Damages from global cybercrimes were projected to reach $6 trillion in 2021. Sadly, they are now inflicting even higher costs on business, government, and individuals.

If you want to avoid one of these attacks at your company, there are various ways that you can protect your business, but protection always starts with knowing:

  • The threats,
  • The signs, and
  • The steps to take.

What Are the Top Threats?

There are many different threats that can affect your business, so you need to know the signs of all of them.

However, some of the most common ones include phishing, malware, ransomware, social engineering, and data breaches.

Phishing. The most damaging and widespread attacks are phishing attacks. In fact, phishing makes up 90 percent of all cybersecurity breaches that a company might face.

Phishing attacks happen when an attacker pretends to be someone who might be a trusted contact with one of your employees. They'll send a malicious link disguised as a safe one, and the user will download a malicious file.

Once the malicious file is downloaded, the hacker will get access to account details, credentials, data, or other sensitive information.

The phishing attacks grow more sophisticated and intricate as many businesses are catching on that they're happening. However, they're getting harder to track because so many of them look like they're coming from legitimate businesses or contacts.

They're also difficult to protect against. They use psychology and social engineering to target people who have businesses rather than targeting a technology weakness of the business.

Malware and Ransomware. Malware and ransomware are also popular threats. Statistics tell us that every fourteen seconds, someone new falls prey to a ransomware attack.

With ransomware or malware, someone will lose access to their system or computer, and they'll have to pay a ransom to the hacker to get control back. The spread of this attack can vary, but it can shut entire companies or computers down.

The cost of replacing the hardware and rebuilding all of the systems after an attack can be expensive, so many companies pay the ransom. However, there is no guarantee that you'll get control back of your system.

Social Engineering. Social engineering is a type of attack that relies on social interaction. Many humans are the biggest security risk, which is why a lot of hackers will try to target your employees.

They might try and trick someone into giving them access to software or important security information. They will try to manipulate your employees rather than your system. These attacks are effective because they normally play off of people's emotions.

For example, an attacker might pretend to be a coworker who needs help with something. They will use the connection with that coworker to get what they want, and then they have access to your security system.

Data Breaches. Data breaches are typically any breach of data through any of these attacks. They might try and go through your employees, or they might try and directly attack your technology.

If they're successful, they will get in and steal your sensitive data.

Infrastructure Attacks. An infrastructure attack happens when cyber criminals get control of your technology and actually start shutting systems down. These attacks are becoming more common, and they can cost large companies thousands of dollars.

Hackers are finding vulnerable spots in the company's infrastructure and exploiting the lack of knowledge on how to fix it.

When this happens, they could have the power to shut down entire companies for days.

Intellectual Capital Infringement. Intellectual property can be one of the most important things for a business because it's what makes them different and helps them grow. However, many hackers are trying to access that data.

An intellectual capital infringement is when they violate your IP rights. For example, they might take your trademarks, designs, trade secrets, patents, or copyrights as well.

This theft differs from stealing customer information because when they own your IP, they actually have the potential to take down your company.

Who Is At Risk?

Almost every business out there is at risk of a cyber-attack. However, larger and more profitable companies may be at a higher risk because they have more to lose.

Whether you're a company that stores credit card data, healthcare information, trade secrets, or IT systems, you're at risk of being attacked by a cyber-criminal.

Even small businesses that don't have much of a cybersecurity infrastructure are at risk because they might be easy targets.

What Is the Cost of a Breach?

In the United States, the average cost of a data breach is about $9.44 million. Around the globe, the average cost of a data breach is about $4.35 million, which means that many hackers target businesses in the United States.

The cost of an attack will also vary depending on what type of attack you're dealing with. You'll also have to consider legal penalties, recovery expenses, or even payments that you'll have to pay to victims of the attack. 

The attack can be very costly, so it's best to bulk up your cybersecurity infrastructure today before it happens.

What Signs Should You Watch For?

There are a few signs that you've been hit with a cyber attack that you should keep an eye on. For example, if you see a screen takeover that informs you that all of your data is locked, then you've probably been hit by a cyber attack.

If that happens, you may want to try and use one of your backups to recover your data. Some companies pay the ransom or money to get their systems back; however, this is not recommended.

When you've been hacked, you might also see that there are malicious browser toolbars on your computer. This is a more subtle issue to catch, but first, you'll have to evaluate what was actually installed.

If there is anything that you or the IT team didn't install, make sure you remove it. Even if you're not sure, it's best to err on the side of caution.

Once you've been attacked, you might also notice that you can't log into your accounts anymore. The hacker could've changed the passwords and locked you out of all of your accounts.

If a hacker got into your system, you might also notice that your mouse is moving on its own and actually making selections. If you or an employee aren't doing that, that means that you've been breached.

To fix any of those issues, you should disconnect your network, turn off the router, and then call a cybersecurity expert.

How Do You Protect Your Business?

Now that you know the basics of some of these attacks, you can take steps to protect your business.

The first thing you'll want to do is secure your networks.

Secure Networks. You should check your Wi-Fi and internet connection to make sure that you have a firewall and that all of the connections are encrypted.

Your Wi-Fi should also be secure and hidden. You can set up a router and not broadcast your network name, either. Also, make sure that it's password protected.

You may also want to make employees use a virtual private network (VPN). This will make sure that your customers connect to your network securely, even if they're not in the physical office.

Use Multi-Factor Authentication. MFA (multi-factor authentication) is a way to verify an employee's identity before they actually log onto your account. MFA requires users to enter their password and then verify their identity by either using a token or a password that is sent to their own phone.

They could also be required to use facial recognition or fingerprints. Whatever method you choose, it'll ensure that a hacker will have a harder time actually breaking into any of your accounts.

Use Antivirus Software. All of your company's computers should be equipped with antivirus software, and you should make sure that you update it constantly. New updates will include further protection against possible vulnerabilities and make it harder for hackers to get in.

Most software vendors will also give out patch updates when they find vulnerabilities in their own software. You should ensure that all employees install updates automatically so that they don't get delayed and leave your business vulnerable. 

Protect Against Cyber Risks

These are only a few things to consider about protecting your business from future cyber risks, but there are many other ways to protect yourself.

One of them is hiring the right expert cyber security consultant to advise you on how to protect your business and be certain you are backed up, scans for malware are continuous, server and networks are properly protected, and patches are applied the day released. (Reportedly, failure to do this on one system of a huge internet service provider recently cost them hundreds of thousands of dollars a week. It only took one small thing on one server to cause the problem.)

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