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Technology has come a long way in recent years, with businesses conducting a lot of their operations in the digital landscape. However, cyber criminals have also evolved and adapted to meet these advancements. This has created a greater need for more emphasis on cyber security for businesses. It’s more important than ever to remain vigilant for potential cyber security threats and keep your digital assets protected. So, ask yourself, is your business defended?
Many businesses are inclined to believe it couldn’t be them when it comes to cybercrime. However, data shows that this issue is more prevalent than most would be aware. The Australian Cyber Security Centre (ACSC) reports that the average cost per cybercrime rose to over $39,000 for small businesses, $62,000 for medium businesses, and over $88,000 for large businesses in the 2021-22 financial year. This was an average increase of 14% from the previous year, with over 76,000 cybercrimes reported, equalling an average of a report every 7 minutes.
With the digital landscape becoming so vast, cyber threats can present themselves in many forms, here are some of the most common threats to be aware of.
These are the most common and most effective cyber attacks employed by cyber criminals. The attacker will send fraudulent emails, messages, or websites masquerading as a trusted source in order to trick the receiver into revealing sensitive information like passwords and card details or granting access to important data.
This refers to malicious software programs specially curated to steal information, gain access to systems, or cause damage to a business. They are often spread through infected files, compromised websites, or software downloads.
Disruptive and costly, ransomware attacks are notorious for their impacts. Cybercriminals will encrypt data to prevent the owner from accessing it and demand payment for its release. Even then, paying their ransom will not guarantee recovery and instead fuels further cyber attacks.
Individuals can be manipulated into compromising security or revealing sensitive information via impersonation, pretexting, or emotional ploys. In a workplace, this can involve fake emails sent from a ‘superior’ asking for information or encouraging someone to click harmful links to complete a task.
To gain unauthorised access, cyber criminals will often target a business’s supply chain. This may prove a success when there is a lack of suitable or pre-agreed security requirements for those along the supply chain. Any weakness in suppliers or third-party vendors may be exploited to compromise a business’s security.
When faced with these threats, the best way to defend is to take proactive steps that enhance your security. Here are some cyber security strategies you can employ.
This offers a systematic way to assess your security measures, vulnerabilities, and compliance with security regulations. This is a critical part of your risk management strategy and can you help identify ways you can better protect your data, ensure business continuity, and maintain your customer’s trust.
Stay aware and informed on the latest cyber security threats and defence strategies. You are your team should know what potential risks they may face and how to spot suspicious activity.
With unique, effective passwords and two-factor authentication (2FA), you can add an extra layer of security that gives you a better chance of avoiding unauthorised access.
When your systems, applications and software are up to date, it means you have access to the latest security patches to address unknown vulnerabilities. Additionally, regularly backing up your data to an external source makes it easier to restore operations if faced with a ransomware attack or data loss.
Anytime you click a link or download an attachment be sure to exercise caution. You should also validate the legitimacy of any emails or messages before sharing sensitive information.
Cyber criminals can attack you via your network, so protect it with a strong password. Also, consider the use of a firewall or network encryption so only authorised access is possible.
Knowing how secure and resilient your business is can be overwhelming without support. Our complementary Cyber Security Assessment can help you stay protected against the cyber security threats you’re likely to face. We can provide recommendations around risk management, data protection, business continuity and threat detection, as well as review your security compliance and awareness. Harness the power of the digital landscape without the stress of cyber security threats.
