There are more cyber security threats than ever before. It is simply a part of the digital landscape we live in. There is not much business owners and companies can do about the number of cyber security threats out there, but there is plenty to do when it comes to mitigating cyber attack risk.
Hackers and cyber criminals are continuously honing their craft. This means business owners and companies need to hone their security as innovation evolves. You need to reduce your exposure to cyber threats, be well informed on current threats, and take action quickly.
There is also no sole solution. But having a detailed, strong security strategy in place can help. And it really is a must these days. Let’s take a deeper look at the X critical cyber security threats in 2020.
1. Phishing
Phishing is certainly not a new cyber security threat. But, phishing has become more sophisticated than ever, making it a top risk factor for companies in 2020. Phishing is still the most popular among hackers, since they are unobtrusive and appear to be normal emails.
These emails, however, deliver malware to unsuspecting online users’ computers and mobile devices. The uptick in SaaS services has also caused more phishing attacks on companies and individuals via credential stuffing and complex social engineering.
As phishing scheme content becomes more relevant and enticing to employees, the threat to businesses becomes greater. Have you ever opened an email for a SaaS service at work? Learn more about phishing threats and put guidelines into place for your company.
2. Social Media Cyber Security Threats
Social media has become part of everyday life and cyber criminals are using social to get access to what they need. For businesses this is bad news, because many security breaches occur from unknowing employees, whether it’s from opening links via social platforms, or emails. Some hackers even clone or make emails that look like they are coming from within a company.
How do you minimize this cyber security threat in 2020? Actions to take include:
- Not allowing personal devices to be used on the company network at the office or remotely. These Bring Your Own Device (BYOD) policies can minimize the risk of social cyber threats.
- Setting restricted access via role permissions for team members that don’t need to access certain resources within the company online.
- Having regular cyber security updates and meetings to bring everyone in the company up to speed about current threats trending online, as well as training employees on best practices to avoid unknowingly causing a security breach.
3. Distributed Denial of Service (DDoS)
In 2020, business owners and companies need to pay very close attention to Distributed Denial of Service, or DDoS attacks. A DDoS attack can block your access to data, as well as slow network performance, or even stop it altogether. DDoS cyber attacks are also used as a cover for more critical data breaches.
The way hackers and cyber criminals carry out these attacks can make it very challenging for companies to protect against them. You need to have heavy cyber security measures in place, or enlist the help of an expert cyber security provider. Do not take DDoS attacks lightly in 2020.
4. Ransomware Cyber Attacks
Ransomware cyber attacks are happening at an alarming rate. Did you know that there were 204 million ransomware attacks globally in 2018? Businesses, large and small are at risk for ransomware cyber attacks, and your company should be prepared for them in the coming year.
Why? If you fall victim to a ransomware attack, you may need to shell out a large sum of money to get access to your site and business data. And most of the time you’ll need to buy Bitcoin to make payment. Not fun.
Here are some tips to minimize ransomware risk:
- Hold training for employees, discussing the risks of ransomware and how hackers penetrate company networks.
- Utilize malware and virus scanning software for your company network, especially when it comes to emails. This can be automated and is worth the investment, regardless of how big or small your business.
- Have remote data backups in place to recover the data lost after a ransomware attack. This can allow you to access what you lost without paying the ransom demanded by hackers.
Is Your Company Safe From Cyber Threats In 2020?
The above cybersecurity threats that companies are at risk for in 2020 are not to be taken lightly. For enterprise companies, a cyber attack can cost millions of dollars. For small businesses, it can shut you down for business for a very long time. Take preventive measures and take action.