers add malicious scripts to websites. Or they distribute malware on a victim’s computer. This allows them to use the victim’s computer to generate cryptocurrency.
If you work with cryptocurrency, you must install ad blockers on your business computers. This helps prevent malicious scripts from reaching your company website and other landing pages. Also, implement endpoint security solutions. This software can detect and block cryptojacking malware.
Ask a cybersecurity company to help you regularly scan your business systems for malware. If you find malware, cybersecurity services can help you uninstall it before you suffer any losses.
Social Engineering Attacks
Social engineering attacks are particularly vicious. Attackers typically exploit human emotions and psyche to manipulate people into giving them confidential information. Sometimes, an attacker calls a victim and impersonates a legitimate business. They may also use phishing emails or scare tactics. These scare tactics usually contain a thinly veiled threat.
It is important to educate employees about social engineering attacks. This will allow them to avoid these attacks. Your business should enforce an active password policy at all times. There should also be consequences for breaching this policy. Also, employees should be warned against acting on requests for information, even if the source seems familiar.
Put Strategies in Place to Protect Your Business
Almost every organization, whether a school, business, or non-profit, relies on collaboration aCybersecurity is an ongoing battle. It takes proactive measures and constant software improvements to stay ahead of smart cybercriminals. By understanding the most common cyberattacks, you can put the right strategies in place to protect your business. These strategies will reduce the risk of your business suffering losses due to cybercrime. mong its members. An LMS should facilitate this process by making it easy for users to find and work with each other.
A comprehensive intranet for companies is valuable because it allows for better employee communication and collaboration. It also allows employees to access internal company resources, such as shared documents and files.
