What Every Business Owner Should Know
While organizations and workers have certainly benefitted from the advancement of technology, it has also introduced an unprecedented number of cybersecurity risks. Ransomware attacks, for example, hit businesses every 11 seconds in 2021.1 Therefore, if you want your business to grow and succeed, you must understand the realities of cybersecurity.
The Reality of the Current Threat Landscape
Did you know that the cost of cybercrime downtime is typically higher than a ransom?
Almost every organization will encounter cybercrime at some point. It’s not a question of IF, but rather WHEN it will happen. While that reality can be alarming, there’s no need to panic. There are proactive steps you can take to protect your business and achieve peace of mind. But first, let’s discuss what you need to be aware of.
Here are some of the most serious and prevalent cyberthreats facing business owners right now:
Ransomware is malicious software that threatens to reveal sensitive data or prevent access to your files/systems until you pay a ransom payment within a set timeframe. Failure to pay on time can result in data leaks or irreversible data loss.
Phishing/Business Email Compromise (BEC)
Phishing is a cybercrime that involves a hacker impersonating a legitimate person or organization mostly through emails or through other methods such as SMS. Malicious actors employ phishing to send links or attachments that can be used to extract login credentials or install malware.
Similarly, business email compromise (BEC) is a scam in which cybercriminals use compromised email accounts to trick victims into sending money or revealing sensitive information.
An insider threat arises from within a company. It could happen because of a current or former employee, vendor, or other business partner who has access to important corporate data and computer systems. Insider threats are hard to detect because they emerge from within and are not always intentional.
Denial-of-Service/Distributed Denial-of-Service (DoS and DDoS)
These attacks are widespread and easy to carry out. When a DoS or DDoS attack occurs, hackers flood the targeted system with repeated data requests, forcing it to slow down, crash or shut down.
If you are still unsure whether you should be concerned about these sophisticated threats or not, the following statistics may help you make up your mind:
It takes an average of 280 days to identify and contain a breach.2
Malicious attacks with financial motivations were responsible for 52% of breaches.2
Personal Identifiable Information (PII) is compromised in 80% of data breaches (PII).2