Cybercrime: A Costly Threat to Businesses

CyberCrime in Business

These days, there’s a new headline about cybercrime every day. While it’s essential to be aware of the risks posed by these digital threats, it’s just as important to understand what cybercrime is and how it can impact your business. So keep reading to learn more.

What is Cybercrime?

Simply put, cybercrime is any crime that’s committed online or through the use of computers and digital devices. There are various forms of cybercrime, but here are the most common.

Phishing

One of the most common forms of cybercrime is phishing. Scammers use fraudulent emails or text messages to trick people into giving them sensitive information like passwords or credit card numbers. They may impersonate a legitimate company or organization or create a fake website that looks identical to a real one. The most famous form of phishing incident was in 2014, when Sony Pictures fell victim to a phishing attack that leaked several sensitive documents.

Malware

Another common type of cybercrime is malware, which is short for malicious software. This is any software specifically designed to damage or disable computers and other digital devices. Malware can take many forms, including viruses, worms, spyware, and ransomware. One of the most well-known malware attacks was the WannaCry ransomware attack in 2017, affecting over 200,000 computers in 150 countries.

Identity Theft

Identity theft is another common type of cybercrime. This occurs when someone uses your personal information, like your Social Security number or credit card number, without your permission. They may use this information to open new accounts, make purchases, or even commit crimes. In 2018, over 14 million people were victims of identity theft.

CyberCrime in Business

The Cost of Cybercrime

While the financial cost of cybercrime varies depending on the type and severity of the attack, businesses of all sizes are at risk. In fact, according to a recent study, the average cost of a data breach for a small business is $2.2 million. And if that’s not enough to worry about, 60% of small businesses that experience a data breach go out of business within six months. Cybercrime is a costly threat that you should not take lightly.

Trends in Cybersecurity

Thankfully, there are growing trends in cybersecurity that can protect your business. Here are some of them:

Network Penetration

One of the best ways to protect your business’s website is through network penetration. This is when you hire a company to test the security of your network by trying to break into it. They use automated penetration testing software to look for vulnerabilities and then work with you to fix them so that your network is less likely to be breached in an attack. There are various benefits to using network penetration, including the ability to find weak spots in your security before criminals do and the peace of mind knowing that your network is as secure as possible.

Web Application Firewalls

Another effective way to protect your website is using a web application firewall (WAF). This is a piece of software that sits between your website and visitors and filters traffic to prevent malicious requests from getting through. WAFs are becoming more common as they’re an effective way to block attacks like SQL injection and cross-site scripting (XSS).

Multi-Factor Authentication

Another trend in cybersecurity is using multi-factor authentication (MFA). This is when you require users to provide more than one form of identification when logging into your system. There are many forms of MFA authentication. Here are some of the most common:

While MFA adds an extra layer of security, it’s important to note that it’s not foolproof. Hackers can sometimes bypass MFA if they have the right tools and know-how.

Educating Employees

Finally, one of the most important trends in cybersecurity is education. Educating your employees on cybersecurity best practices, such as using strong passwords and not clicking on links from unknown sources. You should also have a plan in case of a breach, so everyone knows what to do.

While there’s no guaranteed way to prevent all cybercrime, following these trends will help reduce the risk of your business being a victim. It will ensure you don’t lose the valuable time and money needed to recover from an attack.

Read also, What Your Tech Company Needs to Succeed

Leave a Reply

Your email address will not be published.