6 Cybersecurity Risks to Businesses

Summary: No organization, no matter the size, is immune from a cyber attack. Learn the six trending cybersecurity issues that could wreak havoc on a business and find out how to prevent them.

Every employer faces the reality that they could be the target of cybersecurity attacks or data breaches, which can jeopardize their credibility and cost thousands of dollars (or more) in damages. The total number of cyber attacks increased by 50% in 2021, with the education, healthcare and research industries getting hit particularly hard. By following simple preventative steps, business owners can protect their organizations from cyber attack risks. 

Watch Out for These Cybersecurity Risks

The COVID-19 pandemic has impacted how, when and where we work. A large portion of the workforce is still working remotely, most if not all of the time. The change to remote work and a reliance on cloud-based services, such as online meetings and file sharing, has opened up more opportunities for cyber attacks. Businesses must focus on securing their company and customer data now more than ever. 

Below are six cybersecurity risks that can wreak haoc on a business and how employers can train their employees to be diligent for cyber attack red flags. 

Cybersecurity Risk #1: Deepfakes

Deepfakes, developed from artificial intelligence technology, can take an image of one person and replace it with another person’s likeness. There were over 85,000 deepfake videos reported in 2020. As the technology is easier to use, more people are making these types of videos, and their impact could be felt across the business, political and media worlds.

Tips to Prevent Deepfakes

• Watch out for deepfake videos spreading fake news.
• Check for authenticity before you share the videos that you think could be deepfakes
• Beware of fraudsters using deepfake videos in social engineering schemes.

Cybersecurity Risk #2: Ransomware Attacks

Ransomware is a type of malicious software designed to block access to a computer system until a sum of money (or ransom) is paid, or some other action is completed. Sometimes, a ransomware attack is as simple as forcing the user to complete a survey. The most common types are lock screen and encryption ransomware. The lock screen shows a full-screen message that prevents the user from accessing their PC or files. Encryption modifies files so they can't be opened.

The number of malicious cyber attacks, such as ransomware, continue to grow and adapt every year. In fact, ransomware attacks rose by 93% in 2021 compared to 2020. Ransomware attacks have targeted school systems, healthcare informaiton and industrial complexes. the cybercriminals are not getting bolder in their attacks by interrupting supply chains and critical infrastructure, such as the hack into the Colonial Pipeline operating system in 2021. 

Tips to Prevent Ransomware

• Use secure networks, strong passwords and up-to-date systems
• Learn how to identify and avoid malicious links
• Maintain secure backups of essential files

Cybersecurity Risk #3: Smart Home Devices

The Internet of Things (IoT) technology has allowed us to connect to our cars, homes and multiple devices like never before. IoT devices continue to be developed with even more connectivity. Erickson predicts there will be close to 29 billion connected devices in 2022, which will produce tons of data needing protection from cyber attacks.

Prevent Cyber Attacks Via Smart Devices

• Don’t use the factory settings
• Pick a strong password and check privacy settings and permissions
• Check smart devices for security problems and updates regularly
• Consider setting up a separate network for smart devices

Cybersecurity Risk #4: Data Privacy

Data privacy is a consumer’s understanding of their rights as to how their personal information is collected, used, stored and shared. The use of personal data must be explained to consumers simply and transparently, and in most cases, consumers must give their consent before their personal information is provided. As big data grows, privacy concerns are also increasing. The possibility of data breaches can put your business’s sensitive information in the hands of identity thieves.

The protection of data privacy has come to the forefront with the launch of the General Data Protection Regulation (GDPR) by the European Union in 2018. The GDPR applies to all data directly or indirectly related to an identifiable person in the EU that is processed by an individual, company or organization.

Any small business which processes the personal data of people within the EU is subject to the GDPR, no matter where in the world the business is based. Currently, there is no U.S. federal standard for data privacy protection, but many states have their own data privacy laws, including California's Consumer Privacy Act (CCPA) and New York’s Stop Hacks and Improve Electronic Data Security Act (SHIELD) with more states creating data privacy laws in their legislatures. 

Be Prepared for Data Privacy Laws

• Determine if these laws affect your business
• Review and update data security and data breach notification procedures
• Update your site’s privacy policy and terms of use.
• Create opt-out, know and delete methodologies for email notifications
•  Respond to data removal requests promptly and document your actions
• Consult with legal counsel to understand how these laws could apply to your circumstances

Cybersecurity Risk #5: Spear Phishing

Phishing is a type of social engineering scam that attempts to fraudulently obtain sensitive information using email. The email appears to come from someone that you know or have done business with. However, the message might include poor grammar, syntax errors, broken links, and the email address might be slightly different from the familiar one. The email could be written with a sense of urgency, demanding an immediate response. According to Cofence, 91% of cyber attacks start with spear phishing, a type of scam that targeted directly at a particular person in an organization.

Know the Signs of Spear Fishing

• Train your team to not click on links unless they are positive that they trust the source
• Watch out for messages that appear to be from people you know but are actually spoofed
• Use anti-virus software, two-factor authentication and other security measures

Cybersecurity Risk #6: Human Mistakes that Lead to Data Breaches

In the past few years, there has been a rash of well-known cyber attacks on businesses, including British Airways, Marriot Starwood and Citrix. Cybercrime activities will cost businesses an estimated $10.5 rillion annually by 2025.

The 2018 Verizon Data Breach Investigations Report found that human mistakes caused 21% of data breaches.

Proactively Protect Your Business from Cyber Attacks

• Create a cybersecurity policy that supports your data protection strategy
• Train your employees on how to avoid phishing and other cyber attacks
• Make sure remote workers are using strong cybersecurity protocol
• Change passwords after employees leave the company

Courtesy of AmTrust

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