Online security is increasingly becoming dangerous for businesses across the world. Cyber-attacks impact businesses negatively regardless of industry. They not only have to be aware of cybersecurity risks, but also take proper measures to avoid them.

Although some business owners have knowledge about internet security, most don’t know how dangerous these threats are. This is why business owners must proactively act against it to save their business. In this article, we will discuss 5 biggest cyber security risks that threaten businesses.

Cloud-Based Security Threats

Businesses nowadays are increasingly using cloud services to bypass costs and leverage new technologies in a scalable manner.  This trend is consistent across all business types and sizes. They even store their business data on cloud to protect it effectively. However, because of this, the risk of data breaches continues to rise each year.

On average, data breaches cost businesses $3.9 million. Cloud infrastructure is in some way more secure than an internal infrastructure. Still, cloud computing comes with nits unique set of risks.

As data breach and information leak attacks increase gradually, many businesses are suffering from complete data loss. The target of such attacks is often a business’ confidential, stored information. At the same time, attacks such as Denial of Service (DoS) cut off access to cloud-based services business requires, damaging their workflow, operations, and services.

Internet of Things Attacks

Nowadays, people (also businesses) are using a collection of smart, interconnected devices to make their routine more efficient and improve their personal and professional output. These interconnected devices are part of a broader concept known as The Internet of Things.

As all devices are interconnected and a part of a larger IoT network, the risk of cyber attacks increases. If a virus can find a way into one your devices (let’s say your laptop, tablets, car, etc), it can also infiltrate devices connected to that network.

Ransomware

Despite being around for a while, ransomware continues to be a problem for businesses nowadays. As cybersecurity threats increase, ransomware attacks will also take entire systems hostage to extract a ransom fee.

However, what makes these attacks even more dangerous is that businesses can lose sensitive data permanently if they don’t meet the demands of hackers in a specific timeframe. Moreover, even paying extortions to cybercriminals doesn’t guarantee whether they will restore access to those files.

Phishing

Phishing attacks are more sophisticated than other major cybersecurity risks. These attacks are less prominent, and cybercriminals can listen to critical business information if they manage to infiltrate your system with a phishing attack. They may use creative ways to encourage unsuspecting users to click their links and transfer the virus to their machines.

Third-Party Risk

When it comes to online security, third-parties also present a significant risk to businesses. Businesses can only ensure security on their own end. Therefore, any security vulnerability ignored by a third-party (vendors, contractors, partners, etc) leaves your company vulnerable to cyber-attacks.

 

Cybersecurity risks are a significant problem for businesses across the world. However, by adopting a proactive approach to security and by implementing cyber-security best practices, you can ensure that your business continues to grow in a safe environment.