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Cyber Security Risks: How To Protect Your Business From Cyber Threats in 2023

Updated: Aug 21, 2023

Since the pandemic, the ‘work from home’ culture has grown significantly worldwide. While working from home is convenient and has many advantages, it also poses a wide range of cyber security risks for small to medium businesses.

A cyber attack not only disrupts normal operations, it can also cause serious damage to important IT assets and infrastructure, leaving them unable to be repaired without adequate budgets and resources. This makes it difficult for small businesses to defend themselves.


A study by Accenture's Cost of Cybercrime Study reveals that 43% of cyberattacks target small businesses, and only 14% are prepared to defend themselves. So it is no surprise that as many as 66% of businesses have been victimized by cyber-attacks in the past year.

Cyber Security Threats in 2023


1. Phishing Attacks

Phishing attacks will continue to be a huge threat in 2021 to have fraudulent attempts to gain entry to your business network, access sensitive company data, and introduce malware on your network.

2. Ransomware Attacks

The most common form of cybersecurity breach, ransomware, targets businesses or individuals by holding their data hostage and forcing them to pay ransom money to regain access.

3. Insider Threats

A security threat that originates within the targeted company is called an 'insider threat'. It generally involves accessing or misusing sensitive information within an organization's network by a current or former employee or business associate.

4. Malware

Viruses, ransomware, spyware, and other malicious software are collectively called 'malware'. Generally, malware is delivered via an email attachment or link, and executes once the user clicks on the attachment or opens the link.

5. Cloud Security Threats

With such a high volume of data being shared between organizations and cloud service providers, there would be opportunities for accidental and malicious leaks of sensitive data.

6. Internet of Things (IoT) Threats

Devices connected to the internet offer consumers great experiences, but they also pose a new target for hackers.

Cyber Security Best Practices For Business


1. Invest In Business Security System

Organizations should invest more in network security solutions to reduce cyber security risks and protect their business data. Keep up with the latest updates on antivirus and antispyware. Get rid of any extensions and other software you do not need. Maintain strong passwords for your systems and back up your data. Consider passphrases instead of normal passwords.

2. Use Multi-Factor Authentication (MFA)

The multi-factor authentication feature available on most leading email and network products is easy to use, and provides an additional layer of security. With MFA, a user is required to provide an additional verification factor in addition to their username and password, lowering the risk of a successful attack.

3. Educate The Employees

Investing in employee’s cybersecurity training becomes more important in 2021. Educate them with the basics of cybersecurity. Instruct them on how to determine threats and what to do if they encounter a suspicious file or email. Make sure that all the employees accessing the network are trained on your company’s network cyber security practices and security policies.

4. Back Up Your Data Regularly

Make regular backups of your business databases including financial files, word processing documents, human resources files, electronic spreadsheets etc. and make sure the backups are stored in a separate location. Ensure that your backup is functioning properly by checking it regularly.

5. Use A Firewall

A firewall protects your computer or network from outside cyber attacks by shielding it from malicious or unnecessary network traffic. Companies are now installing internal firewalls as an extra layer of security. Employees ‘working from home’ should also install a firewall on their home network.

6. Schedule Frequent Audits

Cybersecurity audits help organizations to design cybersecurity policies more effectively, resulting in more dynamic threat management. Regular audits uncover new vulnerabilities related to organizational change and unintended consequences. Additionally, they are required by law in some industries.

7. Keep An Eye On Staff’s Online Activities

Observe the online activities of your employees and restrict the use of sites that are not essential. Make sure their devices are stored in a secure place when not in use. Encourage them not to use public Wi-Fi on office devices.

Conclusion

Cybersecurity is a constant battle. There is no hope for finding a permanent solution in the foreseeable future. However, you can protect your business against any major cyber attacks and subsequent damage if you make some effort and investment into your cybersecurity infrastructure and cyber resilience.

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