Cyber Security Risks for Businesses – Top 6 Cyber Security Threats in 2021

Cyber security is the process of protecting your digital operations from unauthorised access. Digital threats exist everywhere, and they’re targeting businesses in increasingly cunning ways. Through 2020, businesses have become reliant on their online operations, with a surge in remote working that is likely to continue through 2021. As a result of this, it’s important for businesses to invest in cyber security training for employees to ensure that your staff are savvy to the cyber security threats that exist today.

One small business in the UK is hacked every 19 seconds – that’s a frightening statistic, but there’s plenty that businesses can do to secure their workflow. To get you started, we’ve collected the top 6 cyber security threats that businesses are facing in 2021.

Phishing Scams

Arguably the most widespread cyber security threat, phishing is a cyber-attack that comes through as an email, chat, web ad or website. These scams will be disguised as legitimate organisations or government agencies, using branding and logos to trick the user into clicking on an, often urgent, call to action.

Phishing scams aim to gather sensitive information from targets, or to encourage the download of malware. Being aware of these threats and rigorously checking any unusual communication is key when protecting against phishing.

Baiting

Like phishing, baiting relies on manipulating human psychology to coerce users into installing malware on personal/company computers. Baiting can be done either physically or digitally; hackers prey on human fear, greed and curiosity to help them gain access to sensitive information.

Digital Baiting

Relying on offering something tantalising, digital baiting presents the user with something that is often too-good-to-be-true: a link to download every episode of a new series for free, or a piece of software that’ll revolutionise their life. These are, more often than not, malware.

Physical Baiting

Physical baiting requires a cybercriminal to go to a public area of a business (such as a reception) and plant malware-infected USB drives. These drives will often be branded with corporate logos to strengthen their validity. Curious employees then might find these drives and install it on their computer. Bait files marked with enticing file names such as ‘Q2 Earnings 2020’, or ‘Employee Review Scores’ will install trojan-horse software on the computer, leading to further security breaches.

Remote Working Cyber Security Threats

With an increasing emphasis on working from home, how we conduct our daily work drastically changed in 2020. This is a trend that will continue, with many businesses considering permanent remote working opportunities into the future.

This poses a variety of new cyber security risks, as it’s much harder for a business to protect their data when transferring through insecure channels.

Employees often take cyber security shortcuts when working from home computers, and it’s difficult for an employer to enforce strict security measures. Home devices are usually insufficiently secure; home routers are often exposed; sensitive data is being transferred through messaging apps, personal e-mail addresses and unsafe cloud solutions.

Ensuring your endpoint security uses encrypted connections, secure platforms and employee awareness are key factors when conducting remote working cyber security reviews.

Ransomware

A data breach is an extremely costly affair, with each breach costing a business thousands of pounds relative to the business’ size. Not only are there financial losses, but losing the trust of clients can be devastating in the long run.

Ransomware is a malicious software that steals data and encrypts critical files to prevent access. A ransom is then demanded for the timely return of the business’ data. This is often accompanied by a threat to release files should payment not be received.

Ensuring that your organisation has a comprehensive backup database is key when protecting your data from ransomware attacks.

Social Media Cyber Attacks

With social media use being at an all-time high, cyber criminals are naturally ready to take advantage of this booming market. Fake pages mimicking legitimate businesses are everywhere. They will often use identical social media branding, copying posts from the actual business to help their page look believable. Fake pages will then post links to illegitimate sales, new products or offers.

Many social media platforms are actively working to prevent this from happening, but being vigilant about posts on social media will help prevent cyber-attacks.

Exploiting System Administration Tools

Managing your IT systems without specific tools is an impossibility. Every sector relies on a variety of technologies to help them run their business smoothly. Cyber-attacks involving administration and management tools rely on accessing already-installed software on company computers. In doing so, cyber criminals do not need to create new files that anti-virus software can detect.

Attackers can run commands, explore sensitive networks, extract data or download malware directly to the affected computer. These attacks are increasingly hard to detect, so it’s important to conduct regular cyber security reviews to ensure best practise at all times.

What’s the Best Cyber Security Strategy for a Business?

Each individual business will have different needs – there is no cure-all when it comes to cyber security. A strategy will need to be consistently assessed and adjusted as new cyber-attacks manifest.

Fortunately, you’re not alone. Consulting with our experts at CAB IT is the first step to ensuring that your business’ cyber security needs are met. Our friendly team are on hand to create a personalised, bespoke cyber security plan for your business.

Contact us today to find out more about how your cyber security systems can be improved.