When you think of risks in the business world, you probably don’t think of hackers and cyber security threats. However, that’s exactly where your company could be at risk. In fact, cyber threats are everywhere. From software vulnerabilities to data breaches, there are many different types of cyber security risks out there – and some of them can be extremely harmful for your business. With so many cyber security risks out there, it’s important to know about all the primary ones so you can protect your business against them. Here are the top cyber security threats that every company needs to know about:
If you think of cyber security risks, software vulnerabilities are one of the first things that come to mind. This is because software vulnerabilities are one of the most common vulnerabilities out there. Indeed, a software vulnerability is an error in software code that can be exploited by a hacker to breach the system and cause damage. A software vulnerability can cause really serious damage to a business, particularly if it’s one of the top 10 software vulnerabilities. These are the most common ones and cause the most loss:
- Authentication – This is when a user tries to log into a system but the system doesn’t recognize him. This is often due to a poor implementation of authentication. A hacker could exploit this vulnerability to log in as a different user and gain access to the system.
- Authorization – This is when a user has the ability to access certain parts of a system but not others. If a hacker finds a vulnerability that allows him to access other parts, he can exploit the authorization vulnerability to access information he shouldn’t be able to see.
- Data integrity – This is when data is transferred from one place to another without being altered or corrupted. If hackers are able to alter the data being transferred (such as a log-in or payment information), they can exploit the data integrity vulnerability to steal data.
- Denial of service – This type of vulnerability causes a system to become overloaded with information and cease to function properly. This can also be done on purpose through a Distributed Denial of Service (DDOS) attack in which hackers overload a system with information to interrupt normal operations.
A data breach occurs when sensitive information is stolen or compromised by hackers. This can refer to a wide range of personal information, including passwords, email addresses, credit card information, and more. Because data breaches can be so damaging to a business, many companies have suffered serious financial losses due to data breaches. Some examples of data breaches that made headlines include:
- The Equifax data breach – This breach, which happened in 2017, was one of the worst data breaches in history. Hackers were able to access the personal information of more than 145 million people, including social security numbers, birth dates, and addresses. This resulted in a significant hit to Equifax’s business and reputation.
- The Uber data breach – Uber, which is a ride-sharing service, was hacked in 2016 and the personal information of 50,000 drivers was stolen. The data included driver names and license numbers. While Uber did notify affected drivers, it also paid the hackers $100,000 to delete the information and not release it publicly. This tainted the Uber brand and triggered lawsuits.
Cloud Security Issues
Cloud computing has become an increasingly popular way to store data and run applications in a virtual environment. It allows companies to store their data online, rather than on their own servers, which can make their operations more efficient and cost-effective. However, some cloud computing providers may not have adequate security measures in place, which can make it difficult to protect data from cyber threats. If a company keeps its data in the cloud and relies on a provider with poor security, cybercriminals could hack into the provider’s system and steal that data. This is known as a cloud data breach and can lead to significant financial losses for the company.
IoT Security Risks
As more companies adopt Internet of Things (IoT) devices and appliances, there is an increased risk of cyber security issues – particularly when it comes to network security. Flaws in the network of a company’s IoT devices can make it vulnerable to malware and other cyber threats. When a device is connected to a network, it’s referred to as being “on the internet”. This means it can be hacked. If a device is connected to a network with vulnerabilities, a hacker could gain access to the system and disrupt services or steal information.
While data breaches and other cyber security risks can cause serious damage to a company, the most common cyber security threats are fraudulent activities. Fraudulent activities include things like phishing emails and hacking attempts. These are attempts by cybercriminals to trick people into giving out sensitive information, such as passwords and login details. These fraudulent activities can happen through emails, websites, or social media.
Cybersecurity is a serious matter that every business needs to be aware of. Every company has the potential to be a victim of cyber attacks, even if they don’t handle sensitive information. Computer systems and networks are complicated, which means there are lots of ways they can be exploited by hackers. If your company isn’t prepared for cyber security threats, it could suffer significant financial losses and damage to its reputation. You can prevent these issues by assessing your current cyber security risk and determining how to reduce it.