5 Biggest cyber threats businesses are facing this year

As if the constant evolution of cybersecurity threats wasn’t enough, new threats emerge every few months. Cybercriminals are working on exploiting new and existing technologies to get their hands on sensitive data. Some use this data directly by stealing financial assets. Others sell information on the dark web.

It has brought countless concerns to businesses of all sizes. Not to mention all the laws and regulations they must comply with to avoid financial fines. For the sake of staying informed, here are five of the biggest cyber threats businesses are going to face in 2020.

1. Email threats

For one, email threats will continue to rise as we go further into 2020. The most frequent email threats include malware distribution and phishing scams through malicious email links. Hackers are going out of their way to trick people into submitting personal information through fake websites. These often look almost identical to legitimate pages employees visit every day.

Email scams are cheap and easy to pull off. That’s why hackers take advantage of every opportunity that comes their way. Many businesses fail to raise awareness among their employees about email phishing. And then they suffer serious security threats that cost them their money and reputation.

2. Cloud security

The majority of today’s businesses rely on the cloud for storage. No wonder hackers have got their hands filled with potential opportunities.

The cloud offers sustainable and somewhat affordable solutions. But it comes with a high level of security concerns that companies should not overlook. Depending on which cloud platform they rely on, businesses can find themselves in the middle of a security attack with their hands tied.

The security system of the cloud platform can dictate the destiny of all stored data. A breach in the cloud’s security network can cost businesses more than they are expecting. The key to avoiding such disasters is to be cautious when choosing a cloud platform. Also, companies should invest in more security checks and procedures to keep confidential data where it belongs.

3. Ransomware attacks

Ransomware attacks have always been a popular method for hackers to get their hands on some easy cash. The way ransomware threats work is quite simple: the attacker first takes over a device and encrypts it. Once the user tries to access the device, they get notified that their system is corrupted and locked. To gain access to their device and files, they must pay a certain amount of money to the attacker.

Nowadays, ransomware attacks have gotten way more personalised and targeted. Hackers can target separate employees or lock companies out of their servers. Either way, ransomware threats will remain one of the most successful cybersecurity attacks in 2020.

4. Emotet and malware

Emotet is a type of malware that’s been present in the cybersecurity space for the last couple of years. It’s one of the most persistent threats out there. Not only is it still present, but it has evolved since its creation. This Trojan virus spread through email, but can also infect devices through websites and other media.

The Emotet malware creates a back door for hackers to walk in and leak sensitive data from networks and devices. Businesses with weak security systems can quickly become victims. To avoid similar infections, companies should implement robust cybersecurity measures. These include network scanning, software updating, and using encryption. The latter should be applied to all crucial business and customers-related data and communications — from file encryption to using a VPN on all connections to the internet.

5. Insider threats

What most businesses fail to acknowledge are the security threats that come from the inside. Most of these threats are a result of a lack of employees’ lack of knowledge. But they can still cost companies hundreds of thousands of dollars.

Lack of education can leave employees clueless about the potential security risks lurking online. They then fall victim to phishing scams and other security threats. It puts the entire company at risk of losing data or financial assets.

Limiting the employees’ access to data and servers can be useful. The less access they have to confidential data — the lower are the chances that they will expose it to third parties.

Securing your business

Securing your businesses from a variety of online threats can be a long and tiring process. But it needs to be done.

As long as you start with small and consistent actions, such as keeping the systems up to date, you will be able to build healthier cybersecurity habits. Don’t forget to keep your employees on the same page when it comes to the importance of digital security.