Top 3 Digital Threats to Businesses and How to Prevent Them

As the digital world continues to expand and more businesses are now required to have an online presence, there is no doubt that technology will play an even more prominent role in the future.

 27% of the world's population now prefer to shop online for their needs, and in the US alone, eCommerce sales are expected to reach the $1 trillion mark this 2022 and $6 trillion by 2024.

Unfortunately, as the demand for digitalization increases, the urge for cybercriminals to take advantage of this increasing digital activity is also increasing. Even major companies across the globe, such as Microsoft and Red Cross, have experienced cyberattacks. Even worse, it's not only big companies being targeted by digital threats since small to medium-sized businesses are becoming more vulnerable to these cybercrimes.

You might be wondering which cybersecurity threats you should prepare for as a business owner. To help you establish a heightened cybersecurity management plan, here's a list of the top digital threats you should be aware of and some practical tips on minimizing the risk from these cyberattacks.

1. Phishing Attacks

Phishing attacks account for approximately 90% of all data breaches that most organizations face. Over the last year, they've grown to 65%, and over $12 billion worth of damages were incurred due to this type of digital threat. Anyone in your company could become a victim of a phishing attack, especially since the cybercriminal often pretends to be someone your employee trusts, either as a contact, a banking institution, or a trusted eCommerce platform.  

Your employee may be encouraged to click a malicious link or file or be asked to give them access to confidential information, credentials, or account details. The good news is that there are technological defenses you can use to protect your business from such threats. One way is to utilize heightened email security gateways or look into cloud-based email security providers to minimize your company's risks and potential losses.

2. Ransomware Attacks

Thousands of businesses are hit with ransomware attacks every year. With 80% of critical infrastructure organizations experiencing a ransomware attack last year, it is becoming one of the most common and lucrative forms of digital threats. Generally, this type of cyber attack occurs when a cybercriminal chooses to encrypt your company's data so you cannot use or access it. Due to this, you will be forced to pay a ransom before you can unlock and access your data. When this happens, you will often need to decide between two things, pay for the ransom and lose a significant amount of money, or deal with the damages or crippling of your services because of the data loss.

One of the best ways to protect your business from ransomware attacks is by using strong endpoint protection across multiple devices for your business. Some software solutions offer features where you can quickly detect and mitigate against these types of threats once it has happened and, at the same time, help you reduce risks during data transfer. Your company may also consider utilizing an excellent cloud backup solution. By securely backing up your company data, you are mitigating against potential data loss since the attacker can no longer use the loss of crucial data to limit your business. Implementing these possible solutions allows your IT team to quickly recover your data without paying for any ransoms or losing productivity.

3. Malware Attacks

Malware refers to any malicious code a cybercriminal creates to access your company's networks, steal vital information or destroy crucial data on your computers. Often, this malware comes from malicious websites where your employee could download unverified files, spam emails, or connect to machines or devices that are also infected with this malware.

These attacks can easily damage your business since it requires expensive repairs to fix your company devices or, in worst-case scenarios, replace them entirely. An attacker may also use this malware as a back door so they can access your data, which puts your employees and clients at risk. You may utilize a technologically solid defense in your company to prevent malware attacks. By installing endpoint security solutions, you can protect your company's devices from malware downloads and give your central IT team a control center to manage these devices and ensure that your employees' cyber security is up to date. Web security is also crucial to work on, so you can fully protect your team and your clients' essential data.  

Key Takeaway

There is no one-size fits all solution to eliminate digital threats. However, taking advantage of several cyber security solutions that fit your company's needs, you can also implement a cyber security awareness program that helps increase awareness among your team members. It's also crucial to ensure that your business abides by updated regulations and compliance policies, such as anti money laundering compliance, which helps reduce potential cyber security threats. By strengthening your business' cybersecurity culture, you are also minimizing the cybersecurity attack surface of your organization. Are you considering taking your company's cyber security program to the next level? Find out more on how you can overcome DevOps security challenges.