4 Biggest Cyber Security Threats For Businesses in 2021

For the security of your business, learn the 4 biggest cyber security threats in 2021

Exposure to critical assets, loss of data, or sensitive information can stem from breaches within a business network. Errors or flaws within the network act as vulnerabilities that are exploited by attackers. Attackers have developed new methods and technologies such as DDoS and social engineering attacks that possess a serious risk to the cybersecurity of a business organization.

The consequences can affect the finances, reputation, and compliance status of businesses. Understanding what threatens the cyber security of your business can help prepare for it. So, here are some of the most significant cyber security threats that businesses face.

Cyber Phishing

• Phishing is a form of social engineering attack that is used for gaining unauthorized access to an organization’s network. It is one of the most common types of cyberattacks. Phishing makes use of electronic communication and human interactions to send deceptive emails and text messages to steal confidential information. Cybercriminals use tactics to not only abstract corporate information but can also infect computers and infiltrate business networks.

Hike in electronic communication has increased the risk of phishing. Humans are liable to make poor decisions when tired. Attackers take advantage of this by choosing specific time frames to blitz employees with fake social media accounts and malicious emails. They trick the employees into handing over sensitive data or installing malware. It takes only one careless click to allow the attackers to enter an organization’s network.

SMS-Based Phishing

• Also known as smishing, SMS phishing is another technique used by cybercriminals. Usually, a link is sent by the attacker through a text message on the user’s phone. Once the link is clicked the attack begins. The SMS is most commonly sent by a trusted source such as a bank or a delivery carrier, etc.

PDF Scams

• Similar to SMS-phishing, cybercriminals use PDF files to deceive you into believing something is legitimate. Attackers are on the lookout for ways to get an employee to open an attached PDF file. An email about the security policy or account statement is sent with an attached pdf file. Clicking the pdf file exposes the network to ransomware.

Scammers know that emails with balance statements are more likely to be opened by people. PDFs are commonly associated with businesses so employees let their guards down. This makes email phishing more effective than SMS phishing.

Ransomware

• It is a type of cybercrime that utilizes malware to encrypt and hold sensitive data. Servers are blocked and access to the data is denied until the demanded ransom is paid. Ransomware is the popular type of malicious software that is used in 22% of data breach cases. Businesses keep data on servers that are connected to the internet. Hackers can perform data encryption even by finding small cracks in security.

The impacts of ransomware can be devastating especially when computer networks are infected. Malware attacks can result in data loss due to frozen systems, hijacked software, and significant financial losses. In 2020, the average sum of ransom reached 1.4 billion dollars.

 DDoS Attacks

• In DDoS attacks, a botnet is used to overwhelm the normal traffic of the targeted server or website with fake traffic. A botnet is formed by connecting multiple online devices and used as a source to clog up the server with the flood of internet traffic.

Distributed denial of service (DDoS) attacks make the server unavailable to legitimate users by causing unexpected traffic jams. Thus preventing regular traffic from reaching the server.

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