Online Security Threats Businesses May Face

online security

Online security threats have become a serious issue. This is why security online is one of the top concerns for everyone living in this digital world. Each year, Cyber-attacks are becoming much classier. Also, malicious persons are using so many techniques to harm the reputation of individuals and business organizations.

These days, there are so many things that can cause cyber attacks. Some of which are careless internet users, IoT devices, cloud solutions and BYOD policies at the workplace. Quite a few times, even things like implementation of the latest business tech solutions with an intention to increase the operational efficiency of a business can also put them at the risk of cyber-attacks.

Why is it Important to Tackle Online Security Threats?

Nowadays, most businesses have come to understand why it is necessary to address internet security. Recently, a survey has shown that nearly two-thirds of a  group of small organizations have experienced cyber attacks in the last two years. The risks of not having online security are fast becoming a widely talked about topic. These risks include:

  1. Compromising private data

Nowadays, Companies rely heavily on the data they collect. This data varies from market information to various account details or the personal information of customers. In the case where a cyber hack occurs, it will be dangerous. Not only is there a chance for information to be stolen by another entity, but also, data could also have tampered in a way that drastically damages the company’s operational reliability.

       2. Recovery expenses are costly.

Even after putting information at risk, cyber attacks do not stop there. There are also potentially destructive financial repercussions. Most of these are in the form of “hidden” costs. This ”hidden” costs can continue to affect your business for up to two years after the incident. Whether it’s in the form of new IT training, buying new software or the lengthy process of restoring lost data, the loss of both time and money can be devastating and saddening.

       3. Client trust is weakened.

Almost all the time, customers hate hearing that their personal information has been compromised. Consumers may decide to discontinue their business and seek services elsewhere when a cyber attack occurs. It does not matter whether it is a company they originally trusted to keep their data safe. After the breach, the company may lose more than half of its clients. This in effect tarnishes the image of the company and they lose a lot more customers.

What are the Most Common Online Security Threats for Businesses?

Nowadays, online security attacks can come from different places and in different forms. Some of these threats are more invading than others. However, they can all equally leave a business crippling at its knees. A few of these typical attackers and sources of cybersecurity threats include:

  1. Organized crime groups
  2. Competitors of your business
  3. Terrorists
  4. Foreign governments
  5. office workers
  6. Hackers

Online Security Threats

Every business needs a strong resistance against online security threats. As we have written earlier, online attacks can cripple the economy of the business and tarnish the company’s image. Here is a list of online security threats every business should protect themselves from:

  1. Ransomware
  2. Phishing Scams
  3. Unpatched Security Vulnerabilities
  4. Social networks
  5. DDoS Attacks

Online Security Threats: Ransome ware

Ransome ware is one of the most common and dangerous cyber-attacks. For this attack, cybercriminals focus on getting malware onto the network of a business. Usually, this network can encrypt all the confidential details and data of the business. When they successfully get the malware on the business network, then something happens. The malware starts encrypting all of the business files and data on the network.

After this, users cannot access the data. This is then followed by attackers asking for a heavy sum of money to give data back. They use different techniques to achieve this. Some of these include phishing emails, fake download links, and bogus advertisement. This is also aimed at getting the malware on the network of a business they want to attack. As a result of the ransomware attack, a company may bear the loss of valuable data. In some cases, they pay the heavy ransom to get the data back from attackers. Experts have also predicted that criminals can attack a new business or individual in every 14 seconds. Technically, anyone can be the next target of cybercriminals.

Online Security Threats: Phishing Scams

Another common and dangerous cyber attack is Email phishing. It can lead your business towards an abnormal and unexpected loss of data or money. Technically what attackers do is simple. They will send large emails to their targets with fake links and want the email user to click and open the link. In the case where an email user clicks the link, the criminals can get access to the whole network via encrypting malware. Thus, granting them access to the data and business files stored on the network. The most common victims are small business who have uneducated employees.

Online Security Threats: Social networks

Employees using social media sites may unintentionally be leaking confidential company data and information. It is no news that these applications are vulnerable and are sometimes prone to bugs. Sometimes, without knowing, employees will share confidential business details that can also be useful to cybercriminals.  When you share personal or professional details on social media without taking care of privacy, you can cause repute damage for both individuals and businesses. Thus, this is why it is important to be as private as possible when dealing with people online.

Online Security Threats: DDoS Attacks

Distributed Denial of Service or DDoS is another technique used by cybercriminals. It is used to flood a business network, software or machine with requests, This is actually intended to make it slower or to bring down. DDoS attacks can stop a business from doing operations or other online transactions. So, the results are very brutal. Not only will these attacks keep  DDoS attacks keep your vital business data away but it can also have an effect on the quality of your services. Thus, injuring your reputation in the market.

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