There are more than 2,200 cyberattacks every day, and that comes to over 800,000 attacks on a yearly basis, leaving businesses like yours devastated financially and with a damaged reputation. Forecasts show that businesses will lose approximately $10.5 trillion in 2025 from cybercrime, according to Cybercrime Magazine. Cybercrime spending is expected to exceed $188 billion in 2023, according to Seeking Alpha.
How frequent are cyberattacks? It is estimated that a cyberattack occurs every 39 seconds in the U.S. Small businesses are most vulnerable to cyberattacks.
Is it no wonder that the greatest gift you can give your business is the gift of cybersecurity?
The world is changing. As more of your business functions are done with technology, this means cybersecurity should be top of mind when thinking about ways to protect your business. As noted above, small businesses are prime targets for hackers, making up 43 percent of breach victims, according to Verizon’s 2019 Data Breach Investigations Report.
Adept Networks Dark Web Monitoring Service
Cyber Threats Are Real & Should be Taken Seriously
Viruses and malicious software come in many forms, so your business must remain vigilant to stay safe and protected. For example, phishing attacks and ransomware have emerged as prominent tools for hackers to use against companies like yours.
Phishing attacks happen when an unsuspecting victim clicks a link or opens a suspicious attachment that contains malware. Once in your system, hackers will install ransomware onto your server, blocking access to your data in exchange for money.
According to Small Business Trends, one in 99 emails is a phishing attack. And you’re not guaranteed to retrieve your money if you do pay the ransom, as fewer than 25 percent of ransomware victims get their data back, according to the Hartford Courant. This is why email security should be a priority in your business.
Top 4 Reasons That Cybersecurity is Vital for Businesses
Cyberattacks are among the most pressing issues for both large and small businesses. As more companies rely on various and more sophisticated technologies, the risk of cyber threats continues to escalate.
Here are four reasons that organizations like yours need to increase their cybersecurity so you have a better chance of warding off a cyberattack.
1) Use of More IoT Devices
Although the advent of Internet of Things (IoT) technology has assisted workers in simplifying their tasks, it has also left businesses susceptible to hackers. IoT devices are equipped with various types of sensors and run on advanced technologies for continuous connectivity and data sharing.
They also have more surface areas for data breaches. No matter how advanced security measures your business takes, these internet-connected devices will provide an opening if you don’t manage them effectively.
2) Increase in the Use of Technology
The average person spends six hours and 58 minutes per day on screens connected to the internet, according to the latest available data. That is a 1 percent (four minutes) increase over 2021.
Cloud services and serverless computing, edge computing, and API services are increasing tremendously. In combination with container orchestrations such as Kubernetes, processes are able to be efficiently automated and dynamically adapted to specific circumstances.
Attackers are attempting to disrupt this hyper-automation by targeting APIs, and that can significantly impact the operational processes of a company like yours.
3) The Dark Web & Cryptocurrency
Unfortunately, and as much as we’d like to think it’s not true, the dark web – a collection of websites that are unidentifiable by search engines and are concealed behind passwords or other security tools – is growing and is causing more destruction every year.
The dark web is similar to a hidden compartment where illegal operations are performed, like personal information distribution, drug, and human trafficking, software distribution, illegal weapon distribution, etc. Hackers will often come from the dark web.
Another favorite source for hackers is cryptocurrency. Cyberattacks are increasing against the backdrop of the price of Bitcoin being at an unprecedented high. End users are battling against phishing attacks, infostealers, and malware that swap wallet addresses in memory for quite some time.
Attacks are on the rise against smart contracts – attacking the programs at the center of cryptocurrencies. These new markets pave the way for new opportunities for advanced attacks, such as flash loan attacks, which enable attackers to siphon off millions of dollars from cryptocurrency liquidity pools.
4) Continued Threat of Ransomware
It may not surprise you to know that ransomware is the most profitable cyberattack nowadays. Because of the heavy focus from law enforcement agencies, ransomware tactics are undergoing a substantial transformation. Millions of profits are at stake.
Ransomware has impacted many different environments, such as the cloud, virtual systems, and OT/IoT. In fact, anything that is connected to a reachable network is a possible target.
8 Ways to Protect Your Business From Cyberattacks
You can take numerous steps to make it much less likely that your company’s systems will be hacked. Here are some of them.
1) Two-Factor Authentication
It is much more difficult for a hacker to have access to both a business password and your employee’s smartphone. Two-factor authentication (2FA), a specific type of multi-factor authentication (MFA), sends a security code to the correct employee’s phone when they attempt to enter a secure program.
2) Cloud Technology
Cloud services are gaining popularity with businesses of all sizes because of their flexibility. If a company laptop or smartphone is stolen, you’ll still have access to your data because it’s stored in the cloud.
3) Employee Security Training & Education
One of the easiest ways to prevent a phishing attack is to recognize the signs. Invest in employee cybersecurity training so your staff can browse the web and answer emails with confidence.
4) Understand Your Data
Your business won’t be able to fully understand how much a threat is until you comprehend the nature and quantity of data you own.
5) Restrict Managerial Capabilities for Social Footprint and Systems
The fewer workers with the key to sensitive data, the better.
6) Regularly Update Safety Software Patches
You should frequently maintain the safety protections in your company’s operating network. This is critical to their effectiveness. Software vendors regularly release patches and updates to address security vulnerabilities.
7) Make Sure Networks and Devices Have Proper Firewall and Antivirus Technology
Firewalls help prevent unauthorized access from suspicious traffic and are essential to your network security. Antivirus software is critical for protecting your network from the latest cyber threats.
Once your business has suitable IT security and software in place, evaluate the browser’s and software’s safety settings to meet your company’s security needs without risk.
8) Put in Place a Comprehensive Plan to Manage a Data Breach
If a data breach occurs, an explicit protocol should define which employees are part of the incident reaction team, along with their functions and responsibilities.
Connect with Adept Networks to Provide Your Business with the Best Network Security Solutions
At Adept Networks, network security is our number one priority for your business. Our goal at Adept Networks is to provide you with the best network security protection possible while also keeping your unique needs and budget in mind.
If your team is negligent when it comes to security, you run the risk of litigation and/or closing your doors due to a data breach or data loss. Adept Networks is here to help as a leader in network security solutions.