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Five Common Threats to Business Cybersecurity

Updated: Nov 8, 2023

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Cybersecurity safeguards networks, data, and devices against unauthorized access or unlawful usage. The provision of cybersecurity services involves the prevention and detection of cyber threats and the response to cyber attacks. The U.S. Cybersecurity & Infrastructure Security Agency (CISA) characterizes cybersecurity as a skillful practice that holds. Given the ever-evolving nature of new cybersecurity risks, cybersecurity must consistently stay ahead of cyber criminals and their malicious activities. Currently, nearly all business operations occur online, necessitating comprehensive cybersecurity measures across various domains. Cybersecurity threats affect businesses of all sizes, as any vulnerability in a company's overall protection exposes its sensitive information. While several weak points may exist in a company's cybersecurity infrastructure, this article will concentrate on the five major areas of concern.

5 Major Pain Points of Business Cyber Security

  1. Phishing is one of the most frequently reported cyber offenses in the United States, leading to significant financial damages annually. This malicious activity aims to unlawfully acquire confidential information and credentials, including login or credit card particulars, by deceiving individuals into unknowingly installing malware. Through phishing techniques, attackers can bypass security controls and covertly explore a company's data without detection.

  2. Malware, a contraction of "malicious software," appears in various manifestations. It aims to grant attackers discreet and persistent backdoor entry to a company's devices. This allows attackers to manipulate the compromised machine remotely, enabling data theft, local network surveillance, or spam dissemination. Considering that an astounding 91% of cyberattacks initiate with a phishing email, phishing, and malware frequently collaborate. It's worth noting that malware is not limited to the initially infected computer; it swiftly spreads throughout an organization's network, posing a rapid and widespread threat to the entire organization.

  3. When faced with ransomware, businesses face a dilemma, as they must decide between complying with the attackers' demands or losing their data and access. While many companies opt to pay the ransom, there is no guarantee that they will regain access to their data even after fulfilling the hackers' demands. As ransomware tactics have advanced, hackers have shifted their focus to more extensive operations, employing more sophisticated methods. However, smaller businesses are not exempt from these attacks. Attackers know that smaller companies often lack robust data backup resources and are more inclined to pay the ransom to sustain their ongoing operations.

  4. Business email compromise (BEC) is one of the most financially burdensome cyber offenses. In such instances, attackers infiltrate business email accounts intending to defraud the company. The events begin with criminals hacking into the organization's systems to acquire information regarding their payment procedures. Subsequently, they manipulate and mislead employees, coaxing them into diverting payments to the attackers' bank accounts instead of the intended legitimate recipients. Detecting these fraudulent payment requests can take time since they closely resemble genuine ones, making them difficult to distinguish.

  5. Sensitive information within your company is accessible to many individuals, including current and former employees, associates, and contractors. Surprisingly, approximately 25% of data breaches stem from insider threats. These threats can arise from malicious actors seeking personal gain or even disgruntled employees acting out of resentment. Regardless of the motive, insiders' disclosure of crucial information can result in substantial financial harm.

Safeguarding your business from various cyber threats requires a multifaceted approach rather than relying on a single strategy or set of solutions. The key to combating and preventing cybersecurity threats lies in equipping your employees with knowledge and providing them with the necessary education. At Conestoga Title, our experts are devoted to training and supporting our agencies. We are dedicated to expanding our network of skilled agents and equipping them with the latest and most efficient tools, including cybersecurity education, to ensure their success. For the assurance that your information is in capable hands, contact Conestoga Title today at 800-732-3555.

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