We all know the world is getting more digital every day. We store data online, communication online, perform business functions online, and do any number of tasks in a digital medium. Using digital tools for your business is essential for efficient storage and access, and easy communication. However, the rise of cloud service comes with a rise in cyber crime. There are more opportunities for criminals to get access to your data or hold it hostage. In 2022 alone there were over 30,000 cyber attacks in the United States alone, costing $13.7 billion in damages.
A data breach or ransom attack can be devastating for a business. You need to do whatever you can to protect yourself. The first step is hiring a company to help with penetration testing services. They will tell you where you are vulnerable and where you can improve. The other thing you should do is identify potential areas of risk and work on prevention. If a cyber attack succeeds, then you could lose revenue, customers, and your good reputation. Here are 4 cybersecurity threats that you should be prepared for in 2023.
Ransomware
A ransomware attack is one in which a cyber criminal gets access to your data and then encrypts it. This means that you won’t have access yourself, grinding your business to a halt. The perpetrators will then demand a ransom from you in order to get your access back. Even if you pay them, there’s no guarantee that they will allow you access. It is the most common of all cyber threats, and 2023 should be no different. Luckily their numbers seem to be going down with awareness and new strategies to beat it.
Phishing
Phishing remains a constant challenge that you will have to deal with. They happen to organizations of any size, so never assume that you are too small. Phishing is a way to get the passwords of users by fraudulent means. A phishing attack is sent by email, text, or even phone call. For instance, they might be impersonating a bank and telling you there’s something wrong with your account. You panic and call the number in the email, at which point they ask for your credentials for “security purposes.” You end up creating an access using your favorite password, which they can then use to access other portals relating to your business.
IoT Attacks
You might not know it, but the IoT has made life more convenient than ever before. It is physical objects connected by a network that share data and communicate. These can be things like a household appliance or your thermostat connecting with your phone or computer. While it has made life easier, it also presents security risks. The concern will only grow with the wider use of IoT technology.
IoT uses hardcoded passwords. Those passwords are also the same for all of the devices connected to the network. In the past, the source codes have been leaked causing havoc for some users. Luckily there is legislation being introduced that will lessen the damage of IoT security breaches and make businesses and individuals less vulnerable.
Lower Budget and Staffing
The global economy will no doubt play a part in putting your business at risk. Inflation and higher costs mean that companies have to make some difficult choices. Cybersecurity isn’t a place that should be cut, but each company makes its own decisions and priorities.
There are also staffing issues regardless of budget. Every industry currently has problems hiring people, but cybersecurity also suffers from a skills gap. The more cyber threats there are, the more cybersecurity professionals are needed. However, there aren’t enough educated and trained people to keep up.
How to Protect Yourself
There are things you can do within your company to protect yourself. For one, your entire staff should be trained at identifying threats and responding to them. This includes phishing emails and texts, which are getting more sophisticated and smarter every day. They should know not to open suspect emails or texts, and delete them immediately.
You should also use strong password guidelines for all staff. They cannot be your cat’s name. Your password should be complex, and they should contain a mix of upper and lower case letters, numbers, and special characters. The most common way for thieves to gain access is through passwords, so make sure you’re protected. Also, it’s a good idea to implement two factor authorization. This means that when you enter your password to enter a portal, a code is sent to your phone. That code can then be entered to get access. This means that you had to have the password and the phone with you to get in.
It’s always a good idea to hire a cybersecurity professional to help you. They don’t have to be on staff. A contracted freelancer will do. Every once in a while have them inspect your network to make sure that there aren’t any concerns. They will also stay on top of any new threats to worry about or trends in the industry.
Never take a chance with cybersecurity. You might think it won’t happen to you because your business is too small to be targeted, but you’d be wrong. Criminals attack organizations of any size, and their attacks increase. Be aware of the threats and protect yourself so that your business can grow and thrive into the future.
Also Read: 7 Elements Of A Proactive Cybersecurity Strategy
